A razor-thin 48-49 Senate vote on Thursday torpedoed the GENIUS Act, and Ripple CEO Brad Garlinghouse says America simply ceded the stablecoin race. He blasted lawmakers on X, and U.S. Treasury Secretary Scott Bessent warned that every day’s delay fingers world rivals the billions pouring into dollar-pegged tokens.
Ripple CEO Takes To Social Media
“Stablecoins are exploding globally for his or her real-world functions (the sheer quantity of latest bulletins throughout crypto, fintech, and conventional finance ought to point out as such),” Garlinghouse stated.
Stablecoins are exploding globally for his or her real-world functions (the sheer quantity of latest bulletins throughout crypto, fintech and conventional finance ought to point out as such).
The earlier that the US can cross workable, clear guidelines, the sooner it reaps the advantages of… https://t.co/jgDvHSJ4L4— Brad Garlinghouse (@bgarlinghouse) Might 9, 2025
“The earlier that the US can cross workable, clear guidelines, the sooner it reaps the advantages of this know-how,” he added.
Launched by Senator Invoice Hagerty (R-TN) in February, the Guiding and Establishing Nationwide Innovation for U.S. Stablecoins (GENIUS) Act was co-sponsored by Chairman Tim Scott (R-SC) and Subcommittee on Digital Belongings Chair Cynthia Lummis (R-WY).
Supporters of the laws argue that the GENIUS Act would have established a transparent regulatory roadmap for stablecoins and strengthened the dominance of the U.S. greenback.
“I’m deeply dissatisfied that we have been unable to cross this essential, bipartisan-crafted stablecoin laws immediately,” Lummis stated in an announcement. “Make no mistake, digital property are the longer term and America should prepared the ground.”
Trump’s Crypto Ventures Below Scrutiny
The GENIUS Act’s failure coincides with elevated scrutiny of U.S. President Donald Trump’s ties to the crypto sector, notably by members of the Democratic opposition.
Critics declare that the launch of the Trump-affiliated World Liberty Monetary’s USD1 stablecoin might trigger conflicts of curiosity when drafting a regulatory framework for this explicit form of digital asset.
Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) have urged Jamieson Greer, the appearing director of the U.S. Workplace of Authorities Ethics, to launch an “pressing inquiry” into the launch of Trump’s namesake meme coin, $TRUMP, over potential ethics issues.
“The American folks deserve the unwavering assurance that entry to the presidency isn’t being provided on the market to the very best bidder in change for the President’s personal monetary achieve,” the U.S. lawmakers stated in an April 25 letter.
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