US Treasury Secretary Bessent: GENIUS Act establishes a federal regulatory framework for payment stablecoins

October 21 – US Treasury Secretary Bessent said the GENIUS Act is a milestone for the US financial sector, further cementing the United States' position as a global cryptocurrency hub. He compared the act to the National Bank Act of 1863, saying the latter established a national-level framework for banks to issue currency, while the GENIUS Act establishes a federal regulatory framework for payment stablecoins in the digital age.

Bessent also said the final rule issued by the Office of the Comptroller of the Currency (OCC) will further implement the act, providing a clear and workable institutional foundation for private-sector innovation, market competition, and the United States' continued leadership in digital assets.