US Treasury Secretary criticizes Senate for not advancing GENIUS bill: missing opportunity for stablecoin global leadership

US Treasury Secretary Scott Bessent posted on social media platform X, stating that the US Senate's failure to advance the GENIUS Act is a "missed intergenerational opportunity to expand the dominance of the US dollar and the impact of financial innovation. He warned that in the absence of a unified federal regulatory framework, stablecoins will develop in fragmented state regulations, which is not conducive to the United States maintaining its global leadership position and may push digital asset innovation overseas.