美國更接近建立其第一個全面的加密貨幣監管框架

週三，美國邁向建立其第一個全面的加密貨幣監管框架，參議院將具有里程碑意義的天才法作為最終通行

The United States moved a significant step closer to establishing its first comprehensive cryptocurrency regulatory framework on Wednesday, as the Senate positioned the landmark GENIUS Act for final passage following intense negotiations that saw Democrats and Republicans find common ground despite fierce opposition from Senator Elizabeth Warren.

美國在周三建立了其第一個全面的加密貨幣監管框架邁出了一步，因為參議院在激烈的談判中將《地標天才法》定位為最終通過，儘管參議員伊麗莎白·沃倫（Elizabeth Warren）激烈反對，但民主黨人和共和黨人發現了共同的基礎。

The stablecoin legislation, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, cleared a crucial procedural hurdle in a 66-32 cloture vote Monday evening, as 16 Democrats joined the Republican majority to advance the bill. This dramatic turnaround came just two weeks after the same legislation failed to garner sufficient support, highlighting the complex political dynamics surrounding cryptocurrency regulation in the Trump era.

Stablecoin立法（正式被稱為指導和建立美國Stablecoins法案的國家創新）在周一晚上以66-32的盤中投票中清除了至關重要的程序障礙，因為16名民主黨人加入了共和黨多數派，以推進該法案。在同一立法未能獲得足夠的支持之後，這種戲劇性的周轉僅兩週後，強調了特朗普時代的加密貨幣調節的複雜政治動態。

Trump Factor Dominates Debate

特朗普因素主導辯論

The bill’s rocky path through the Senate has been overshadowed by concerns over President Donald Trump’s cryptocurrency ventures, particularly his World Liberty Financial platform’s USD1 stablecoin, which has rapidly become the world’s fifth-largest stablecoin since launching just weeks ago.

對唐納德·特朗普（Donald Trump）總統的加密貨幣企業的擔憂，尤其是他的世界自由財務平台的USD1 Stablecoin的擔憂，該法案在參議院穿越參議院的艱難道路已被掩蓋，該公司自幾週前啟動以來就已經迅速成為世界上第五大的Stablecoin。

Senator Warren, the ranking Democrat on the Banking Committee, delivered a scathing floor speech warning that the legislation would allow Trump to “trade presidential favors like tariff exemptions, pardons, and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments.”

銀行委員會的排名民主黨參議員沃倫（Warren）發表了一場嚴厲的言論，警告說，該立法將使特朗普“貿易諸如關稅豁免，赦免，赦免和政府任命，以數億美元，也許來自外國政府的數十億美元。”

Her concerns weren’t theoretical. An Abu Dhabi investment firm, MGX, recently used Trump’s USD1 stablecoin to finance a $2 billion investment in cryptocurrency exchange Binance, essentially providing the president with a financial stake in the transaction. MGX is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s National Security Adviser, and co-owned by entities including G42, a technology firm with a history of deep ties to Chinese government-linked companies.

她的擔心不是理論上的。阿布扎比一家投資公司MGX最近使用特朗普的USD1 Stablecoin為加密貨幣交易所二進制提供了20億美元的投資，從本質上為總統提供了該交易中的財務股份。 MGX由阿聯酋國家安全顧問Sheikh Tahnoun Bin Zayed Al Nahyan主持，並由包括G42在內的實體共同擁有，這是一家技術公司，這是一家與中國政府與中國政府有聯繫的技術歷史。

“If Congress passes this bill, USD1 won’t just be a coercive tool to pay off a corrupt President. It will be a financial instrument blessed by the United States Government,” Warren declared, calling the legislation “worse than no bill at all.”

沃倫宣稱：“如果國會通過了這項法案，USD1不僅可以是償還腐敗總統的強制工具。這將是美國政府所祝福的金融工具。”

Bipartisan Breakthrough Despite Opposition

儘管反對，但兩黨的突破

Despite Warren’s objections, moderate Democrats found themselves caught between acknowledging corruption concerns and recognizing the need for American leadership in cryptocurrency regulation. Senator Mark Warner of Virginia, who voted to advance the bill, captured this tension in his statement supporting the legislation.

儘管沃倫（Warren）的反對意見，但溫和的民主黨人發現自己在承認腐敗的問題和認識到美國對加密貨幣監管中領導的必要性之間被陷入困境。投票提出該法案的參議員馬克·華納（Mark Warner）在支持立法的聲明中抓住了這一緊張局勢。

“Many senators, myself included, have very real concerns about the Trump family’s use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans,” Warner explained. “But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will – and not in ways that serve our interests or democratic values.”

沃納解釋說：“許多參議員包括我本人，對特朗普家族使用加密技術來逃避監督，隱藏陰暗的財務交易以及個人利潤以犧牲日常美國人的利益有著非常真實的關注。” “但是我們不能讓這種腐敗使我們對更廣泛的現實視而不見：區塊鏈技術將留在這裡。如果美國立法者不塑造它，那麼其他人就會 - 而不是以服務於我們的利益或民主價值觀的方式。”

The breakthrough came after two weeks of intensive negotiations following the bill’s initial failure on May 8. Democratic negotiators secured several key concessions, including enhanced consumer protection safeguards, stricter limits on technology companies issuing stablecoins, and extended ethics standards that would apply to Trump associates Elon Musk and David Sacks.

在該法案於5月8日初次失敗之後進行了兩週的密集談判之後，這一突破就實現了。民主黨談判者獲得了幾項關鍵優惠，包括增強的消費者保護保障，對發行StableCoins的技術公司的更嚴格的限制，並擴展了適用於特朗普Associates Elon Musk和David Sacks的道德標準。

What the GENIUS Act Actually Does

天才行為實際上是什麼

The legislation establishes America’s first comprehensive federal regulatory framework for stablecoins – digital currencies pegged to traditional assets like the U.S. dollar. With the stablecoin market approaching $232 billion globally, the framework addresses a regulatory vacuum that has persisted since these digital assets gained prominence.

該立法建立了美國的第一個全面的聯邦法規框架，用於穩定貨幣 - 數字貨幣與美元等傳統資產掛鉤。隨著全球穩定市場的2320億美元接近2320億美元，該框架解決了自這些數字資產變得突出以來一直存在的監管真空。

Key provisions include:

關鍵規定包括：

* Reserve Requirements: Stablecoin issuers must maintain backing reserves on a one-to-one basis using U.S. dollars, Treasury bills, or similarly liquid assets managed by regulated financial institutions.

*儲備金要求：Stablecoin發行人必須使用美元，國庫賬單或由受監管的金融機構管理的類似流動資產一對一維護支​​持儲量。

* Regulatory Oversight: Only permitted issuers, subsidiaries of insured banks, federally qualified nonbank issuers, or state-qualified issuers, can issue stablecoins for U.S. consumers.

*監管監督：只有被允許的發行人，被保險銀行的子公司，聯邦合格的非銀行發行人或國家資格的發行人才能為美國消費者簽發穩定的發行人。

* Transparency Mandates: Monthly public disclosure of reserve compositions, with independent accounting firm examinations and CEO/CFO certifications required.

*透明度授權：每月公開披露儲備金組成，需要獨立會計公司考試和首席執行官/CFO認證。

* Size-Based Regulation: Issuers with over $10 billion in circulation face federal oversight, while smaller operators can choose state regulation if substantially similar frameworks exist.

*基於規模的法規：發行人超過100億美元的發行人面臨聯邦監督，而如果存在實質上相似的框架，則較小的運營商可以選擇州法規。

* Issuance Restrictions: Public companies not primarily engaged in financial services are barred from issuing stablecoins, and technology companies like Meta (formerly Facebook) are prohibited unless they obtain a federal banking charter.

*發行限制：不主要從事金融服務的上市公司被禁止發行Stablecoins，除非獲得聯邦銀行憲章，否則禁止使用Meta（以前是Facebook）這樣的技術公司。

* Ethics Provisions: Members of Congress and senior executive branch officials are prohibited from issuing stablecoins during their public service.

*道德規定：禁止國會議員和高級行政部門官員在公共服務期間發行stablecoins。

Market Implications and Industry Response

市場含義和行業反應

The cryptocurrency industry has rallied behind the legislation, viewing it as essential for legitimizing digital assets within the traditional financial system. Coinbase, which had previously shown lukewarm support for standalone stablecoin legislation, dramatically increased its lobbying efforts in recent weeks as the crypto industry’s broader legislative agenda faced uncertainty.

加密貨幣行業在立法背後集會，認為這對於使傳統金融體系中的數字資產合法化至關重要。 Coinbase先前曾表現出對獨立Stablecoin立法的不冷不熱支持，在最近幾週，由於加密行業的廣泛立法議程面臨不確定性，最近幾週的遊說努力大大增加了其遊說工作。

The company’s political action organization, Stand With Crypto, even threatened to downgrade politicians’ ratings if they voted against advancing the bill, an escalation that underscores the high stakes involved.

該公司的政治行動組織與加密貨幣站在一起，甚至威脅要降級政客的評級，而他們投票反對提出該法案，這一升級強調了所涉及的高股份。

Chainalysis CEO Jonathan Levin praised the development as “a defining moment for the future of digital assets,” arguing that the legislation provides “long-needed regulatory clarity while reinforcing

連鎖分析首席執行官喬納森·萊文（Jonathan Levin