U.S. Treasury Secretary Scott Bessent criticized the Senate’s failure to advance the GENIUS Act as without it, stablecoins will remain governed by a fragmented set of state rules rather than a unified federal approach that better supports growth and global competitiveness

Event date

May 8, 2025

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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.

Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework that is more conducive to growth and competitiveness.

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Week 19 of 2025