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

The Office of the Comptroller of the Currency has finalized its rule implementing the GENIUS Act, the stablecoin law signed in July 2025, after federal regulators missed a July 18, 2026, deadline to complete the framework. The rule covers permitted payment stablecoin issuers, foreign issuers under OCC jurisdiction, and certain custody activities, including reserve backing, redemption, and risk management. Treasury Secretary Scott Bessent described the law as comparable in significance to the 1863 National Currency Act. The rule leaves Bank Secrecy Act, anti-money-laundering, and OFAC sanctions provisions to separate rulemaking coordinated with Treasury; the OCC has not announced when it will accept applications or waiver requests. Both the law and rule take effect January 18, 2027.