Bessent Calls GENIUS Act Watershed Moment as OCC Finalizes Stablecoin Rule for Jan 18, 2027

U.S. Treasury Secretary Scott Bessent likened the GENIUS Act to the 1863 National Currency Act, calling the OCC's final stablecoin rule a watershed moment. Effective Jan 18, 2027, the rule sets reserve, redemption, and risk standards for payment stablecoin issuers, requiring federal approval for banks, nonbank firms, and some foreign issuers.