Senator Tim Scott criticized partisan politics for the failure of the GENIUS Act, a bipartisan stablecoin bill, during a Senate speech on May 8.
He blamed Democrats for last-minute opposition aimed at denying President Trump a legislative victory in the digital asset space, calling it "political gamesmanship" that prioritized obstruction over innovation.
The GENIUS Act, intended to create a federal framework for stablecoins, failed a 48–49 cloture vote in the Senate despite earlier bipartisan support and amendments addressing Democrats' concerns on anti-money laundering and issuer requirements.
Scott argued the opposition was not about the bill's substance but political optics, accusing Democrats of "Trump Derangement Syndrome" hijacking governance.
Treasury Secretary Scott Bessent also condemned the Senate's failure, warning it undermines U.S. leadership in global digital assets and represents a missed opportunity to lead stablecoin innovation.
Democrats cited unfinished bill text, national security, and AML concerns as reasons for their withdrawal, with some wary of the bill's association with Trump’s crypto endorsements.
Scott sees the bill's failure as a partisan setback that stalls U.S. progress in stablecoin regulation and digital asset leadership.
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