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.