US Treasury Secretary: Senate rejects stablecoin bill, could lead to innovation going global

BlockBeats News: On May 9th, US Treasury Secretary Scott Bessent issued a statement today stating that the Senate's failure to advance the GENIUS bill is a missed opportunity to expand the dominance of the US 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 warns that if the United States fails to establish leadership in the field of digital assets, related innovation activities may shift overseas.