U.S. Treasury Secretary Criticizes Senate for Not Advancing the GENIUS Act: Missed Opportunity for Global Leadership in Stablecoins

2025-05-09 14:36:36

Collection

ChainCatcher news, U.S. Treasury Secretary Scott Bessent posted on social platform X that the U.S. Senate failed to advance the "GENIUS Act," which is a "missed intergenerational opportunity to expand the dominance of the dollar and the influence of financial innovation."

He warned that in the absence of a unified federal regulatory framework, stablecoins will develop amidst fragmented state regulations, which is detrimental to the U.S. maintaining its global leadership and may push digital asset innovation overseas.

(Source Link)

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.

U.S. Cryptocurrency Legislation and Policy Trends

The U.S. Congress is reviewing several bills related to cryptocurrency, aimed at clarifying the legal status and regulatory framework of cryptocurrencies. Meanwhile, regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are also actively issuing guidance and regulatory measures to ensure the transparency and legality of the cryptocurrency market. This topic will track these developments.

Topic or theme