Crypto enthusiasts and digital rights defenders have brought social media to castigate the American secretary of the Treasury Scott Bessent according to which the global cryptography industry “needs American leadership” to prosper.
This follows the Senate's failure to advance the law on engineering, a bill designed to establish a federal framework for stablescoins and other digital assets.
Bessent, known for its political ties and its influence in conservative financial policy, has published a sharpness legislator reprimand who blocked the legislation, writing:
“For stablecoins and other digital assets to prosper in the world, the world needs American leadership. The Senate has missed an opportunity to provide this leadership today by not increasing the law on engineering. ”
~ Scott Bessent
He then called the bill a “unique opportunity” to extend the domination of the dollar through innovation.
Bessent warned that without the bill, the stablecoins will face inconsistent state regulations instead of a unified federal framework that supports growth and competition. He told senators blocking the progress they had a clear choice: directing or looking at the innovation of digital assets to move abroad.
For stablecoins and other digital assets to thrive worldwide, the world needs American leadership.
The Senate has missed the opportunity to provide this leadership today by not increasing the law on engineering.
This bill represents a unique opportunity to generate a dollar …– The secretary of the Treasury Scott Bessent (@sescottbessent) May 8, 2025
The comments of the bessent crypto sparkle the online tumult on American control and the motifs of Stablecoin
The backlash was immediate. Critics on X (formerly Twitter) denounced Bessent's comments as being out of contact with the central ethics of the crypto, the decentralization and the independence of centralized powers as the United States government.
A The user said that The Bill Genius does not concern innovation, but the United States is heading for a sovereign digital currency via the stable co -lecoin door.
A second user Held a question to the American senator Rand Paul on X, by asking: “@randPaul, what is your excuse to vote against this?”
The R / Cryptocurrency forum of Reddit has turned on with memes mocking the idea that American domination could be synonymous with global digital innovation. Many have also accused to use the crypto to preserve American financial hegemony under the guise of progress.
However, a user seemed to take care of Bessent's position, Exhistant: “Stop voting for Democrats who openly oppose Crypto”, stressing what they considered as increasing hostility from certain legislators to the digital asset industry.
GENIUS ACT attracts the sur-centralization of fire, Trump links and global cryptography concerns
The Genius Act was presented as a bipartite attempt to finally give federal clarity to stablecoins and digital assets, which the defenders of the American crypto have long asked. Supporters argue that this would legitimize the digital tokens supported in dollars and would help companies compete worldwide.
But criticisms say that the bill was based too much on federal surveillance and would ultimately concentrate control in the hands of some entities sanctioned by the government, perhaps undergoing the open source of crypto.
Senator Elizabeth Warren, an eminent criticism of the law on genius, said that if the engineering law went ahead without change Cryptographic scams. On the other hand, its policies continue to land the economy for others.
Senator Jeff Merkley also said that people who wanted to cultivate influence from the president can enrich him personally by buying a cryptocurrency he has or controls. He noted that it is a deeply corrupt diagram. Merkley added that he is endangering national security and erodes public confidence in the government. He urged his colleagues legislator and his community to help put an end to this corruption immediately.
Bessent’s framing has also aroused criticism of its nationalist tone. Veterans of the cryptographic industry of Europe, Latin America and Asia have stressed that flourishing ecosystems already exist in countries with clearer and more adaptive rules – such as Switzerland, Singapore and water.
In other developments, Senator Richard Blumenthal, a Connecticut Democrat, is looking for records and documents on Fight Fight Fight's Crypto Fight Fight. This company launched Trump's same corner and World Liberty Financial.
The senator sent letters to the two companies on Tuesday asking for files, including communications between the two companies, the Trump organization, the president, his administration and foreign governments.
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