Yellen Criticizes Senate for Stalling Digital Asset Regulation

U.S. Treasury Secretary Janet Yellen has expressed strong disapproval of the Senate's decision to stall the progress of the "GENIUS Act," a bill aimed at regulating stablecoins and other digital assets. Yellen's criticism comes at a time when tensions are rising over Trump's increasing involvement in cryptocurrency affairs and concerns over specific provisions within the stablecoin legislation.

In a statement posted on social media, Yellen emphasized the importance of U.S. leadership in the global digital asset landscape. "For stablecoins and other digital assets to thrive globally, the world needs U.S. leadership," she stated. Yellen went on to criticize the Senate for failing to advance the "GENIUS Act," calling it a "missed leadership opportunity."

Yellen argued that the bill represented a "once-in-a-lifetime opportunity" to expand the dominance of the U.S. dollar and enhance America's influence in financial innovation. She believed that without such legislation, stablecoins would continue to be governed by a fragmented set of state laws rather than a unified federal approach. This lack of federal oversight, according to Yellen, would hinder the growth and global competitiveness of stablecoins.

Yellen's remarks underscore the growing importance of digital assets in the global financial system and the need for comprehensive regulation. She warned that senators who voted to block the bill face a critical choice: either step up to lead in digital asset innovation or risk seeing this innovation move overseas. Yellen's criticism highlights the urgency for the Senate to take action and provide the necessary leadership to ensure that the U.S. remains at the forefront of financial innovation.