Treasury Secretary Scott Bessent Announces Final Rule for Trump’s Important Crypto Legislation – Compares It to President Lincoln’s National Currency Act of 1863

The United States has officially entered what is being described as a “watershed moment in American finance” that helps cement America as the crypto capital of the world and is also being compared to President Abraham Lincoln’s National Currency Act of 1863.

On Wednesday, Treasury Secretary Scott Bessent announced that the Office of the Comptroller of the Currency (OCC) had issued a final rule for GENIUS Act stablecoin rules.

“The GENIUS Act marks a watershed moment in American finance, further cementing the United States as the crypto capital of the world. 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,” Bessent announced on X.

“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 GENIUS Act marks a watershed moment in American finance, further cementing the United States as the crypto capital of the world. 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 @USOCC’s final rule carries that landmark legislation forward, providing a clear, practical foundation for private-sector innovation, competition, and American leadership in digital assets.

— Treasury Secretary Scott Bessent (@SecScottBessent) October 21, 2026

Per Trading View, the final rule will set requirements for both permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC’s oversight.

The rule also covers certain custody activities by the banks the agency supervises.

“Today’s final rule advances President Trump and Secretary Bessent’s vision for American leadership in digital assets,” Comptroller of the Currency Jonathan V. Gould explained “We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management.

“The OCC is drawing on its longstanding supervisory expertise to support responsible growth and innovation for this new industry.”

Back in July 2025, President Trump signed the GENIUS Act into law.

Per The Street, this act requires stablecoin issuers to retain 100% reserve backing using liquid assets, such as short-term U.S. Treasuries.

President Trump says this legislation will make America the undisputed leader in digital assets, prioritize consumer protection, strengthen the U.S. dollar’s reserve currency status, and bolster national security.

As The Gateway Pundit previously reported, the GENIUS Act is necessary because stablecoins have already grown into a massive, systemically important financial market operating largely outside the federal regulatory framework.

Without clear U.S. rules, the industry would continue developing under foreign regulations, creating consumer and national-security risks while allowing strategic competitors to shape the future of dollar-backed digital finance.

Bessent is also correct to compare The GENIUS Act to what Lincoln passed and signed so long ago.

Before 1863, the U.S. had no national banking system at the federal level, and banks simply issued banknotes that were easily manipulated.

But with one universal banking system with clear rules, this fraud was completely eliminated.

This system served as the foundation of U.S. commercial banking until the Federal Reserve System was created in 1913.

From The Street:

The National Currency Act is a landmark law that Lincoln signed in 1863, establishing a national banking system at the federal level and helping standardize the national fiat currency in the U.S.

Prior to the law, thousands of banks issued their own unique paper banknotes. Their values varied wildly and counterfeits were common.

The National Currency Act addressed these problems by creating a nationally chartered banking system that issued a uniform form of paper currency and establishing the Office of the Comptroller of the Currency (OCC) to charter and supervise national banks.

Both the final rule and the GENIUS Act take effect on January 18, 2027.

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