Bessent Compares GENIUS Act to Lincoln-Era Banking Reform

The Office of the Comptroller of the Currency (OCC) finalized rules for payment stablecoin reserves and redemptions as Treasury Secretary Scott Bessent compared the GENIUS Act to Lincoln-era banking reform.

In a post on Wednesday, Oct. 21, Bessent compared the 2025 law with the National Currency Act of 1863. That law created federal oversight for currency issued by nationally chartered banks. He described the GENIUS Act as a watershed for American finance and said the OCC rule would support innovation, competition and U.S. leadership in digital assets.

The final rule sets requirements for reserves, redemptions and related services. It covers national banks, federal savings associations, federal branches of foreign banks, nonbank firms seeking federal approval and certain foreign payment stablecoin issuers.

Payment stablecoin issuers in the U.S. generally will need regulatory approval starting Jan. 18, 2027. Signed into law in 2025, the GENIUS Act established a federal regulatory framework for payment stablecoins.