Scott Bessent Slams 48-49 Senate Snub – Will GENIUS Act Failure Cost U.S. Crypto Crown?

Scott Bessent has warned that the Senate’s May 8 failure to advance the GENIUS Act has left U.S. stablecoin regulation fragmented and could push digital‑asset development overseas, as Democrats cited AML and national security concerns in narrowly blocking the bill, threatening dollar dominance.
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Weekly Crypto Regulation News Roundup: Trump’s Crypto Links Spark Ethics Concerns, Stablecoin Framework in Limbo

Crypto governance has experienced a busy week: the SEC has opened tokenization discussions with Wall Street names like BlackRock and Nasdaq, Senate Democrats have questioned Donald Trump’s links to a meme coin and DeFi venture, and a long-awaited stablecoin framework has collapsed in a split vote.
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Ripple CEO Slams 48-49 Senate Stall – Will Regulatory Void Cost U.S. Billions?

Ripple CEO Brad Garlinghouse has expressed disappointment after the Senate fell one vote short of advancing the GENIUS Act, arguing the US is stalling on stablecoin clarity. The debate unfolds as Democrats question potential conflicts tied to Donald Trump-linked USD1 and $TRUMP tokens.
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