Senate Blocks Stablecoin Regulation Bill, Criticized by Treasury Secretary

The U.S. Senate has blocked the GENIUS Act, a stablecoin regulation bill that aimed to establish a unified federal framework for these digital assets. Despite the narrow 49-48 vote, Treasury Secretary Scott Bessent criticized the decision as a missed opportunity for American leadership in the digital asset space. The bill faced opposition from Democrats due to unresolved language and concerns over anti-money laundering safeguards, leading to its ultimate rejection. Bessent highlighted this setback, stating that stablecoins require global leadership and that the Senate’s inaction hinders progress.