-
The GENIUS Act failed a key vote in the Senate after last-minute Democratic opposition.
-
Treasury Secretary Bessent criticized the outcome, warning it weakens U.S. crypto leadership.
-
Lawmakers cited rushed revisions and political interference tied to Trump endorsements.
-
Crypto leaders and senators say the bill may still be revived next week.
Bessent: U.S. Missed a Generational Opportunity
U.S. Treasury Secretary Scott Bessent condemned the Senate’s rejection of the GENIUS Act, which aimed to establish a federal framework for stablecoins. Calling it a "once-in-a-generation" chance, Bessent warned the failure could send innovation offshore and leave stablecoins under a patchwork of state rules.
The bill collapsed after key Democrats backed out, citing security, AML gaps, and rushed amendments. Bessent emphasized that global crypto leadership requires federal clarity, and the Senate “missed an opportunity.”
Crypto Still a Top Priority
Despite the defeat, crypto remains a legislative priority. Sources say the bill could return as early as next week with revised language. Coinbase CEO Brian Armstrong tweeted that lawmakers on both sides are motivated to finalize clear rules.
Senators like Cynthia Lummis remain optimistic, saying the U.S. must lead in digital assets. However, political tension tied to Trump’s vocal crypto support continues to divide lawmakers on the issue.
