Daily Observation of Cryptocurrency Policy: U.S. Treasury Secretary Janet Yellen praises the GENIUS Act, calling it comparable to the 1863 Currency Act in consolidating the status of "global cryptocurrency capital."

Historical Benchmark: Reconstruction of Sovereign Credit in the Digital Age with the National Currency Act

In the history of American monetary finance, the unified paper currency and banking license system completely ended the chaotic private currency battles during the Civil War.

U.S. Treasury Secretary Besant made a profound historical reflection in his latest public statement: The National Currency Act, enacted by President Abraham Lincoln in 1863, established the first formal federal framework for paper currency issued by commercial banks across the nation by creating national bank charters and unified reserve requirements; and today, more than one hundred sixty years later, the GENIUS Act plays exactly the same historical role—it establishes the first federal legal foundation for payment stablecoins in the digital economy and algorithmic era. This positioning indicates that the U.S. government no longer views stablecoins as marginal speculative derivative tools but has officially elevated them to the core extension vehicle for the digital circulation of national legal tender.

Regulatory Refinement: OCC Final Rules Implemented, Providing Clear Path for Private Innovation

Following the foundation of the macro legislation, specific departmental execution rules are being completed at an unprecedented speed.

Besant emphasized in his statement the latest finalized implementation rules from the Office of the Comptroller of the Currency (OCC). He highlighted that it is the refined execution standards set by the OCC that have allowed the milestone congressional legislation, the GENIUS Act, to truly take root. The new rules not only eliminate the previous policy ambiguities regarding banks and other financial institutions' involvement in on-chain asset custody, clearing, and stablecoin issuance but also establish a set of "clear, practical foundation" compliance standards, clearing obstacles for private sector technological innovation, healthy market competition, and the large-scale entry of compliant capital.

National Strategy: Fully Defending America's Global Leadership in Digital Assets

Behind this statement lies a strong defense of dollar hegemony and considerations of digital financial geopolitics.

Besant explicitly stated that the comprehensive rollout of the GENIUS Act will "further solidify America's absolute position as the Crypto Capital of the World." Currently, competition among major global economies regarding central bank digital currencies (CBDC) and offshore local currency stablecoins is becoming increasingly intense. By leveraging federal legal empowerment and having the private sector issue compliant dollar stablecoins under strict short-term U.S. Treasury full reserves and OCC prudent supervision, the U.S. is transforming the global public chain network into a natural circulation hub for the digital dollar, thereby continuing to solidify the dollar's dominance in global foreign trade and decentralized financial clearing with minimal friction.

Establishment of Federal Regulatory Closed Loop, Stablecoins Entering "National Team Level Standardization"

Based on the policy signals released from Washington in late October, from the Federal Reserve's recent initiation of reserve requirement consultations to the OCC's rapid issuance of refined final rules, and to Treasury Secretary Besant's historic endorsement, the blueprint outlined by the GENIUS Act has evolved from a congressional bill into a concrete regulatory reality. This marks the formal farewell of the U.S. and even the global crypto finance industry to the barbaric growth period reliant on offshore shadow credit over the past decade, fully entering a new era of compliance dominated by federal strong regulation, full high-quality liquid asset reserves, and traditional banks alongside top tech giants.

Data Source: https://bbx.com/ Cryptocurrency Concept Stock Information Database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.