Bitmart Research釋放報告，研究了《天才法》和USD1的快速上升

這種深入的分析探討了《天才法》和USD1快速上升的法律，財務和政治含義

Mahe, Seychelles, May 27, 2025 (GLOBE NEWSWIRE) - BitMart Research, the research arm of BitMart Exchange, has released a report examining the pivotal moment in the evolution of digital finance. As the U.S. accelerates efforts to regulate the stablecoin ecosystem with the GENIUS Act and the launch of USD1, a fully fiat-backed stablecoin associated with former President Donald Trump's family, signals a major shift in both regulatory alignment and market power. This analysis explores the legal, financial, and political implications of the GENIUS Act and USD1's rapid ascent, highlighting their combined potential to solidify U.S. dominance in the global digital asset economy.

Mahe，塞舌爾，2025年5月27日（Globe Newswire） - Bitmart Exchange的研究部門Bitmart Research已發布了一份報告，研究了數字融資發展中關鍵時刻的報告。隨著美國通過《天才法案》和《 USD1》的啟動來加速對Stablecoin生態系統的努力，這是與前總統唐納德·特朗普一家人相關的完全菲亞·斯貝氏菌，這表明監管一致性和市場力量都發生了重大變化。該分析探討了《天才法》和USD1快速上升的法律，財務和政治含義，強調了它們在全球數字資產經濟中鞏固美國統治地位的綜合潛力。

Since the collapse of TerraUSD (UST) in 2022, the market share of algorithmic stablecoins has continued to decline. As an algorithmic stablecoin, UST was not backed by any fiat currency or assets but relied solely on an algorithmic mechanism to maintain its peg to the U.S. dollar. Once confidence collapsed and the mechanism failed, a chain reaction ensued in the market. In contrast, fiat-backed stablecoins, such as USDT, USDC, and USD1, which are supported by highly liquid assets like U.S. dollars and Treasury bonds, have gradually become the mainstream. However, even these stablecoins continue to face scrutiny regarding their regulatory compliance and transparency.

自2022年Terrausd（UST）崩潰以來，算法Stablecoins的市場份額一直在下降。作為算法穩定的穩定性，UST不受任何法定貨幣或資產的支持，而是僅依靠算法機制來維持其固定在美元上的股份。一旦信心崩潰並且機制失敗，市場就會發生連鎖反應。相比之下，由USDT，USDC和USD1等由菲亞特支持的Stablecoins得到了高度流動資產的支持，例如美元和國庫券，它們逐漸成為主流。但是，即使這些穩定的穩定性也繼續面臨有關其法規依從性和透明度的審查。

To address these challenges, the United States has recently accelerated the advancement of the GENIUS Act, aiming to establish a comprehensive regulatory framework for the stablecoin market. The GENIUS Act plays a pivotal role in the regulation of the crypto market, particularly in the realm of stablecoins. Its core provisions include restrictions on issuance eligibility, reserve requirements, compliance obligations, user protection, and international applicability. The Act clearly stipulates that stablecoins must be fully backed by an equivalent amount of highly liquid assets, ensuring that users can redeem their holdings at any time. To protect token holders, the assets of an issuer must be prioritized for user repayment in the event of bankruptcy.

為了應對這些挑戰，美國最近加快了《天才法》的進步，旨在為Stablecoin市場建立全面的監管框架。 《天才法》在加密市場的監管中起著關鍵作用，尤其是在Stablecoins的領域。它的核心規定包括對發行資格，儲備要求，合規義務，用戶保護和國際適用性的限制。該法案清楚地表明，穩定劑必須得到同等數量的高度液體資產的完全支持，以確保用戶可以隨時兌換其持股。為了保護令牌持有人，在破產的情況下，必須將發行人的資產優先考慮以進行用戶償還。

Moreover, issuers must strictly comply with anti-money laundering (AML) and counter-terrorism financing (CFT) requirements to prevent the misuse of stablecoins for illicit purposes. Overall, while the GENIUS Act enhances regulatory oversight and protects user rights, it also raises the entry bar for stablecoin issuers in the short term. Existing issuers will be required to restructure their asset reserves, disclosure practices, and internal systems, which may entail significant costs and operational complexity.

此外，發行人必須嚴格遵守反洗錢（AML）和反恐融資（CFT）的要求，以防止出於非法目的濫用穩定劑。總體而言，儘管《天才法案》增強了監管監督並保護用戶權利，但它也在短期內提高了Stablecoin發行人的入門欄。現有的發行人將被要求重組其資產儲量，披露慣例和內部系統，這可能需要大量的成本和運營複雜性。

Key Provisions of the GENIUS Act

《天才法》的關鍵規定

1. Licensing and Regulatory Framework

1。許可和監管框架

The Act permits only three types of entities to issue payment stablecoins:

該法案僅允許三種類型的實體發行付款穩定者：

* Federally insured depository institutions (e.g., major banks)

*聯邦保險的存放機構（例如，主要銀行）

* State-licensed trust companies

*國家許可的信託公司

* Money transmitters

*貨幣發射機

2. Reserve Requirements and Backing Assets

2。儲備要求和支持資產

All stablecoins must be backed by 100% reserves and can only use highly liquid assets, defined as:

所有穩定劑必須由100％的儲量支持，並且只能使用高度流動資產，該資產定義為：

* U.S. Treasury securities with a remaining maturity of 18 months or less

*剩餘的18個月或更短的美國財政證券

* Deposits in federally insured depository institutions

*在聯邦保險的存託機構中存款

* Cash and cash equivalents

*現金和現金等價物

3. Transparency, Auditing, and Accountability Mechanisms

3。透明，審計和問責機制

Issuers are required to disclose reserve asset compositions monthly and undergo audits by certified public accounting firms.Regulators will also establish standards for capital adequacy, liquidity, and risk management.

發行人必須每月披露儲備金資產組成，並通過經過認證的公共會計師事務所進行審核。調節器還將建立資本充足，流動性和風險管理的標準。

4. Anti-Money Laundering and Counter-Terrorism Financing Compliance

4。反洗錢和反恐怖主義融資合規性

Stablecoin issuers are classified as financial institutions under the Bank Secrecy Act and must implement AML and sanctions compliance programs, including:

根據《銀行保密法》，Stablecoin發行人被歸類為金融機構，必須執行AML和製裁合規計劃，包括：

* Know Your Customer (KYC) procedures

*了解您的客戶（KYC）程序

* Suspicious activity reporting requirements

*可疑活動報告要求

* Sanctions screening and compliance

*制裁篩查和合規性

5. International Issuer Restrictions and Cooperation

5。國際發行人的限制與合作

Foreign stablecoin issuers that fail to comply with U.S.-equivalent standards will be prohibited from operating in the U.S.Large technology companies (e.g., Meta, Amazon) must meet stringent financial compliance, user privacy, and fair competition requirements to prevent monopolistic behavior and systemic risks.

不遵守美國等效標準的外國穩定發行人將不得在USLARGE技術公司（例如，Meta，Amazon）運營，必須滿足嚴格的財務合規性，用戶隱私和公平的競爭要求，以防止壟斷行為和全身風險。

6. Consumer Protection and Bankruptcy Priority

6.消費者保護和破產優先級

Stablecoin holders will have priority claims on issuer assets in the event of bankruptcy.To avoid conflicts of interest, the Act prohibits members of Congress and senior executive officials from participating in stablecoin issuance during their term in office.

在破產時，Stablecoin持有人將對發行人資產提出優先索賠。為了避免利益衝突，該法案禁止國會議員和高級執行官員在任期期間參加Stablecoin發行。

7. Legal Classification and Regulatory Clarity

7。法律分類和法規清晰度

The Act explicitly states that payment stablecoins are not classified as securities or commodities, thus excluding them from SEC and CFTC jurisdiction. This provides legal clarity and prevents overlapping regulation.

該法明確指出，付款穩定者未分類為證券或商品，因此將其排除在SEC和CFTC管轄權之外。這提供了法律清晰度，並防止了重疊的法規。

Legislative Progress

立法進步

As of May 22, the GENIUS Act passed a motion to proceed to debate with 69 votes in favor and 31 against, entering the amendment phase. With the House and Senate rapidly advancing their respective versions of stablecoin legislation and a rare bipartisan consensus on crypto regulation, the Act is widely expected to complete the legislative process by Q4 2024.

截至5月22日，《天才法》通過了一項動議，以69票對辯論進行辯論，並反對31票反對進入修正階段。隨著眾議院和參議院迅速推進各自的Stablecoin立法版本，以及罕見的兩黨對加密法規的共識，該法案被普遍期望在第4季度2024年第四季度完成立法程序。

World Liberty Financial Inc. (WLFI), a decentralized finance (DeFi) platform co-founded by members of former

世界自由金融公司（WLFI），由前成員共同創建的分散財務（DEFI）平台