Bessent: The GENIUS Act Provides a Clear Foundation for Payment Stablecoin Innovation and Competition

Odaily reports: Bessent posted on X that the GENIUS Act is a watershed moment for the U.S. financial sector, further cementing the United States' position as the global crypto hub. He noted that just as President Lincoln's National Currency Act of 1863 established a national framework for banks issuing currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age. Bessent stated that the Office of the Comptroller of the Currency (OCC)'s final rule advances the implementation of the Act, providing a clear and pragmatic foundation for private-sector innovation, competition, and U.S. leadership in digital assets.