Bessent said the GENIUS Act provides a clear foundation for innovation and competition in payment stablecoins. According to Odaily, he made the remarks in a post on X, calling the law a watershed for U.S. finance and saying it further strengthens the country’s position as a global crypto hub.

Bessent compared the act with President Abraham Lincoln’s National Currency Act of 1863, which established a national framework for bank-issued currency. He said the GENIUS Act creates a federal framework for payment stablecoins in the digital age.

Bessent also said the Office of the Comptroller of the Currency’s final rule advances implementation of the act and provides a clear, practical basis for private-sector innovation and competition, as well as U.S. leadership in digital assets.