Scott Bessent, Sen. Lummis & John Deaton slam Senate delay on GENIUS Act—crypto advocates demand action.
With the US Senate’s recent failure to advance the highly anticipated GENIUS Act, stablecoin regulatory uncertainty has reached a frenzied pitch. This development has prompted a new surge of commentary from prominent figures, such as Senator Cynthia Lummis, John Deaton, and Scott Bessent, regarding the regulatory gridlock in the Senate.
The US Treasury Secretary condemns the Senate’s failure to act on the GENIUS Act
In a recent X post, US Treasury Secretary Scott Bessent expressed his profound disappointment with the Senate’s failure to advance the GENIUS Act. Bessent posits that the global expansion of stablecoins and cryptocurrencies is contingent upon American leadership. According to Bessent, the Senate’s failure to act may result in other nations assuming the lead in this field, potentially undermining the United States’ influence in financial innovation.
In addition to his criticism of the Senate’s lack of action, Scott Bessent contended that innovation necessitates a more efficient federal framework. The Treasury Secretary urged the Senate to act promptly, asserting that the Senate’s failure to do so would not only impede innovation but also pose a risk of driving digital asset development offshore. Followed by his vehement opposition to the Federal Reserve’s potential issuance of a CBDC, Bessent issued the following statement.
Senator Lummis Expresses Disappointment Regarding the Failure of the GENIUS Act
Moreover, Senator Cynthia Lummis has expressed her disappointment with the Senate’s inability to enact the GENIUS Act. Lummis emphasized the significance of digital assets in the future in an X post that followed the Senate’s decision. She believes that the GENIUS Act is critical in establishing US leadership in the digital economy. Additionally, she recognized the contributions of numerous noteworthy figures, such as Senator Gillibrand, Leader Thune, Chairman Scott, and Senator Hagerty, in establishing a robust regulatory framework.
A lawyer for XRP is advocating for bipartisan collaboration
John Deaton, a litigator who advocates for XRP, is another prominent figure who has expressed his opposition to the Senate. He argued that Senators should prioritize the country’s interests over partisan politics. Despite the bipartisan support demonstrated last week, Deaton is perplexed about what precipitated the abrupt impasse on the GENIUS Act. He encourages lawmakers to prioritize the country’s interests over partisan differences, advocating for renewed efforts to advance the measure.
