Treasury Secretary Bessent compares GENIUS Act to Lincoln-era banking reform

US Treasury Secretary Scott Bessent hailed the OCC's final rule implementing the GENIUS Act as a "watershed moment in American finance," drawing parallels to the National Currency Act of 1863. The GENIUS Act, signed in 2025, established a federal regulatory framework for payment stablecoins. The OCC's final rule, which sets requirements for reserves, redemptions, and risk management, takes effect on Jan. 18, 2027, and applies to national banks, federal savings associations, federal branches of foreign banks, and nonbank companies seeking federal supervision. Issuers must generally obtain regulatory approval under the GENIUS Act to operate in the US.