- The Senate prevented the genius law in a tight vote 49-48, which stopped progress in the organization Stablecoin.
- Treasury Secretary Besent described it as a “lost opportunity” to lead our digital assets.
US Treasury Secretary Scott Beesen on Thursday criticized his rejection of the genius law, which is Stablecoin Organization bill. The vote, which was divided 49-48, stopped advancing amid concerns about confirming President Donald Trump’s relations with encryption. Pesin described the decision as a “lost opportunity” for the American leadership in the area of digital assets.
The genius law aims to create a unified federal frame for Stablecoins. Full reserves require dollar, annual reviews, and a ban on foreign exporters. Although the Senate Banking Committee had advanced the draft law in March, the Democrats fell due to linguistic and regulatory concerns that have not been resolved.
“For Stablecoins and other digital assets to flourish worldwide, the world needs American leadership.” BESSENT Posted on X. “The Senate has missed an opportunity to provide this leadership today by the lack of progress of the genius law.”
He described the draft law as “one time in the generation” to enhance the impact of us and the domination of the dollar.
Tensions and draft issues in the law of genius
Democrats cited the text of the incomplete draft law and a weak guarantee to combat money laundering as reasons for their opposition. Senator Mark Warner said he could not support the draft law without the end of the language. The majority leader of the Senate John Thun, who also voted, said he did so to allow future reviews. “I just don’t understand. I don’t know what they want more,” Thron noted after voting.
Political tensions on Trump’s encryption relations increases the complexity of Trump’s support. Trump has recently hosted the $ 1.5 million donations for each plate. Defi World Liberty Financial, which runs Stablecoin. Legislators raised concerns about conflicting interests before voting. Some, such as MP Maxine Waters, even cut the relevant listening sessions.
Despite the setback, hopes remain to revive the genius law. Senator Warner said the Senate may review the draft law next week. Industrial leaders also remain optimistic. “Both sides are deeply interested in obtaining clear coding rules.”
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