The U.S. Senate has blocked the GENIUS Act, a critical piece of legislation aimed at regulating stablecoins and impacting the nation’s position in the digital asset market. This decision has drawn strong criticism from Treasury Secretary Janet Yellen, who argues that it hinders U.S. leadership on a global scale. Yellen highlighted that the bill was crucial for establishing regulatory clarity regarding stablecoins, potentially enabling the U.S. to solidify its role as a leading force in the world of digital assets and financial innovation. However, procedural roadblocks prevented the legislation from advancing, leaving the U.S. lagging behind other nations like the EU and Singapore in establishing clear guidelines for stablecoin regulation.