Statement from U.S. Secretary of the Treasury Scott Bessent on Enactment of the GENIUS Act

WASHINGTON – U.S. Secretary of the Treasury Scott Bessent issued the following statement following President Trump’s signing of the GENIUS Act:“Stablecoins represent a revolution in digital finance,” said Treasury Secretary Scott Bessent. “The dollar now has an internet-native payment rail that is fast, frictionless, and free of middlemen. This groundbreaking technology will buttress the dollar’s status as the global reserve currency, expand access to the dollar economy for billions across the globe, and lead to a surge in demand for US Treasuries, which back stablecoins. The GENIUS Act provides the fast-growing stablecoin market with the regulatory clarity it needs to grow into a multitrillion-dollar industry.