Genius Act在參議院前進，為潛在的Stablecoin立法奠定了基礎

儘管有名字，但在美國的監管途徑相對較不穩定的道路

The House Financial Services Committee on Wednesday (May 17) voted to advance a bipartisan legislation package that would create a new regulatory framework for cryptocurrency firms and place the industry largely under the purview of the Securities and Exchange Commission (SEC).

眾議院金融服務委員會周三（5月17日）投票通過兩黨立法計劃，該計劃將為加密貨幣公司創建新的監管框架，並將該行業置於很大程度上屬於證券交易委員會（SEC）的範圍內。

The committee’s 28-21 vote on the Financial Innovation and Inclusion Act (H.R. 3860) bundles together several cryptocurrency-related bills that previously passed the House. It also includes an 11th-hour addition of the Durbin-Marshall credit card routing mandates, which could yet be dropped.

該委員會對《金融創新與包容法》（HR 3860）的28-21投票將幾個與加密貨幣有關的法案捆綁在一起，這些法案以前通過了眾議院。它還包括在杜賓 - 馬歇爾信用卡路由授權的11個小時增加，這可能會被刪除。

The legislation package now faces an uncertain fate on the House floor, with House Democrats largely united in their support for a broader consumer protection agenda that includes strong antitrust measures. This alignment could complicate the chances of the largely industry-backed cryptocurrency legislation to move forward.

立法方案現在面臨不確定的命運，眾議院民主黨人在很大程度上團結起來支持更廣泛的消費者保護議程，其中包括強有力的反托拉斯措施。這種一致性可能使行業支持的加密貨幣立法前進的機會變得複雜。

The legislation package is the House's response to the rapid developments in the digital asset sector and the growing interest in regulating cryptocurrencies.

立法方案是眾議院對數字資產行業快速發展的反應，以及對監管加密貨幣的日益興趣。

The bill would create a new regulatory framework for cryptocurrency firms, placing the industry largely under the SEC’s supervision. It would also charge the agency with establishing a regulatory program for crypto exchanges and require firms to register their offerings with the SEC in a format similar to the Form S-1 used for traditional IPOs.

該法案將為加密貨幣公司創建一個新的監管框架，並將該行業置於SEC的監督下。它還將向該機構收取針對加密交易所的監管計劃，並要求公司以類似於傳統IPO的S-1格式在SEC上註冊其產品。

The legislation also includes provisions to:

該立法還包括：

* safeguard users of crypto products and services;

*保護加密產品和服務的用戶；

* impose new anti-money laundering requirements on crypto firms;

*對加密貨幣公司施加新的反洗錢要求；

* facilitate cross-border cooperation on crypto regulation; and

*促進有關加密調節的跨境合作；和

round up the administration on the economic impact of its crypto policies.

匯總政府對其加密政策的經濟影響。

The legislation package is a significant step forward for the cryptocurrency industry in the U.S. It could help to create a more level playing field for crypto firms and promote responsible innovation in the sector.

該立法方案是美國加密貨幣行業邁出的重要一步，它可以幫助為加密公司創建更高的競爭環境，並促進該領域的負責任的創新。

However, the legislation has also faced criticism from some consumer groups, who argue that it does not go far enough to protect consumers from predatory practices by crypto firms.

但是，該立法也面臨一些消費者群體的批評，他們認為它的發展不足以保護消費者免受加密貨幣公司的掠奪性慣例。

The legislation package is now expected to be debated on the House floor in the coming weeks. It remains to be seen whether the bill will be able to overcome the political and ideological hurdles to become law this year.

現在，立法計劃將在未來幾週內在眾議院辯論。該法案是否能夠克服今年成為法律的政治和意識形態障礙，還有待觀察。

Here is a summary of the key bills that are included in the legislation package:

這是立法包中包含的關鍵法案的摘要：

* The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act): This bill, which is sponsored by Rep. Bill Foster (D-Mass.) and Rep. Ann Wagner (R-Mo.), would create a federal framework for stablecoins, used to be pegged to the value of the dollar. It would require issuers of stablecoins to maintain reserves in liquid, safe assets, adhere to anti-money laundering protocols and prioritize investor repayment in bankruptcy. The House Financial Services Committee approved the measure in March.

*《天才法案》（指導和建立2025年法案的美國國家創新）：該法案由眾議員比爾·福斯特（Bill Foster）（d-mass。）和眾議員安·瓦格納（Ann Wagner）（R-Mo。）贊助，將為Stablecoins創建一個聯邦框架，曾經是固定在Dollar的價值上。這需要穩定幣的發行人來維持液體，安全資產，遵守反洗錢方案的儲備，並優先考慮投資者在破產中的償還。眾議院金融服務委員會於3月批准了該措施。

* The Lummis-Gillibrand Responsible Financial Innovation Act: This Senate bill, which is sponsored by Sen. Cynthia Lummis (R-Wyo.) and Sen. Kirsten Gillibrand (D-N.Y.), would place crypto firms largely in the regulatory purview of the SEC and the Commodity Futures Trading Commission (CFTC). It would also create a new agency within the Treasury Department to focus on digital assets. The Senate Banking Committee approved the bill in April.

*《盧米斯·吉利布蘭負責任的金融創新法案：參議院法案》，由參議員辛西婭·盧米斯（Cynthia Lummis）（R-Wyo。）和參議員Kirsten Gillibrand（DN.Y.）贊助，將加密貨幣公司大部分放置在SEC和SEC Futures Futures and Commositity the Comprient（CFTC）的監管範圍（CFTC）。它還將在財政部創建一個新機構，以專注於數字資產。參議院銀行委員會於4月批准了該法案。

* The Keep Innovation Advanced in America Act: This bill, which is sponsored by Rep. Maxine Waters (D-Calif.) and Rep. Steve Scalise (R-La.), would amend the Securities Act of 1933 to create a new registration process for digital asset offerings. It would require firms to register their offerings with the SEC in a format similar to the Form S-1 used for traditional IPOs. The House Financial Services Committee approved the bill in April.

*《美國守護創新法》在《美國法案：該法案》中由眾議員Maxine Waters（D-Calif。）和眾議員Steve Scalise（R-La。）贊助，該法案將修改1933年的《證券法》，以創建用於數字資產產品的新註冊過程。這將要求公司以類似於用於傳統IPO的S-1形式的格式在SEC上註冊其產品。眾議院金融服務委員會於4月批准了該法案。

* The Durbin-Marshall credit card routing mandates: This measure, which was tacked onto the cryptocurrency legislation at the last minute, is named after the sponsors of the 2010 Dodd-Frank Act provision that imposed similar requirements on debit cards. It would require card networks like Visa and Mastercard to offer at least two routing options for transactions. The goal is to increase competition among card networks and lower costs for merchants.

* Durbin-Marshall信用卡路線授權：這項措施在最後一刻被納入加密貨幣立法，以2010年Dodd-Frank Act的讚助商命名，該規定對借記卡實行了類似的要求。這將要求Visa和MasterCard等卡網絡至少為交易提供兩個路由選項。目的是增加卡網絡之間的競爭，並降低商人的成本。

The legislation package is still in a fluid state and could be subject to further changes before it is brought to a vote by the full House. It is also unclear whether the Senate will have time to vote on its own version of a cryptocurrency bill this year.

立法方案仍處於流暢狀態，在整個眾議院對其投票之前，可能會遭受進一步的變化。目前尚不清楚參議院今年是否有時間對自己的加密貨幣法案進行投票。