Treasury Secretary Criticizes Senate For Failing To Advance Stablecoin Bill
Treasury Secretary Scott Bessent on Friday publicly criticized the U.S. Senate’s failure to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, expressing concern over the missed opportunity to establish a federal regulatory framework for stablecoins.
What Happened: “For stablecoins and other digital assets to thrive globally, the world needs American leadership,” Bessent stated.
He emphasized that the Senate’s inaction could result in stablecoins being governed by a fragmented set of state regulations, rather than a cohesive federal framework conducive to growth and competitiveness.
The GENIUS Act, introduced by Senator Bill Hagerty (R-TN), aims to provide a comprehensive regulatory structure for payment stablecoins, digital assets pegged to traditional …
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