The ridiculous law called the “genius law,” which has long been expected to be approved in the United States, has been rejected by the US Senate.
The Genius Law was rejected with a critical vote with a 48 “yes” and a 49 “no” vote.
US senators such as Senator Cynthia Ramis have expressed disappointment at the rejection of the Genius Act, but the statement came from US Treasury Secretary Scott Bescent.
Scott Becent has sternly criticized the Senate’s decision to stop progress in genius law.
He describes the Genius Bill as a generational opportunity to expand control of the dollar and increase our influence in financial innovation, while arguing that stability and cryptocurrency require our leadership.
“The world needs American leadership to enable stubcoin and other digital assets to flourish globally.
The Senate missed the opportunity to offer its leadership by not moving forward with today’s act of genius.
The bill represents a generation of opportunities to expand control of the dollar and expand the US influence in financial innovation. Without it, Stablecoins would be subject to a patchwork of state regulations rather than a streamlined federal framework that further encourages growth and competition.
Senators who voted to curb creativity today face a simple choice. Watch as either step up or lead, or digital asset innovation moves offshore. ”
*This is not investment advice.
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