Netizens have strongly criticized U.S. Treasury Secretary Scott Bessent for claiming that the global crypto industry needs American leadership to succeed.
His remarks came after the Senate failed to advance the GENIUS Act, a bill intended to provide a federal framework for stablecoins and digital assets.
Bessent’s comments trigger online backlash
Bessent blamed lawmakers for undermining an important window of opportunity by stopping the GENIUS Act making it vital in ensuring dollar-supported go digital assets remain relevant across the world. He justified that unless there was federal legislation, stablecoins would have to navigate a fragmented regulatory landscape within the states of the U.S. According to Bessent, the passing the act would have reinforced American financial superiority while fostering innovation.
His remarks sparked strong opposition on social media.Critics argued that Bessent’s comments ignored the core values of decentralization and freedom that define the crypto movement. One user on X called the act a backdoor attempt to introduce a sovereign U.S. digital currency, while others accused Bessent of using crypto to push for continued U.S. financial dominance under the pretense of innovation.
GENIUS act faces criticism over oversight and political links
The GENIUS Act has been sold as a bipartisan effort to legislate stablecoins and provide legal certainty to digital asset businesses. Backers argue it would enhance the position of dollar-backed tokens in the world economy and allow U.S. companies to maintain competitiveness. However, opponents claim that the law bestows too much authority on federal agencies and suppresses the industry’s decentralized character.
Senator Elizabeth Warren warned that in its current form, the bill favors former President Donald Trump, who supposedly profits through unknown crypto-ventures. Senator Jeff Merkley then went on to say that citizens could use crypto-assets to influence the former president to their personal or political advantage, which called the situation corrupt and threatening to national security.
Bessent’s stance met with international disapproval
Global crypto leaders also countered the statements by Bessent. Speakers representing the industry from Europe, Asia, Latin America, among other areas, stated that innovation is not held hostage to the U.S. leadership since there are strong crypto ecosystems in countries such as Switzerland, Singapore, and through the UAE. Many believed that regulation clarity and open market environment in these areas contribute to digital innovation outside influence of central politics. Meanwhile, Senator Richard Blumenthal is seeking documents tied to Trump’s crypto ventures from Fight Fight Fight LLC and World Liberty Financial as part of a broader investigation into potential misconduct involving digital assets and political figures.