U.S. Treasury Secretary Scott Bessent called the GENIUS Act a “watershed moment in American finance,” comparing the law with the National Currency Act of 1863. The OCC has finalized a rule covering requirements for permitted payment stablecoin issuers, issuers under its jurisdiction and certain custody activities. The framework addresses reserve backing, redemption and risk management. The law and the final rule are scheduled to take effect on January 18, 2027, while the OCC has not yet announced when it will begin accepting applications and waiver requests.
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