Bessent Calls GENIUS Act a Modern Echo of Lincoln-Era Banking Reform

Treasury Secretary Scott Bessent has framed the stablecoin law as a digital age version of one of the most important financial overhauls in American history. In a Wednesday post on X, he welcomed the Office of the Comptroller of the Currency’s final rule and said the GENIUS Act marks a turning point for the country’s financial system. His point of reference was the National Currency Act of 1863, which created a federal structure for nationally chartered banks to put currency into circulation.

He argued that payment stablecoins now need the same kind of national framework. Bessent said the rule should support private innovation, competition and American leadership in digital assets.

What the OCC’s Final Rule Sets Out

The OCC has finalized rules covering stablecoin reserves, redemptions and related services, and they take effect on Jan. 18, 2027. Comptroller Jonathan Gould called the package a clear and practical framework for stablecoin innovation. The rule applies to national banks, federal savings associations, federal branches of foreign banks and nonbank firms seeking federal approval to issue payment stablecoins. Certain foreign issuers fall under it too.

Approval Required From January 2027

The GENIUS Act became law in 2025. From Jan. 18, 2027, companies issuing payment stablecoins in the United States will generally need regulatory approval, and issuing without proper authorization could lead to penalties. The OCC’s requirements cover reserves, redemptions and risk management for issuers under its supervision.

Dollar stablecoins are gaining ground in payments and money transfers, even though the growth in total supply has stalled.