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Treasury Secretary Slams Senate for Stalling Stablecoin Bill: “America Must Lead”
By: coindoo|2025/05/09 23:00:11
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Bessent emphasized the need for decisive American leadership in the rapidly growing digital asset space. “For stablecoins and other digital assets to thrive globally, the world needs American leadership,” he said in a public statement shared on X.He expressed disappointment in lawmakers, stating the Senate “missed an opportunity to provide that leadership.”GENIUS Act: A “Once-in-a-Generation” OpportunityAccording to Bessent, the GENIUS Act was designed to position the U.S. as a global leader in financial innovation by creating a clear, uniform regulatory environment for stablecoins. The legislation would have preempted the current patchwork of state-level rules with a streamlined federal framework, enabling greater growth and international competitiveness.“This bill represents a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation,” Bessent stated.Missed Chance Risks Innovation FlightWithout the GENIUS Act, Bessent warned that stablecoin development and digital asset innovation may shift overseas, where regulatory clarity is more advanced. He accused the Senate of stonewalling U.S. ingenuity and leaving the industry vulnerable to fragmentation and stagnation. .dark-mode .read-more {background-color: #343a40 !important;} READ MORE: Bitcoin Could Be Leading Global Monetary Trends, Says Analyst “Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore,” he wrote.Global Spotlight IntensifiesBessent closed with a stark reminder: the world is watching. With other nations racing to build competitive crypto and stablecoin ecosystems, the U.S. risks ceding leadership in a sector that could define the future of finance.His comments add to growing frustration among policymakers, investors, and developers over Congress’s sluggish approach to regulating blockchain-based financial technologies.The post Treasury Secretary Slams Senate for Stalling Stablecoin Bill: “America Must Lead” appeared first on Coindoo.
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