Senate blocks GENIUS Act despite bipartisan support and Bessent’s call for stablecoin clarity
Democrats cite AML, Trump links, and national security issues in opposition to final bill text
Bessent calls it a “missed chance” for the U.S. to lead in digital dollar and crypto infrastructure
The U.S. Senate’s failure to advance the GENIUS Act drew sharp criticism from Treasury Secretary Scott Bessent. He warned the decision could damage the country’s ability to lead in digital finance. This bill, officially the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, failed a procedural vote on May 8. Several Democratic senators pulled their support, citing language and timing issues.
Bessent, also active on X, called the bill a “once-in-a-generation opportunity.” He said it aimed to strengthen dollar dominance and promote U.S. leadership in financial innovation. Bessent argued the Senate’s vote hurts progress on a stable federal framework for payment-focused stablecoins.
For stablecoins and other digital assets to thrive globally, the world needs American leadership.
The Senate missed an opportunity to provide that leadership today b…
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