U.S. Treasury Secretary Criticizes Senate for Failing to Advance Digital Asset Bill

According to Odaily, U.S. Treasury Secretary Scott Bessent has criticized the Senate for not advancing the GENIUS Act, describing it as a missed opportunity for the United States to lead in stablecoin and digital asset regulation. Bessent emphasized that the legislation could have strengthened the dominance of the U.S. dollar and provided a regulatory framework to enhance America's global influence in financial innovation. He warned that without a unified federal regulatory framework, stablecoins would continue to face fragmented state-level regulations, hindering their global development and the competitiveness of the United States. Bessent urged lawmakers to either lead in this area or watch innovation move overseas.