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 in U.S. finance, further solidifying 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 to issue 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's (OCC) 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.