Treasury Secretary Bessent likens GENIUS Act to Lincoln-era banking reform
Summary
Treasury Secretary Scott Bessent compared the GENIUS Act to the National Currency Act of 1863, saying both established federal frameworks for currency and that the stablecoin law supports innovation and US leadership. The OCC finalized rules covering reserves, redemptions and risk management for payment stablecoin issuers under its supervision. Effective Jan. 18, 2027, the rules generally require US issuers to obtain regulatory approval; issuing without authorization could result in penalties. They apply to specified banks, federal branches of foreign banks, nonbank applicants and some foreign issuers.
