US Treasury Secretary Bessent lambasts Senate for blocking stablecoin bill, calls it ‘missed opportunity’ for American leadership

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Secretary Bessent went on to describe the bill as representing a "once-in-a-generation opportunity" to expand dollar dominance and boost U.S. influence in financial innovation.

GENIUS Act failed to pass cloture in the United States Senate

He argued that without such legislation, stablecoins will remain governed by a fragmented set of state rules rather than a unified federal approach that better supports growth and global competitiveness.