The stablecoin law called “GENIUS Act”, which has been expected to be approved in the USA for a long time, was rejected by the US Senate.
The GENIUS law was rejected in a critical vote with 48 “yes” and 49 “no” votes.
US senators such as Senator Cynthia Lummis expressed disappointment over the rejection of the GENIUS Act, while a statement also came from US Treasury Secretary Scott Bessent.
Scott Bessent harshly criticized the Senate's decision to halt the advancement of the GENIUS Act.
He described the GENIUS bill as a generational opportunity to expand dollar dominance and increase U.S. influence in financial innovation, while arguing that stablecoins and cryptocurrencies need U.S. leadership.
“The world needs American leadership to enable stablecoins and other digital assets to thrive globally.
The Senate missed an opportunity to provide that leadership by not advancing the GENIUS Act today.
This bill represents a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations rather than a streamlined federal framework more conducive to growth and competition.
Senators who voted to stifle U.S. creativity today face a simple choice: Either step up and lead, or watch as digital asset innovation moves offshore.”
*This is not investment advice.
