Bessent: The GENIUS Act is a watershed moment for U.S. finance; the OCC’s final rule provides a clear foundation for payment stablecoin innovation and competition

U.S. Treasury Secretary Bessent stated in a post that the GENIUS Act marks a pivotal turning point in U.S. financial history, significantly reinforcing America’s role as the central hub of the global crypto economy. He drew a parallel between the GENIUS Act and President Lincoln’s 1863 National Currency Act—which established a nationwide, unified system for bank-issued currency—and highlighted that the GENIUS Act introduces, for the first time, a federal regulatory framework for payment stablecoins in the digital age. Bessent emphasized that the Office of the Comptroller of the Currency (OCC)’s final rule is actively driving implementation of this landmark legislation, not only paving a clear path for private-sector technological innovation and market competition but also providing a practical, actionable institutional foundation for America’s continued leadership in global digital asset development.