天才法：穩定的調節在美國加熱

《天才法案》旨在規范美國的穩定幣，這是對加密工資單，金融科技初創公司和數字融資的未來的意義。

Hold on to your hats, folks! The GENIUS Act is here, and it's about to shake up the stablecoin scene in the U.S. Buckle up; it will impact everything from crypto payroll to how fintech startups operate.

抓住你的帽子，伙計們！天才的行為就在這裡，它即將動搖美國的穩定場景。這將影響從加密貨幣到金融科技初創公司運作的所有內容。

What's the Deal with the GENIUS Act?

《天才法》有什麼關係？

Passed by the Senate on June 17, 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) finally defines the legal boundaries for "payment stablecoins." This is a watershed moment because, for the first time, we have a unified regulatory framework for issuing, supervising, and operating stablecoins across the U.S.

參議院於2025年6月17日通過，指導和建立了美國穩定法案（Genius Act）的國家創新，最終定義了“付款Stablecoins”的法律界限。這是一個分水嶺，因為我們第一次有一個統一的監管框架，用於在美國發行，監督和操作Stablecoins

Defining a Payment Stablecoin

定義付款Stablecoin

So, what exactly qualifies as a "payment stablecoin" under the GENIUS Act? To make the cut, a digital asset must:

那麼，根據《天才法》，什麼才是“付款Stablecoin”的資格呢？要進行削減，數字資產必須：

1. Be pegged to and maintain a stable value relative to a fiat currency (like the U.S. dollar).
2. Be redeemable on demand for the pegged fiat currency.
3. Be issued by a permitted payment stablecoin issuer.

This definition makes it clear that the Act is targeting fiat-backed stablecoins that act like digital dollars, excluding securities and other crypto assets not designed to maintain parity with fiat.

該定義清楚地表明，該法案針對的是菲亞特支持的穩定幣，其作用像數字美元，不包括證券和其他旨在保持與菲亞特均等的加密資產。

Who Gets to Play? Issuers Under the GENIUS Act

誰可以玩？ 《天才法》的發行人

The GENIUS Act introduces a closed-loop system, defining who can legally issue stablecoins in the U.S. If you're not on the list, you're out!

《天才法案》介紹了一個閉環系統，定義了誰可以在美國法律上簽發stablecoins，如果您不在列表中，那就不在了！

A Permitted Payment Stablecoin Issuer must meet one of these criteria:

允許的付款Stablecoin發行人必須符合以下標準之一：

1. Federally Insured Bank or Credit Union: A bank or credit union with federal insurance that has been specifically approved to issue stablecoins.
2. Federal Qualified Payment Stablecoin Issuer: A non-bank entity approved by the Office of the Comptroller of the Currency (OCC) to issue stablecoins.
3. State Qualified Payment Stablecoin Issuer: An entity licensed and approved by a state regulatory authority, provided it complies with federal notification and oversight requirements.

Decentralized protocols, foreign entities without reciprocal agreements, and unlicensed digital asset service providers? Sorry, no stablecoin party for you.

分散協議，無互惠協議的外國實體以及無執照的數字資產服務提供商？抱歉，您沒有穩定的聚會。

Compliance is Key

合規性是關鍵

If you're an issuer, get ready to jump through some hoops. The GENIUS Act sets clear requirements for reserve, disclosures, and reporting. Here are some highlights:

如果您是發行人，請準備跳過一些籃球。 《天才法》為儲備，披露和報告製定了明確的要求。以下是一些亮點：

1. 1:1 Reserve Backing: Every stablecoin must be backed one-to-one by high-quality liquid assets.
2. Transparent Redemption Terms: Issuers need to publish a clear policy on how users can redeem stablecoins.
3. Monthly Disclosures: Get ready to release monthly reports showing how many stablecoins are in circulation and what assets back them.
4. Audit Obligations: Regulators might come knocking to ensure you're playing by the rules.

The Future of Crypto Payroll and Fintech Startups

加密工資和金融科技初創公司的未來

The GENIUS Act is a game-changer. Requiring a 1:1 reserve backing and switching regulators from the SEC to bank-centered ones like the Federal Reserve and FDIC. This aims to boost stability and consumer protection but imposes stricter rules on stablecoin issuers.

《天才法》是改變遊戲規則的人。需要1：1的儲備支持，並將監管機構從SEC轉換為以銀行為中心的儲備金，例如美聯儲和FDIC。這旨在提高穩定性和消費者的保護，但對Stablecoin發行人施加了更嚴格的規則。

Opportunities and Challenges

機遇和挑戰

With more trust in stablecoins due to strong reserve backing, small and medium businesses might be encouraged to start using crypto payroll, which is excellent for unbanked folks. However, compliance costs and operational challenges might hit smaller firms hard.

由於強大的儲備支持，可能會鼓勵人們對穩定幣的信任，因此可能鼓勵中小型企業開始使用加密工資單，這對沒有賬戶的人來說非常好。但是，合規成本和運營挑戰可能會嚴重打擊較小的公司。

Fintech startups will have to navigate a jumble of federal and state rules, which could affect their ability to enter or partner in U.S. markets. Getting in line with the GENIUS Act is going to take some work, especially when it comes to building systems that can work alongside both traditional and crypto money.

金融科技初創公司將不得不瀏覽聯邦和州規則的混亂，這可能會影響他們進入或合作在美國市場的能力。與《天才法》一致，將需要一些工作，尤其是在建立可以與傳統和加密貨幣一起工作的系統方面。

Final Thoughts

最後的想法

The GENIUS Act is a big step towards creating a regulated framework for stablecoins and crypto payroll. While it aims to enhance stability and protect consumers, it also presents challenges for startups trying to comply. Balancing regulation and innovation is going to be key as the crypto landscape evolves. But hey, if we can navigate the New York subway during rush hour, we can handle this, right?

《天才法案》是為製定穩定幣和加密貨幣創建受管制框架的重要一步。儘管它旨在增強穩定性並保護消費者，但它也給試圖遵守的初創公司帶來了挑戰。隨著加密景觀的發展，平衡法規和創新將成為關鍵。但是，嘿，如果我們可以在高峰時段瀏覽紐約地鐵，我們可以處理這個，對嗎？