- The Senate blocked the Genius Act in a narrow 49-48 vote, stopping the progress of stability regulation.
- The Treasury Secretary Bessent called it an unused opportunity for US digital property management.
US Treasury Secretary Scott Bessent criticized the Senate Genius Act on Thursday for rejuvenating the stable law adjustment protectionTo. The vote divided by 49-48 stopped progress as President Donald Trump's links to Crypto are related. Bessent called the decision to use the digital property space as an unused opportunity.
The aim of the Genius Act was to create a uniform Federal framework for Stablekoins. This required complete dollar reserves, every -year audit and ban on foreign issuers. Although the Senate Banking Committee filed a bill in March, the Democrats pulled back due to unsolved linguistic and regulatory problems.
“The world needs American leadership to flourish in the world.” Mash Posted to XTo. “The Senate was not used by the opportunity to offer this leadership today if he could not promote the Genius Act.”
He described a bill as a “once generation opportunity” to increase US influence and dollar domination.
Tension and a bill of collapse genius law
The Democrats called the cause of the opposition to the text of the unfinished law and the defensive anti -money laundering measures. Elder Mark Warner said he could not support the bill without the final language. John Thune, the majority leader of the Senate, who also voted for no, said he did it to allow future changes. “I just can't get it. I don't know what they still want,” Thune noted after the vote.
Political tensions over Trump's crypto residents are further aggravated by Trump's support. Trump recently hosted $ 1.5 million crypto collectors. He also supported the Defi -company World Liberty Financial, which manages its stable. The legislators were concerned about the conflict of interest before the vote. Some, like rep. Maxine Waters, even boycotted listens.
Despite the setback, the hopes for revitalizing the Genius Act. Elder Warner said the Senate could be reviewed next week. Industry managers are also optimistic. Brian Armstrong, CEO of Coinbase, whispered that “both sides deeply care about getting clear rules for crypto”.
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