Treasury Secretary Slams Senate for Lack of Action on Digital Asset Bill

U.S. Treasury Secretary Scott Bessent has voiced his disappointment with the Senate’s inaction on the GENIUS Act, calling it a missed opportunity to establish U.S. leadership in stablecoin and digital asset regulation. Bessent argued that the legislation could have bolstered the dollar’s position globally and provided a regulatory framework to enhance America’s influence in financial innovation. He warned that without unified federal regulations, fragmented state-level rules will continue to hinder the growth of stablecoins, potentially hindering American competitiveness and leaving opportunities to other nations.