U.S. Treasury Secretary: The Senate failed to advance the GENIUS Act today, missing the opportunity for the U.S. to lead in the stablecoin sector.

Techub News reports that U.S. Treasury Secretary Scott Bessent tweeted, "For stablecoins and other digital assets to thrive globally, the world needs U.S. leadership. The Senate failed to advance the GENIUS Act today, missing an opportunity to demonstrate that leadership. This legislation represents a once-in-a-lifetime opportunity to expand the dominance of the dollar and America's influence in financial innovation."

Without this bill, stablecoins would be subject to the fragmented regulations of various states, rather than a streamlined federal framework that is more conducive to growth and competitiveness. The entire world is watching the inaction of U.S. lawmakers. Today, those senators who voted to impede American innovation face a simple choice: either step up and lead the way, or watch as digital asset innovation moves overseas.