Scott Bessent Calls GENIUS Act a ‘Watershed Moment’ as OCC Sets Stablecoin Rules
The US Office of the Comptroller of the Currency has finalized its rules for implementing the GENIUS Act, establishing regulatory requirements for stablecoin issuance and custody activities.
The US Office of the Comptroller of the Currency (OCC) has finalized its rules for implementing the GENIUS Act. The rule covers requirements for permitted payment stablecoin issuers, foreign issuers under the OCC's jurisdiction, as well as certain custody activities handled by entities supervised by the agency.
Watershed Moment
US Treasury Secretary Scott Bessent called the GENIUS Act a 'watershed moment in American finance.' He compared its significance to President Abraham Lincoln's National Currency Act of 1863, establishing a federal framework for payment stablecoins in the digital age.
Just as President Abraham Lincoln's National Currency Act of 1863 established a national framework for bank-issued currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age. The OCC's final rule carries that landmark legislation forward, providing a clear, practical foundation for private-sector innovation, competition, and American leadership in digital assets.
Implementation Timeline
The OCC received hundreds of comments on its proposal from crypto companies, community banks, trade groups, academics, and other stakeholders. The final rule addresses regulations required under the GENIUS Act, except for provisions covering the Bank Secrecy Act, anti-money laundering, and sanctions enforcement.
Those areas will be handled through a separate rulemaking process in coordination with the Treasury Department. The agency has not yet announced when it will start accepting applications from prospective stablecoin issuers, with that announcement to come separately. Both the GENIUS Act and the final rule are scheduled to take effect on January 18, 2027.
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