THE SENATE'S BLOCK ON THE STABLECOIN BILL: IS THE US CRYPTO LEADERSHIP AT RISK?
US Treasury Secretary Scott Bessent criticized the US Senate for blocking the stablecoin bill GENIUS, arguing that this situation would harm the US's leadership in the cryptocurrency industry. GENIUS aimed to create a federal regulatory framework for stablecoins but failed due to Democratic senators' inability to bring the bill to a full vote during the procedural vote. Previously supportive Democrats, particularly figures like Angela Alsobrooks and Kirsten Gillibrand, opposed the termination of discussions (CoinDesk, 2025).
In a statement on his X account, Bessent said, “The Senate missed an opportunity to strengthen the dominance of the dollar,” indicating that state-based regulations would limit the sector (Bessent, 2025, X post).
The bill did not receive the necessary 60 votes, garnering only 49; Republican senators Josh Hawley and Rand Paul were among those blocking it. Democrats claimed there had not been enough negotiation on foreign stablecoins and anti-money laundering measures. The crypto sector had spent $119 million supporting pro-regulation candidates in the 2024 elections (Reuters, 2025). This block could hinder other crypto legislation as well.
Conclusion: The Senate's rejection of GENIUS could put the US's global crypto leadership at risk.
