Treasury Secretary Bessent Blasts Senate for Blocking GENIUS Stablecoin Bill

The decision of the Senate to block the Genius Act on Thursday, took immediate conviction of Treasury secretary Scott Bessent, who warned that the vote could endanger the position of the US in the Global Digital Assets Race.

“For stablecoins and other digital assets to thrive worldwide, the world needs American leadership,” Bessent posted On X. “The Senate missed an opportunity to offer that leadership today by not promoting brilliant law.”

The bill, designed to set up a federal regulatory framework for publishing stablecoins, Can’t withstand a procedural vote On Thursday after the most important Senate Democrats moved to Stonewall.

Although it had enjoyed Bipartisan support earlier this year, Democrats withdrawn In the last hours, stating concern about national security, anti-money laundering programs and the sudden introduction of new language.

‘Once in a generation’

Bessent called the Genius Act “a once-in-one-generation opportunity to expand dollar dominance and American influence in financial innovation.”

Without that he said: “Stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework.”

The defeat of the Genius ACT has expressed uncertainty about the supervision of the Stablecoin and the broader effort to adopt digital assets legislation prior to the 2026 interim elections, when each domestic chair and a third of the Senate will be disputed.

“The world looks at while the American legislators tear their thumbs,” wrote Bessent. “Step up and lead or see or see how digital assets -innovation goes offshore.”

Senator Mark Warner (D-VA), one of the various Democrats who voted to block the bill, said it was incomplete.

“I just can’t ask my colleagues in good conscience to vote for this legislation if the text has not yet been completed,” Warner said in one rack On Thursday.

Others pointed to it political tensions Fueled by recent crypto-related notes by President Donald Trump, who saw some legislators as the undermining of the credibility of the bill.

Senator Elizabeth Warren has constantly warned That promoting legislation without guarantees ‘would help and donate Trump’s corruption’.

Yet the hope for a revival remains.

A crypto policy leader told Decrypt The bill could already return to the floor next week, but admitted that the prospects were uncertain.

Senator Warner also pointed to that timeline and said he hopes that the Senate “can start next week”, once the revised text has been completed and colleagues have had time to judge it.

Sen. Cynthia Lummis (R-Wy), a long-term advocate for digital activity policy, called the failure of the account a serious setback.

“Make no mistake, digital assets are the future and America must be paramount,” tweeted Thursday, thanks her pro-Crypto colleagues.

While the Genius Act got stuck, the voices in the industry say that the greater urge for crypto regulation remains a top priority for both legislators and market leaders.

Coinbase CEO Brian Armstrong tweeted How “both parties are deeply concerned to get clear rules for crypto and doing well,” adding after years of offside, “Crypto is not only at the table, it is at the top of the agenda.”

Edited by Sebastian Sinclair