《天才法》將成為新的牛市的催化劑？

加密市場的情感再次集中在監管行動上。

Author: Deep Tide TechFlow

作者：深潮技術流

The sentiment in the crypto market is once again being driven by regulatory actions.

加密市場的情感再次受到監管行動的驅動。

On Friday, the U.S. Senate passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025) with a procedural vote of 66-32. This marks a significant step toward establishing a regulatory framework for stablecoins in the U.S..

週五，美國參議院通過了《天才法》（指導和建立2025年美國穩定法案的國家創新），程序投票為66-32。這標誌著在美國建立穩定幣的監管框架邁出的重要一步。

As the first comprehensive federal regulatory bill for stablecoins in the U.S., the rapid progress of the GENIUS Act has sparked enthusiasm in the crypto market, with DeFi and RWA sectors related to stablecoins leading today's market.

作為美國Stablecoins的第一項全面的聯邦監管法案，《天才法案》的快速進步引起了加密市場的熱情，Defi和RWA部門與Statbablecoins有關當今市場的穩定部門。

Will the GENIUS Act become a catalyst for a new bull market?

《天才法》會成為新牛市的催化劑嗎？

According to Citibank's predictions, the global stablecoin market size is expected to reach $1.6 to $3.7 trillion by 2030. The passage of the bill provides a qualitative and developmental space for stablecoins to be "compliant," giving traditional companies a more reasonable justification for entry.

根據花旗銀行的預測，到2030年，全球Stablecoin市場規模預計將達到1.6至3.7萬億美元。該法案的通過為Stablecoins提供了一個定性和發展的空間，使StableCoins具有“合規性”，為傳統公司提供了更合理的入境合理性。

The market is also anticipating the influx of new capital bringing "flood irrigation," injecting new liquidity into related crypto assets.

市場還預計，新資本的湧入將帶來“洪水灌溉”，將新的流動性注入相關的加密資產。

But before that, you should at least understand what this bill is about and the legislative motives in a broader context, to provide more convincing reasons for selecting related crypto assets.

但是在此之前，您至少應該了解該法案的意義以及在更廣泛的背景下的立法動機，以提供選擇相關加密資產的更具說服力的原因。

From "Barbaric Growth" to Standardization

從“野蠻增長”到標準化

The GENIUS Act, which stands for the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, is a legislative document from the U.S. government.

《天才法》代表了2025年的《美國Stablecoins法》的指導和建立國家創新，是美國政府的立法文件。

It is the first comprehensive federal regulatory bill for stablecoins in the U.S., and its goal is to provide legitimacy and security for the stablecoin market through a clear regulatory framework, while consolidating the U.S. dollar's dominant position in digital finance.

這是美國穩定幣的第一項全面的聯邦監管法案，其目標是通過明確的監管框架為Stablecoin市場提供合法性和安全性，同時鞏固美元在數字融資中的主導地位。

In brief, the key contents of the bill are:

簡而言之，該法案的主要內容是：

- Reserve Requirements: Stablecoin issuers must maintain 100% reserve backing, with reserve assets required to be high-liquidity assets such as U.S. dollars and short-term U.S. Treasury securities, and they must disclose the composition of reserves monthly.

- 儲備金要求：Stablecoin發行人必須維持100％的儲備金，並擁有高流動性資產，例如美元和美國短期美國財政證券，他們必須每月披露儲備金的組成。

- Regulatory Tiering: Large issuers with a market capitalization exceeding $10 billion (like Tether and Circle) will be directly regulated by the Federal Reserve or the Office of the Comptroller of the Currency (OCC), while smaller issuers may be regulated by states.

- 監管分層：市值超過100億美元的大型發行人（如係繩和圈子）將受到美聯儲或貨幣審計長辦公室（OCC）的直接監管（OCC），而較小的發行人可能會受國家的監管。

- Transparency and Compliance: Misleading marketing (such as claiming stablecoins are backed by the U.S. government) is prohibited, and issuers must comply with anti-money laundering (AML) and know your customer (KYC) regulations. Issuers with a market capitalization over $50 billion will undergo annual audits of financial statements to ensure transparency.

- 透明度和合規性：禁止誤導性營銷（例如，美國政府的支持），發行人必須遵守反洗錢（AML）並了解您的客戶（KYC）法規。市值超過500億美元的發行人將對財務報表進行年度審計，以確保透明度。

This shows that the U.S. attitude towards stablecoins is positive, but it comes with the condition that stablecoins must be backed by the U.S. dollar and meet transparency requirements.

這表明美國對穩定幣的態度是積極的，但它的條件是，必須以美元支持並滿足透明度要求的條件。

Looking back at history, the birth of the GENIUS Act was not a sudden event but rather a culmination of years of exploration into stablecoin regulation in the U.S. We have also quickly outlined the full timeline of this bill to help you better understand its background and motives:

回顧歷史，《天才法案的誕生》不是一個突然的事件，而是多年來探索在美國對Stablecoin監管的多年探索，我們還迅速概述了該法案的完整時間表，以幫助您更好地了解其背景和動機：

The rapid development of the stablecoin market has highlighted the risks caused by a lack of regulation, such as the collapse of the algorithmic stablecoin UST in 2022, which underscored the need for clear legislation.

Stablecoin市場的迅速發展強調了由於缺乏監管而造成的風險，例如2022年算法Stablecoin UST的崩潰，這強調了明確立法的需求。

As early as 2023, the House Financial Services Committee proposed the STABLE Act, attempting to establish a regulatory framework for stablecoins, but it failed to pass in the Senate due to bipartisan disagreements;

早在2023年，眾議院金融服務委員會提出了《穩定法》，試圖建立一個穩定的法規框架，但由於兩黨的分歧，它未能通過參議院。

On February 4, 2025, Senator Bill Hagerty, along with bipartisan members Kirsten Gillibrand and Cynthia Lummis, formally proposed the GENIUS Act, aiming to balance innovation and regulation. On March 13, the bill passed the Senate Banking Committee with an 18-6 vote, demonstrating strong bipartisan support.

2025年2月4日，參議員比爾·哈格蒂（Bill Hagerty）以及兩黨成員基爾斯滕·吉利布蘭德（Kirsten Gillibrand）和辛西婭·盧米斯（Cynthia Lummis）正式提出了《天才法》，旨在平衡創新和監管。 3月13日，該法案以18票對6票通過了參議院銀行委員會，證明了兩黨的強烈支持。

However, the first full vote on May 8 failed to reach the 60-vote threshold (48-49), with some Democratic senators (like Elizabeth Warren) expressing concerns that the bill might benefit crypto projects linked to the Trump family (such as the USD1 stablecoin), citing potential conflicts of interest.

但是，5月8日的首次全額投票未能達到60票的門檻（48-49），其中一些民主黨參議員（例如伊麗莎白·沃倫（Elizabeth Warren））表示擔心該法案可能使與特朗普家族（例如USD1 Stablecoin）相關的加密項目受益，並援引潛在的潛在衝突。

After revisions, the bill added restrictions on large tech companies, alleviating some lawmakers' concerns about conflicts of interest, and ultimately passed the procedural vote on May 19 with a vote of 66-32, and is expected to soon pass the full Senate vote by a simple majority.

經過修訂後，該法案增加了對大型科技公司的限制，減輕了一些立法者對利益衝突的擔憂，並最終以66-32的投票通過了5月19日的程序投票，並有望以簡單的多數票通過全部參議院投票。

So, what is the significance of the legislation reaching this point?

那麼，立法達到這一點的意義是什麼？

First, the market desires certainty. The passage of the bill essentially marks the transition of the U.S. stablecoin market from "barbaric growth" to standardization, filling a long-standing regulatory void and

首先，市場希望確定。該法案的通過本質上標誌著美國穩定市場從“野蠻增長”到標準化的過渡，填補了長期的監管空隙和