U.S. Treasury Secretary criticizes Senate for failing to pass GENIUS Act, saying it missed the opportunity to lead stablecoin development

Odaily News U.S. Treasury Secretary Scott Bessent criticized the Senate for failing to promote the GENIUS Act, saying that this was a "missed historic opportunity to lead the world" in the regulation of stablecoins and digital assets. He pointed out that the bill could have strengthened the dominance of the U.S. dollar and provided institutional guarantees for the United States' global influence in financial innovation. Bessent said that without a unified federal regulatory framework, stablecoins will continue to face fragmented state-level regulations, which is not conducive to their global development and the improvement of U.S. competitiveness. Finally, he called on legislators to "either lead or watch innovation go global."