Comparison of Besent’s GENIUS Act and Lincoln’s National Currency Act of 1863 In 1863, the Lincoln administration enacted the National Currency Act to finance the Civil War. It standardized the chaotic proliferation of private banknotes issued by individual states by mandating that banks purchase U.S. federal government debt and deposit it with the Treasury, thereby creating massive demand for government bonds. The United States appears unwilling to invest its own funds to secure AI dominance. Expert Analysis: “The GENIUS Act marks a pivotal turning point in U.S. financial history and provides a decisive opportunity to further solidify America’s position as the world’s ‘crypto capital.’ Just as President Abraham Lincoln’s National Currency Act of 1863 established a national framework for private bank-issued currency, the GENIUS Act creates a federal regulatory framework for payment-oriented stablecoins in the digital age. The final rule issued by the Office of the Comptroller of the Currency (OCC) advances this landmark legislation by providing a clear, practical foundation that supports private-sector innovation, competition, and America’s global leadership in the digital assets market.”