Bessent Calls GENIUS Act a Turning Point in US Financial History
Summary
- US Treasury Secretary Scott Bessent said the GENIUS Act marks a turning point in American financial history and is reinforcing the country’s position as the world’s virtual asset capital.
- He said the GENIUS Act creates a federal framework for payment stablecoins, and that the OCC final rule provides the foundation for US leadership in digital assets.
- He said the GENIUS Act requires stablecoin issuers to register and to hold 100% reserve assets in highly liquid assets such as cash and US Treasuries.
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US Treasury Secretary Scott Bessent called the GENIUS Act a turning point in American financial history, saying the law is strengthening the country’s position as the world’s capital for virtual assets, or cryptocurrencies.
In a social media post on October 21, Bessent wrote that just as President Abraham Lincoln’s National Currency Act of 1863 established a national framework for bank-issued money, the GENIUS Act creates a federal framework for payment stablecoins in the digital era.
He added that the Office of the Comptroller of the Currency’s final rule advances that legislation and provides a clear, practical foundation for private-sector innovation, competition and US leadership in digital assets.
The GENIUS Act establishes a federal regulatory framework for payment stablecoins in the US. It requires stablecoin issuers to register and to hold reserve assets equal to 100% of issuance in highly liquid assets such as cash and US Treasuries.
JH Kim
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