天才行為在這裡。加密已正式進入美國監管令

隨著美國參議院在一項與歷史相關的法案中向前邁進，華盛頓的走廊充滿了期待。財務界觀看，呼吸。

The corridors of Washington pulsed with anticipation as the U.S. Senate advanced a bill that could reshape the financial world. Crypto—a sector that has seen fortunes made and broken with the press of a button—now stood officially at the threshold of the American regulatory order.

隨著美國參議院提出一項可以重塑金融界的法案，華盛頓的走廊充滿了期待。加密（Crypto）是一個命運按鈕扣媒體製造和破壞的部門，現在正式站在美國監管秩序的門檻上。

The legislation at the center of this storm is the aptly named GENIUS Act, the nation’s inaugural attempt at federal regulation of stablecoins, a class of crypto tokens promising steadfast value by pegging themselves directly to the U.S. dollar.

這場風暴中心的立法是恰當地命名的天才法案，該法案是該國對穩定的聯邦監管的開幕式嘗試，這是一類加密代幣，通過將自己直接釘在美元上，有望堅定不移。

Billions at Play, Lawmakers in Motion

立法者在發揮數十億美元的作用

Crypto companies are no strangers to the art of persuasion, but 2024 saw the industry’s hand like never before. Hundreds of millions of dollars flowed through political channels—offering support, cajolery, and the promise of future contributions. Their efforts drew the attention of a bipartisan swath of lawmakers, though the money spoke loudest to those who had already shown an openness to the industry’s causes.

加密公司對說服藝術並不陌生，但是2024年，該行業的手看不到。數億美元通過政治渠道流動 - 提供支持，牛jol和未來捐款的承諾。他們的努力引起了兩黨議員的注意，儘管這筆錢對那些已經對行業事業表現出開放的人說話最大。

In a move that surprised many, sixteen Senate Democrats broke ranks with their colleagues to join Republicans in advancing the GENIUS Act—a bill that brought the crypto lobby’s dreams closer to reality and dimmed the hopes of those who had rallied against the measure.

這一舉動使許多人驚訝的是，十六個參議院民主黨人與同事們分手，加入共和黨人推進《天才法案》，這一法案使加密大廳的夢想更接近現實，並使那些反對這項措施的人的希望變得黯然失色。

The Trump administration, meanwhile, grew increasingly amenable to crypto, evidenced by pardons of Silk Road’s founder, the dissolution of specialized enforcement teams, and even proposals for a federal crypto reserve to prop up the market.

與此同時，特朗普政府越來越適應加密貨幣，這是由Silk Road的創始人的赦免，專業執法團隊的解散，甚至是聯邦加密保護區的提議，以支持市場。

With Trump’s own stablecoin ambitions already a matter of public knowledge, the bill grants him—and any future president leveraging similar ventures—a golden runway to profit from regulation. Some Democrats bristled at this prospect, seeking amendments to bar direct presidential profiteering. However, they were ultimately caught in the machinery of partisanship and industry influence.

由於特朗普自己的穩定野心已經是公眾知識的問題，該法案授予他授予他的任何利用類似企業的總統 - 一條金色的跑道，這是一條從監管中獲利的黃金跑道。一些民主黨人對這一前景進行了努力，尋求修正案，以禁止直接的總統暴利。但是，他們最終被黨派和行業影響力的機制所困擾。

The Essence of the GENIUS Act

天才法的本質

At the heart of the bill lies a subtle shift in the financial terrain. Instead of simply holding dollars in a bank, where the FDIC guarantees your money, consumers are nudged to place their trust in stablecoins, whose security is only as strong as the company backing them.

該法案的核心是金融地形的微妙轉變。消費者沒有簡單地將錢拿到銀行，而FDIC保證您的資金，而是將他們的信任放到了stablecoins上，其安全性與公司支持的公司一樣強大。

The promise is that you get first dibs if things go south. But the reality is that the traditional protections of U.S. banks are left behind. A pattern emerges: the less legal leeway a financial actor has, the greater the government’s obligation to intervene.

承諾是，如果事情向南，您就會獲得第一次DIB。但是現實是，美國銀行的傳統保護被拋在後面。出現了一種模式：金融行為者的合法餘地越少，政府介入的義務就越大。

The GENIUS Act would create a new category of federal licenses for stablecoin issuers, introducing anti-money laundering rules and a seal of approval for tokens that once carried the whiff of danger. It would also largely leave broader crypto activity to the SEC and other agencies.

《天才法》將為Stablecoin發行人創建一個新的聯邦許可證，引入反洗錢規則和曾經帶來危險的代幣的批准印章。這也將在很大程度上給SEC和其他機構留下更廣泛的加密活動。

Crypto’s Political Jackpot

加密的政治大獎

For many skeptics, the real winner isn’t the everyday crypto user but the architects of the system—and possibly Trump himself. Critics like Senator Elizabeth Warren have warned of the risks: a mechanism for self-enrichment at the very top, a path paved with the grease of influence.

對於許多懷疑論者來說，真正的贏家不是日常加密使用者，而是系統的建築師，也許是勝過本人。像參議員伊麗莎白·沃倫（Elizabeth Warren）這樣的批評家警告說，這種風險是：一種自我灌輸的機制，這是一條充滿影響力的道路。

Yet a majority forged ahead, citing the need to bring order to a sector largely unbound by old rules. The GENIUS Act gives Washington a chance to shape the future of global digital finance.

然而，大多數人提出了鍛煉，理由是有必要將秩序帶入一個很大程度上沒有舊規則的領域。 《天才法案》使華盛頓有機會塑造全球數字金融的未來。

It would establish a regime for stablecoins, bring anti-money laundering into the fold, and slap a seal of approval on tokens that once carried the whiff of danger. But its other legacy is clear: the crypto industry’s lobbying muscle is now minted into law, and the former president stands poised to rake in millions as a newly legitimate stablecoin mogul.

它將為穩定幣建立一個政權，將反洗錢帶入折疊狀態，並在曾經帶來危險的危險的代幣上打印一封批准的代幣。但是它的另一個遺產很明確：加密貨幣行業的遊說肌肉現在已被鑄造成法律，前總統正準備成為新近合法的Stablecoin Mogul的數百萬美元。

The modern financial world now stares at a precipice where shadowy ambitions and regulatory reality collide—leaving American consumers, and democracy itself, to count the winnings and the costs.

現在，現代金融世界盯著一個懸崖，陰影的野心和監管現實碰撞 - 使美國的消費者和民主本身，以計算獎金和成本。