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BTCC / BTCC Square / Global Cryptocurrency /
Scott Bessent Slams 48-49 Senate Snub – Will GENIUS Act Failure Cost U.S. Crypto Crown?

Scott Bessent Slams 48-49 Senate Snub – Will GENIUS Act Failure Cost U.S. Crypto Crown?

Author:
Global Cryptocurrency
Published:
2025-05-09 18:57:01
11
1

Treasury Secretary Scott Bessent has sharply criticized the Senate’s 48-49 rejection of the GENIUS Act, calling it a "historic misstep" that jeopardizes U.S. leadership in the global stablecoin market. The bill, aimed at establishing clear regulatory frameworks for stablecoins, was blocked by Democrats over AML and national security concerns.

Bessent warned that fractured regulation risks ceding crypto dominance to other jurisdictions. The failure to pass the GENIUS Act leaves the U.S. without a cohesive strategy for stablecoins, potentially undermining innovation and market stability.

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