Treasury Secretary Bessent likens GENIUS Act to Lincoln-era banking reform

US Treasury Secretary Scott Bessent has compared the Trump administration’s landmark stablecoin legislation to banking reforms enacted under President Abraham Lincoln, drawing parallels between two efforts to establish a national framework for American currency more than 160 years apart.In a Wednesday post on X, Bessent hailed the Office of the Comptroller of the Currency’s (OCC) final rule implementing the GENIUS Act, calling the legislation a “watershed moment in American finance.”Bessent drew a comparison to the National Currency Act of 1863, which established a federal framework for nationally chartered banks to issue currency. He argued that the GENIUS Act serves a similar purpose for payment stablecoins in the digital age.Bessent said the OCC rule would support “private-sector innovation, competition, and American leadership in digital assets.”Source: Scott BessentAs Cointelegraph reported Wednesday, the OCC finalized rules governing stablecoin reserves, redemptions and related services. The rules are scheduled to take effect on Jan. 18, 2027.Jonathan Gould, comptroller of the currency, described the regulations as a “clear, practical framework for payment stablecoin innovati...