U.S. Treasury Secretary Scott Bessent described the GENIUS Act as a watershed for U.S. finance and said it strengthened the country’s position as a global crypto center, BlockBeats reported on Oct. 21.
Federal framework for payment stablecoins
According to the report’s account of Bessent’s post, the act creates a federal framework for payment stablecoins in the digital age. He compared it with the 1863 National Currency Act, which established a national framework for bank-issued money.
OCC implementation
Bessent said the Office of the Comptroller of the Currency’s final rule advances implementation of the legislation and provides a clear, practical basis for private-sector innovation, competition and U.S. leadership in digital assets.
These are Bessent’s stated views as relayed by BlockBeats. The flash does not independently assess the rule’s legal effect or how it will change stablecoin markets.