Crypto enthusiasts and digital rights advocates have taken to social media to lambast United States Secretary of the Treasury Scott Bessent’s assertion that the global crypto industry “needs American leadership” to thrive.
This follows the Senate’s failure to advance the GENIUS Act, a bill designed to establish a federal framework for stablecoins and other digital assets.
Bessent, known for his political ties and influence in conservative financial policy circles, issued a sharp rebuke of lawmakers who blocked the legislation, writing:
“For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.”
~ Scott Bessent
He went on to call the bill a “once-in-a-generation opportunity” to extend dollar dominance through innovation.
Bessent warned that without the bill, stablecoins would face inconsistent state regulations instead of a unified federal framework that supports growth and competition. He told Senators blocking progress they had a clear choice: either lead or watch digital asset innovation move abroad.
Bessent’s crypto comments spark online uproar over U.S. control and stablecoin motives
The backlash was immediate. Critics on X (formerly Twitter) denounced Bessent’s comments as out-of-touch with the core ethos of crypto, decentralization, and independence from centralized powers like the U.S. government.
One user said that the GENIUS Bill is not about innovation but the U.S. moving towards a sovereign digital currency via the stablecoin backdoor.
A second user directed a question at U.S. Senator Rand Paul on X, asking, “@RandPaul, what’s your excuse for voting against this?”
Reddit’s r/CryptoCurrency forum lit up with memes mocking the idea that U.S. dominance could be synonymous with global digital innovation. Many also accused Bessent of using crypto to preserve U.S. financial hegemony under the guise of progress.
Still, one user appeared to support Bessent’s stance, urging, “Stop voting for Democrats who openly oppose crypto,” highlighting what they saw as growing hostility from some lawmakers toward the digital asset industry.
GENIUS Act draws fire over-centralization, Trump ties, and global crypto concerns
The GENIUS Act was pitched as a bipartisan attempt to finally give federal clarity to stablecoins and digital assets, something U.S. crypto advocates have long demanded. Supporters argue it would legitimize dollar-backed digital tokens and help U.S. firms compete globally.
But critics say the bill leaned too heavily on federal oversight and would ultimately concentrate control in the hands of a few government-sanctioned entities, possibly undermining crypto’s open-source foundation.
Senator Elizabeth Warren, a prominent critic of the GENIUS Act, stated that if the GENIUS Act goes forward without changes, Donald Trump will continue to line his pockets with his crypto scams. In contrast, his policies continue to tank the economy for others.
Senator Jeff Merkley also said that people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls. He noted this is a profoundly corrupt scheme. Merkley added that it endangers national security and erodes public trust in government. He urged his fellow lawmakers and community to help end this corruption immediately.
Bessent’s framing also drew criticism for its nationalistic tone. Crypto industry veterans from Europe, Latin America, and Asia pointed out that thriving ecosystems already exist in countries with clearer and more adaptive rules — like Switzerland, Singapore, and the UAE.
In other developments, Sen. Richard Blumenthal, a Connecticut Democrat, is seeking records and documents about Trump’s crypto ventures from Fight Fight Fight LLC. This company launched Trump’s meme coin and World Liberty Financial.
The senator sent letters to both companies on Tuesday requesting the records, including communications between both companies, the Trump Organization, the president, his administration, and foreign governments.
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