I.立法過程：從“接近死亡”到“復活”的戲劇性轉變

從2025年5月到2025年，美國參議院就“天才法案”的談判（全名：“美國穩定國家國家創新法的指導和建立”）被描述為一場史詩般的戰鬥交織政治和財務。

Author: White55, Mars Finance

作者：懷特55，火星財務

I. Legislative Process: A Dramatic Turn from "Near Death" to "Resurrection"

I.立法過程：從“接近死亡”到“復活”的戲劇性轉變

The U.S. Senate's deliberations on the "GENIUS Act" (full name: "Guidance and Establishment of the U.S. Stablecoin National Innovation Act") can be described as an epic battle intertwining politics and finance. This bill, aiming to set the first federal regulatory framework for the $250 billion stablecoin market, experienced a thrilling comeback from "procedural death" to "bipartisan compromise," ultimately advancing to the Senate floor debate stage with a voting result of 68 to 30. However, behind this victory lies months of interest exchanges between the two parties, lobbying battles among industry giants, and the moral controversies sparked by the Trump family's "crypto gold mine."

美國參議院對“天才法案”的審議（全名：“美國穩定國家創新法的指導和建立”）可以描述為一場史詩般的戰鬥，交織政治和金融。該法案旨在為2500億美元的Stablecoin市場設定第一個聯邦監管框架，從“程序死亡”到“兩黨妥協”，經歷了激動人心的複出，最終晉升為參議院的地板辯論階段，以68至30的票數進行了投票的結果。由特朗普家族的“加密金礦”引發。

May 15: After four months of deadlock, the Senate Banking Committee finally reached a bipartisan compromise on the bill to create a federal framework for regulating stablecoins.

5月15日：經過四個月的僵局，參議院銀行委員會終於在該法案上達成了兩黨妥協，以創建一個聯邦政府來規範穩定的穩定框架。

May 16: The committee approved the bill with a vote of 16 to 8, sending it to the full Senate for consideration.

5月16日：委員會以16票對8票批准了該法案，將其發送給全部參議院以供考慮。

June 18: The Senate voted 68 to 30 to invoke cloture on the bill, advancing it to the floor debate stage.

6月18日：參議院以68票對30票投票通過該法案召集Cloture，將其推向了辯論階段。

This bill, originally introduced by Sen. Tim Scott (R-SC) in December 2024, faced strong opposition from Democrats due to concerns about consumer protection and financial stability. However, Republicans cleverly framed the bill as a strategic tool for "digital dollar hegemony," while Democrats showed signs of wavering due to worries that a regulatory vacuum could lead to financial risks.

該法案最初由參議員蒂姆·斯科特（R-SC）於2024年12月提出，由於對消費者保護和財務穩定的擔憂，民主黨人的強烈反對。但是，共和黨人巧妙地將該法案框起來是“數字美元霸權”的戰略工具，而民主黨人則表現出搖擺不定的跡象，這是由於擔心監管真空可能導致財務風險。

"If the U.S. does not lead stablecoin rules, China will fill the void with the digital yuan," said Senate Majority Leader John Thune (R-SD) in his heated lobbying rhetoric.

參議院多數黨領袖約翰·圖恩（John Thune）（R-SD）在他激烈的遊說言論中說：“如果美國不領導穩定的規則，中國將充滿數字元素。”

II. Core Provisions: Regulatory Blueprint and "Devil's Details"

ii。核心條款：監管藍圖和“魔鬼的細節”

The regulatory framework design of the "GENIUS Act" attempts to walk a tightrope between encouraging innovation and preventing risks, with its core provisions summarized into six pillars:

“天才法”的監管框架設計試圖在鼓勵創新和防止風險之間行走繩索，其核心條款總結為六個支柱：

Dual Regulation and Issuance Threshold

雙重法規和發行閾值

Stablecoins with issuance scales exceeding $10 billion will be federally regulated (led by the Office of the Comptroller of the Currency, OCC), while those below $10 billion may opt for state-level regulation, provided state standards align with federal ones. This design reassures state autonomy while delineating red lines for giants, seen as a de facto protection for Circle (USDC) and Tether (USDT).

發行量表超過100億美元的Stablecoin將受到聯邦監管（由貨幣審計長辦公室領導，OCC），而低於100億美元的企業將選擇州級法規，提供州標準，提供與聯邦聯邦的標準相符。這種設計在為巨頭描繪紅線時會保證州自治，這是對圓圈（USDC）和Tether（USDT）的事實保護。

1:1 Reserves and Asset Segregation

1：1儲量和資產隔離

Stablecoins are required to be fully collateralized by cash, short-term U.S. Treasury bonds, and other highly liquid assets, with reserve assets strictly segregated from operating funds. This provision directly targets the 2022 Terra collapse but allows for the inclusion of "risk assets" like money market funds in reserves, which has been criticized as laying mines.

穩定幣必須由現金，短期美國財政債券和其他高度流動資產的現金完全抵押，並嚴格與經營資金隔離。該規定直接針對2022年的Terra崩潰，但允許將“風險資產”（如貨幣市場資金）納入儲量中，被批評為礦山。

Tech Giants' "Tightening Spell"

科技巨頭的“收緊法術”

Non-financial tech companies (such as Meta and Google) must obtain approval from a newly established "Stablecoin Certification Review Committee" (SCRC) to issue stablecoins and meet data privacy and antitrust requirements. This provision is interpreted as a targeted strike against Trump ally Musk's (X platform) stablecoin plan.

非金融科技公司（例如Meta和Google）必須從新成立的“ Stablecoin認證審查委員會”（SCRC）獲得批准，以簽發StableCoins並滿足數據隱私和反托拉斯的要求。該規定被解釋為針對特朗普盟友（X平台）Stablecoin計劃的有針對性罷工。

Consumer Protection and Bankruptcy Priority

消費者保護和破產優先級

In the event of issuer bankruptcy, stablecoin holders can redeem their assets first, and reserves will not be included in the bankruptcy estate. However, Democrats argue that this provision is weaker than traditional bank FDIC insurance mechanisms and poses a fund freezing risk.

如果發行人破產，Stablecoin持有人可以首先兌換其資產，而儲備金將不包括在破產財產中。但是，民主黨人認為，這項規定比傳統的銀行外國直接投資保險機制弱，並帶來了凍結風險。

Anti-Money Laundering and Transparency

反洗錢和透明度

Stablecoin issuers will be subject to the Bank Secrecy Act, mandating compliance with KYC and suspicious transaction reporting obligations. However, a loophole exists: decentralized exchanges (DEX) will not be bound, leaving a backdoor for illegal fund flows.

Stablecoin發行人將遵守《銀行保密法》，要求遵守KYC和可疑交易報告義務。但是，存在一個漏洞：分散的交流（DEX）將不受限制，留下了非法基金流量的後門。

Presidential Family "Exemption Loophole"

總統家庭“豁免漏洞”

The bill does not explicitly prohibit members of Congress or presidential relatives from participating in stablecoin businesses, allowing the Trump family's World Liberty Financial (WLF) to legitimize the USD1 stablecoin (market cap of $2 billion). Democratic Senator Warren angrily denounced: "This is a green light for Trump's crypto corruption!"

該法案不明確禁止國會議員或總統親戚參加Stablecoin企業，從而使特朗普家族的世界自由金融（WLF）使USD1 Stablecoin合法化（市值20億美元）。民主黨參議員沃倫（Warren）憤怒地譴責：“這是特朗普加密腐敗的綠燈！”

III. Controversy Maelstrom: Trump's "Crypto Gold Mine" and Bipartisan Fracture

iii。爭議漩渦：特朗普的“加密金礦”和兩黨骨折

The greatest resistance to the bill's advancement does not stem from policy details but from the Trump family's deep involvement in the crypto industry and the resulting conflicts of interest. Three major points of contention have escalated the political struggle:

對該法案進步的最大抵制不是源於政策細節，而是源於特朗普家族對加密貨幣產業的深入參與以及由此產生的利益衝突。三個主要爭論升級了政治鬥爭：

"Legalization Arbitrage" of USD1 Stablecoin

USD1 Stablecoin的“合法化套利”

WLF's USD1 has injected $2 billion into Binance through an Abu Dhabi investment firm, allowing the Trump family to earn over $80 million annually from transaction fees. More critically, once the bill passes, USD1 will automatically gain federal recognition, potentially skyrocketing its market

WLF的USD1通過一家阿布扎比投資公司（Abu Dhabi Investment Firm）向Binance注入了20億美元，使特朗普家族每年從交易費中賺取超過8000萬美元的收入。更重要的是，一旦法案通過，USD1將自動獲得聯邦認可，並有可能飆升其市場