作者：Weilin，Panews

5月20日上午，北京時代，美國參議院以66票贊成和32票反對的是《天才法案》法案的封塊。

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The U.S. Senate passed the cloture of the GENIUS Act stablecoin bill with 66 votes in favor and 32 votes against on Monday morning, May 20, setting the stage for the bill's final vote.

美國參議院在5月20日（星期一）上午，以66票贊成66票的《天才法案》（Genius Act）法案的遺產，為該法案的最終投票奠定了基礎。

The move paves the way for the chamber to begin debating the legislation in earnest after several setbacks earlier this year.

在今年早些時候的幾次挫折之後，此舉為商會開始認真辯論立法的道路鋪平了道路。

A cloture vote is needed to overcome a filibuster and proceed to a final vote on a bill. A minimum of 60 senators must vote in favor of cloture to proceed to a vote on a bill.

需要進行盤點投票來克服fil詞，並對法案進行最終投票。至少有60名參議員必須投票支持Cloture，以進行法案投票。

Previously, the focus of the debate among lawmakers was on several aspects. The first was the possibility of technology giants like Meta issuing their own stablecoins. The second was President Trump's business interests in the crypto industry. In addition, nine Democratic senators recently stated in a joint statement that the bill still has shortcomings in anti-money laundering, national security and accountability mechanisms.

以前，立法者之間辯論的重點是幾個方面。首先是像Meta這樣的技術巨頭髮行自己的Stablecoins的可能性。第二個是特朗普總統在加密貨幣行業的商業利益。此外，九名民主黨參議員最近在一份聯合聲明中指出，該法案仍然存在反洗錢，國家安全和問責機制的缺點。

As of May 19, by comparing the new and old versions of the publicly reported US Stablecoin Act GENIUS Act (the latest version has not yet been officially released), it can be found that the new version has added more provisions on anti-money laundering, consumer protection and custody. The new draft bill introduces an agency called the "Stablecoin Certification Review Committee", which is responsible for evaluating whether the regulatory systems of various states meet federal standards, setting conditions for foreign stablecoin issuers operating in the United States.

截至5月19日，通過比較公開報導的美國Stablecoin Act Genius Act的新版本和舊版本（最新版本尚未正式發布），可以發現新版本增加了有關反洗錢，消費者保護和監護權的更多規定。新法案草案介紹了一家名為“ Stablecoin認證審查委員會”的機構，該機構負責評估各個州的監管系統是否符合聯邦標準，為在美國運營的外國Stablecoin發行人設定條件。

In addition, the bill will allow technology companies such as Meta to launch stablecoins and enter the stablecoin market only after implementing robust financial risk controls, strong consumer data privacy protections, and fair business practices.

此外，該法案將允許Meta等技術公司在實施強大的財務風險控制，強大的消費者數據隱私保護和公平的商業慣例之後，才能創建StableCoins並進入Stablecoin市場。

In addition to these amendments, the core contents of the bill include:

除這些修正案外，該法案的核心內容還包括：

1. The bill defines payment stablecoins as digital assets used for payment or settlement. Such assets are anchored to a fixed currency value and fully backed by U.S. dollars or other approved high-quality liquid assets at a 1:1 ratio .

1。該法案將付款穩定幣定義為用於付款或結算的數字資產。此類資產以1：1的比率為固定貨幣價值固定在固定貨幣價值或其他認可的高質量液體資產的支持下。

2. Licenses and Regulation: The bill establishes a clear application process for issuing licenses and provides guidance for institutions seeking to issue stablecoins. A "dual regulatory framework" is introduced, allowing issuers to choose to register at the state or federal level . Issuers with a market value of more than $10 billion will be subject to federal regulation. Issuers with a market value of less than $10 billion may choose to continue operating under a state regulatory framework, provided that their state regulatory standards are substantially consistent with federal requirements.

2。許可和法規：該法案為簽發許可證建立了明確的申請程序，並為尋求發行穩定的機構提供指導。引入了“雙重監管框架”，使發行人可以選擇在州或聯邦一級註冊。市場價值超過100億美元的發行人將受到聯邦法規的約束。市場價值低於100億美元的發行人可以選擇在州監管框架下繼續運營，前提是他們的州監管標準基本上與聯邦要求一致。

3. Reserve requirements: Stablecoin issuers must maintain a 1:1 reserve ratio, with high-quality liquid assets such as cash, short-term U.S. Treasury bonds or central bank deposits as reserve assets . Reserve funds must be managed separately from operating funds and must be certified monthly.

3。儲備要求：Stablecoin發行人必須保持1：1的儲備比，並具有高質量的液體資產，例如現金，短期美國財政債券或中央銀行存款作為儲備資產。儲備金必須與運營資金分開管理，並且必須每月認證。

4. Transparency: Issuers must publicly disclose their reserve assets and redemption policies.

4.透明度：發行人必須公開披露其儲備資產和贖回政策。

5. Anti-Money Laundering (AML) Compliance: The bill classifies stablecoin issuers as financial institutions under the Bank Secrecy Act, and they are required to fulfill comprehensive anti-money laundering obligations, including consumer identification, due diligence, and suspicious activity reporting.

5。反洗錢（AML）合規性：該法案將Stablecoin發行人歸類為《銀行保密法》的金融機構，並且必須履行全面的反貨幣洗錢義務，包括消費者身份證，經濟勤奮和可疑活動報告。

6. Consumer protection: If the issuer goes bankrupt, stablecoin holders will be paid before other creditors .

6.消費者保護：如果發行人破產，將向其他債權人支付穩定持有人。

7. Regulatory jurisdiction definition: The bill clearly states that payment stablecoins are not considered securities, commodities, or investment companies under current federal law.

7.監管管轄權定義：該法案明確指出，根據現行聯邦法律，付款穩定者不被視為證券，商品或投資公司。

On May 15, according to the second page of the GENIUS Act draft disclosed by crypto journalist Eleanor Terrett, it is proposed to prohibit stablecoin issuers from misleadingly claiming to be FDIC insured or using terms related to the US government; prohibit non-financial technology companies such as Meta and Google from issuing stablecoins unless they comply with regulatory requirements, thereby strengthening the separation between banks and businesses; the draft also strengthens law enforcement capabilities against violations and expands the scope of ethical supervision of special government employees (including Elon Musk).

5月15日，根據加密新聞記者埃莉諾·特雷特（Eleanor Terrett）披露的《天才法》草案的第二頁，建議禁止穩定發行人誤導性地聲稱已被保險或使用與美國政府有關的條款；除非遵守監管要求，否則禁止非金融技術公司（例如Meta和Google）發行Stablecoins，從而加強了銀行與企業之間的分離；該草案還加強了針對違規行為的執法能力，並擴大了特別政府僱員（包括埃隆·馬斯克）的道德監督範圍。

During the bill revision process, lawmakers from both parties also had a heated debate on the Trump family's stablecoin project.

在法案修訂過程中，來自雙方的立法者也就特朗普家族的Stablecoin項目進行了激烈的辯論。

Elizabeth Warren, the ranking member of the Senate Banking, Housing and Urban Affairs Committee, has publicly stated that President Trump and his associates have made hundreds of millions of dollars from his crypto business. Trump is also expected to earn hundreds of millions of dollars from his USD1 stablecoin every year. The latest draft of the GENIUS Act currently circulating online does not include any provisions to prevent Trump and his family from making a fortune through their allegedly corrupt cryptocurrency scheme. Instead, the bill will expand the stablecoin market, further boosting Trump's crypto gains.

參議院銀行，住房和城市事務委員會的排名成員伊麗莎白·沃倫（Elizabeth Warren）公開表示，特朗普總統及其同夥已經從他的加密貨幣業務中賺了數億美元。預計特朗普每年還將從他的1美元穩定幣中賺取數億美元。目前在線流傳的《天才法案》的最新草案不包括任何規定，以防止特朗普及其家人通過涉嫌腐敗的加密貨幣計劃賺錢。取而代之的是，該法案將擴大Stablecoin市場，進一步提高特朗普的加密貨幣收益。

Finally, during the process of advancement, according to a report by senators from both parties reached a consensus on this issue. Democratic Senator Kirsten Gillibrand said that the wording of the bill has been revised to delete clauses targeting Trump's cryptocurrency projects, such as Meme Coin . She emphasized that the revised bill

最後，在進步過程中，根據雙方參議員的一份報告，就這個問題達成了共識。民主黨參議員柯斯滕·吉利布蘭德（Kirsten Gillibrand）表示，該法案的措辭已被修訂，以刪除針對特朗普的加密貨幣項目的條款，例如Meme Coin。她強調了修訂的法案