Treasury Secretary Bessent likens GENIUS Act to Lincoln-era banking reform
The OCC has finalized rules for stablecoin reserves and redemptions, with Bessent calling the GENIUS Act a “watershed moment for American finance.”
US Treasury Secretary Scott Bessent has likened the GENIUS Act, a Trump administration stablecoin legislation, to banking reforms from President Abraham Lincoln's era. In a statement on X, Bessent hailed the Office of the Comptroller of the Currency's (OCC) final rule implementing the GENIUS Act as a "watershed moment in American finance."
Bessent argued that the GENIUS Act, akin to the National Currency Act of 1863, establishes a federal framework for nationally chartered banks to issue currency, serving a similar purpose for payment stablecoins in the digital age. The OCC finalized rules for stablecoin reserves, redemptions, and related services, which are set to take effect on January 18, 2027.
The rules aim to support private-sector innovation, competition, and American leadership in digital assets.
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