Senate Blocks Stablecoin Bill, Criticizing Missed Opportunity to Lead Digital Innovation

The U.S. Senate’s failure to pass the GENIUS Act on Thursday has drawn criticism from Treasury Secretary Scott Bessent, who warned of the bill’s potential negative impact on America’s leadership in the global digital asset space. The act, aimed at establishing a federal framework for issuing stablecoins, faced hurdles after Senator Democrats withdrew support, leading to last-minute concerns regarding national security, anti-money laundering safeguards, and new legislative language. ]