Scott Bessent Calls GENIUS Act a ‘Watershed Moment’ as OCC Sets Stablecoin 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. US Treasury Secretary Scott Bessent called the GENIUS Act a “watershed moment in American finance.” He added , The OCC received hundreds of comments on its proposal from crypto companies, community banks, trade groups, academics, and other stakeholders.