Senate Banking Committee Chairman Tim Scott blamed the failure of the GENIUS Act on Democrat-led partisan politics.
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.
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