Scott Bessent Calls GENIUS Act a ‘Watershed Moment’ as OCC Sets Stablecoin Rules

The OCC's final rule laid out regulatory requirements for stablecoin issuance and certain custody activities, while leaving some compliance matters for later rules. The US Office of the Comptroller of the Currency (OCC) has finalized its rules for implementing the GENIUS Act. The rule covers requirements for permitted payment stablecoin issuers, foreign issuers under the OCC’s jurisdiction, as well as certain custody activities handled by entities supervised by the agency. Reserve backing, redemption, and risk management are among the areas covered by the new framework. OCC Locks In Stablecoin Rules US Treasury Secretary Scott Bessent called the GENIUS Act a “watershed moment in American finance.” He added, “Just as President Abraham Lincoln’s National Currency Act of 1863 established a national framework for bank-issued currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age. The OCC’s final rule carries that landmark legislation forward, providing a clear, practical foundation for private-sector innovation, competition, and American leadership in digital assets.” The OCC received hundreds of comments on its proposal from crypto companie...