Scott Bessent Calls GENIUS Act a Watershed Moment as OCC Sets Stablecoin Rules - The OCC has approved final rules for the GENIUS Act, which sets out requirements for stablecoin issuers and custody operations under its jurisdiction. US Treasury Secretary Scott Bensant praised the GENIUS Act as a significant advance in the field of American finance, similar to historical banking legislation. The final rule will take effect on January 18, 2027, as the OCC plans to monitor the stable coin industry and make necessary adjustments to its supervisory approach.