U.S. Treasury Secretary Bessent: GENIUS Act Establishes Federal Regulatory Framework for Payment Stablecoins

On October 21, US Treasury Secretary Scott Bessent stated that the GENIUS Act is a milestone in the US financial sector, further consolidating America's position as the global cryptocurrency center. He compared the legislation to the National Currency Act signed by President Lincoln in 1863, noting that it establishes a federal regulatory framework for payment stablecoins in the digital age.

Bessent also indicated that the final rules released by the US Office of the Comptroller of the Currency (OCC) will facilitate the implementation of the bill, providing a clear and pragmatic institutional foundation for private sector innovation, market competition, and the US to maintain its leading position in the digital assets sector.