Bessent: GENIUS Act Stablecoin Rules Echo Lincoln-Era Reform

U.S. Treasury Secretary Scott Bessent compared the GENIUS Act’s stablecoin framework with the National Currency Act of 1863, saying both establish federal rules for currency and financial innovation. He drew the parallel after the Office of the Comptroller of the Currency finalized regulations implementing the 2025 law.

The OCC rules govern reserves, redemptions and related services for payment stablecoins. Taking effect Jan. 18, 2027, they require supervised issuers to meet federal standards designed to protect consumers and promote competition. Bessent called the legislation a “watershed moment for American finance” and said the regulations could support private-sector innovation and U.S. leadership in digital assets.

Under the GENIUS Act, companies issuing payment stablecoins in the United States will generally need regulatory authorization. The OCC’s jurisdiction includes national banks, federal savings associations, foreign banks’ U.S. branches, qualifying nonbank issuers and certain foreign stablecoin companies. Issuers that operate without the required approval could face penalties.

OCC Comptroller Jonathan Gould described the final rule as a clear and practical framework for payment-stablecoin innovation. The regulations arrive as dollar-denominated stablecoins gain adoption in payments and remittances, although growth in the broader stablecoin supply has recently stalled.