Senate Banking Committee Chairman Tim Scott blamed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act’s failure on partisan politics during a Senate speech on May 8.
Scott said the vote, which failed to reach cloture in the Senate, was expected to mark a step toward greater affordability and innovation. Instead, he said, political divisions took precedence.
“Instead, we witnessed a disappointing display of political gamesmanship that puts partisan politics above policy, and obstruction above innovation, “Scott said.
The bill had previously undergone multiple amendments to address concerns raised by Democrats, including stricter requirements for stablecoin issuers and further provisions for Anti-Money Laundering.
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Scott criticizes last-minute opposition
Scott, a South Carolina Republican, said that “the GENIUS Act was a bipartisan achievement at the Banking Committee.” By working