Senate Rejects Pro-Crypto Bill Backed by Trump’s Treasury Pick

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Full Story

The Senate voted 48-49 to reject advancing the GENIUS Act, a pro-crypto bill supported by Treasury Secretary Scott Bessent, halting progress on digital asset regulation. Bessent criticized the decision, warning it could drive innovation offshore. The bill aimed to create a federal framework for stablecoins and digital assets. The close vote reflects deep divisions over cryptocurrency policy in Congress.

Scott Bessent, Trump’s Treasury Secretary, backed the GENIUS Act for its potential. He argued it would maintain U.S. leadership in financial innovation.

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The Context

The Senate’s rejection means stablecoins face inconsistent state regulations. Bessent warned this could hinder growth and competitiveness in the crypto sector.

Cryptocurrencies like Bitcoin have grown since their inception in 2009. The U.S. has struggled to balance innovation with consumer protection in this space.

Bessent claimed the bill was a chance to expand dollar dominance globally. He criticized senators for missing a “once-in-a-generation” opportunity.

Some support the GENIUS Act, believing it fosters economic growth through crypto. They argue a federal framework would attract investment and innovation.

Critics oppose rapid crypto deregulation, citing risks of fraud and market instability. They prefer cautious regulation to protect consumers and financial systems.

The Senate’s vote highlights ongoing debates over cryptocurrency’s role in finance. Future legislation may face similar resistance without bipartisan support.