BlockBeats reported on May 9 that U.S. Treasury Secretary Scott Bessent stated today that the Senate's failure to advance the GENIUS Act represents a missed opportunity to expand the dominance of the dollar. This act was originally intended to establish a unified federal regulatory framework for stablecoins and digital assets, replacing the existing state-level regulatory system.
Bessent warned that if the United States fails to establish a leadership position in the digital asset space, related innovative activities may shift overseas.