PANews reported on May 9 that U.S. Treasury Secretary Scott Bessent wrote on the social platform X that the U.S. Senate’s failure to advance the GENIUS Act was “a missed generational opportunity to expand the dominance of the U.S. dollar and the influence of financial innovation.” He warned that in the absence of a unified federal regulatory framework, stablecoins will develop in the fragmentation of state regulations, which is not conducive to the United States maintaining its global leadership and may push digital asset innovation overseas.