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U.S. Treasury Secretary: Senate's rejection of the stablecoin bill may lead to innovation going overseas.
On May 9, U.S. Treasury Secretary Scott Bessent stated today that the Senate's failure to advance the GENIUS Act is a missed opportunity to expand the dominance of the U.S. dollar. The bill was originally intended to establish a unified federal regulatory framework for stablecoins and digital assets, replacing the existing state-level regulatory system. Bessent warned that if the U.S. fails to establish a leadership position in the digital asset space, related innovative activities may shift overseas.