Senator Tim Scott has issued a warning to Democrats who voted against the GENIUS Act, stating that they will face political repercussions. The act, which aimed to establish a legal framework for stablecoins in the U.S., failed in the Senate after Democrats blocked it despite months of bipartisan efforts. Scott, chairman of the Senate Banking Committee, believes his party made significant concessions to achieve the bill’s passage and criticizes those who opposed it. Senator Kirsten Gillibrand and Angela Alsobrooks, key authors of the bill, turned their backs on the legislation. Scott expressed hope that the industry’s response will push lawmakers to reconsider.