U.S. Treasury Secretary Bessent said the GENIUS Act marks a watershed moment for the American financial system and strengthens the country’s position as a global crypto hub. In his statement, he compared the legislation to President Abraham Lincoln’s National Currency Act of 1863, saying that just as the earlier law created a nationwide framework for bank-issued money, the GENIUS Act establishes a federal framework for payment stablecoins in the digital era. Bessent also said the Office of the Comptroller of the Currency’s final rule is advancing implementation of the legislation. He described that rule as providing a clear and practical foundation for private-sector innovation, competition, and continued U.S. leadership in digital assets. The remarks frame the law as a major policy step in shaping how payment stablecoins are handled at the federal level.
U.S. Treasury Secretary Bessent said the GENIUS Act is a watershed for American finance and further strengthens the United States’ position as a global crypto center.
Bessent compares the law to the National Currency Act
He said that, just as President Abraham Lincoln’s National Currency Act of 1863 created a nationwide framework for bank-issued money, the GENIUS Act creates a federal framework for payment stablecoins in the digital era.
OCC final rule said to move implementation forward
Bessent said the Office of the Comptroller of the Currency’s final rule is advancing implementation of the landmark legislation, giving the private sector a clear and practical foundation for innovation, competition, and U.S. leadership in digital assets.
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