作者：Weilin，Panews

5月20日上午，北京时代，美国参议院以66票赞成和32票反对的是《天才法案》法案的封块。

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The U.S. Senate passed the cloture of the GENIUS Act stablecoin bill with 66 votes in favor and 32 votes against on Monday morning, May 20, setting the stage for the bill's final vote.

美国参议院在5月20日（星期一）上午，以66票赞成66票的《天才法案》（Genius Act）法案的遗产，为该法案的最终投票奠定了基础。

The move paves the way for the chamber to begin debating the legislation in earnest after several setbacks earlier this year.

在今年早些时候的几次挫折之后，此举为商会开始认真辩论立法的道路铺平了道路。

A cloture vote is needed to overcome a filibuster and proceed to a final vote on a bill. A minimum of 60 senators must vote in favor of cloture to proceed to a vote on a bill.

需要进行盘点投票来克服fil词，并对法案进行最终投票。至少有60名参议员必须投票支持Cloture，以进行法案投票。

Previously, the focus of the debate among lawmakers was on several aspects. The first was the possibility of technology giants like Meta issuing their own stablecoins. The second was President Trump's business interests in the crypto industry. In addition, nine Democratic senators recently stated in a joint statement that the bill still has shortcomings in anti-money laundering, national security and accountability mechanisms.

以前，立法者之间辩论的重点是几个方面。首先是像Meta这样的技术巨头发行自己的Stablecoins的可能性。第二个是特朗普总统在加密货币行业的商业利益。此外，九名民主党参议员最近在一份联合声明中指出，该法案仍然存在反洗钱，国家安全和问责机制的缺点。

As of May 19, by comparing the new and old versions of the publicly reported US Stablecoin Act GENIUS Act (the latest version has not yet been officially released), it can be found that the new version has added more provisions on anti-money laundering, consumer protection and custody. The new draft bill introduces an agency called the "Stablecoin Certification Review Committee", which is responsible for evaluating whether the regulatory systems of various states meet federal standards, setting conditions for foreign stablecoin issuers operating in the United States.

截至5月19日，通过比较公开报道的美国Stablecoin Act Genius Act的新版本和旧版本（最新版本尚未正式发布），可以发现新版本增加了有关反洗钱，消费者保护和监护权的更多规定。新法案草案介绍了一家名为“ Stablecoin认证审查委员会”的机构，该机构负责评估各个州的监管系统是否符合联邦标准，为在美国运营的外国Stablecoin发行人设定条件。

In addition, the bill will allow technology companies such as Meta to launch stablecoins and enter the stablecoin market only after implementing robust financial risk controls, strong consumer data privacy protections, and fair business practices.

此外，该法案将允许Meta等技术公司在实施强大的财务风险控制，强大的消费者数据隐私保护和公平的商业惯例之后，才能创建StableCoins并进入Stablecoin市场。

In addition to these amendments, the core contents of the bill include:

除这些修正案外，该法案的核心内容还包括：

1. The bill defines payment stablecoins as digital assets used for payment or settlement. Such assets are anchored to a fixed currency value and fully backed by U.S. dollars or other approved high-quality liquid assets at a 1:1 ratio .

1。该法案将付款稳定币定义为用于付款或结算的数字资产。此类资产以1：1的比率为固定货币价值固定在固定货币价值或其他认可的高质量液体资产的支持下。

2. Licenses and Regulation: The bill establishes a clear application process for issuing licenses and provides guidance for institutions seeking to issue stablecoins. A "dual regulatory framework" is introduced, allowing issuers to choose to register at the state or federal level . Issuers with a market value of more than $10 billion will be subject to federal regulation. Issuers with a market value of less than $10 billion may choose to continue operating under a state regulatory framework, provided that their state regulatory standards are substantially consistent with federal requirements.

2。许可和法规：该法案为签发许可证建立了明确的申请程序，并为寻求发行稳定的机构提供指导。引入了“双重监管框架”，使发行人可以选择在州或联邦一级注册。市场价值超过100亿美元的发行人将受到联邦法规的约束。市场价值低于100亿美元的发行人可以选择在州监管框架下继续运营，前提是他们的州监管标准基本上与联邦要求一致。

3. Reserve requirements: Stablecoin issuers must maintain a 1:1 reserve ratio, with high-quality liquid assets such as cash, short-term U.S. Treasury bonds or central bank deposits as reserve assets . Reserve funds must be managed separately from operating funds and must be certified monthly.

3。储备要求：Stablecoin发行人必须保持1：1的储备比，并具有高质量的液体资产，例如现金，短期美国财政债券或中央银行存款作为储备资产。储备金必须与运营资金分开管理，并且必须每月认证。

4. Transparency: Issuers must publicly disclose their reserve assets and redemption policies.

4.透明度：发行人必须公开披露其储备资产和赎回政策。

5. Anti-Money Laundering (AML) Compliance: The bill classifies stablecoin issuers as financial institutions under the Bank Secrecy Act, and they are required to fulfill comprehensive anti-money laundering obligations, including consumer identification, due diligence, and suspicious activity reporting.

5。反洗钱（AML）合规性：该法案将Stablecoin发行人归类为《银行保密法》的金融机构，并且必须履行全面的反货币洗钱义务，包括消费者身份证，经济勤奋和可疑活动报告。

6. Consumer protection: If the issuer goes bankrupt, stablecoin holders will be paid before other creditors .

6.消费者保护：如果发行人破产，将向其他债权人支付稳定持有人。

7. Regulatory jurisdiction definition: The bill clearly states that payment stablecoins are not considered securities, commodities, or investment companies under current federal law.

7.监管管辖权定义：该法案明确指出，根据现行联邦法律，付款稳定者不被视为证券，商品或投资公司。

On May 15, according to the second page of the GENIUS Act draft disclosed by crypto journalist Eleanor Terrett, it is proposed to prohibit stablecoin issuers from misleadingly claiming to be FDIC insured or using terms related to the US government; prohibit non-financial technology companies such as Meta and Google from issuing stablecoins unless they comply with regulatory requirements, thereby strengthening the separation between banks and businesses; the draft also strengthens law enforcement capabilities against violations and expands the scope of ethical supervision of special government employees (including Elon Musk).

5月15日，根据加密新闻记者埃莉诺·特雷特（Eleanor Terrett）披露的《天才法》草案的第二页，建议禁止稳定发行人误导性地声称已被保险或使用与美国政府有关的条款；除非遵守监管要求，否则禁止非金融技术公司（例如Meta和Google）发行Stablecoins，从而加强了银行与企业之间的分离；该草案还加强了针对违规行为的执法能力，并扩大了特别政府雇员（包括埃隆·马斯克）的道德监督范围。

During the bill revision process, lawmakers from both parties also had a heated debate on the Trump family's stablecoin project.

在法案修订过程中，来自双方的立法者也就特朗普家族的Stablecoin项目进行了激烈的辩论。

Elizabeth Warren, the ranking member of the Senate Banking, Housing and Urban Affairs Committee, has publicly stated that President Trump and his associates have made hundreds of millions of dollars from his crypto business. Trump is also expected to earn hundreds of millions of dollars from his USD1 stablecoin every year. The latest draft of the GENIUS Act currently circulating online does not include any provisions to prevent Trump and his family from making a fortune through their allegedly corrupt cryptocurrency scheme. Instead, the bill will expand the stablecoin market, further boosting Trump's crypto gains.

参议院银行，住房和城市事务委员会的排名成员伊丽莎白·沃伦（Elizabeth Warren）公开表示，特朗普总统及其同伙已经从他的加密货币业务中赚了数亿美元。预计特朗普每年还将从他的1美元稳定币中赚取数亿美元。目前在线流传的《天才法案》的最新草案不包括任何规定，以防止特朗普及其家人通过涉嫌腐败的加密货币计划赚钱。取而代之的是，该法案将扩大Stablecoin市场，进一步提高特朗普的加密货币收益。

Finally, during the process of advancement, according to a report by senators from both parties reached a consensus on this issue. Democratic Senator Kirsten Gillibrand said that the wording of the bill has been revised to delete clauses targeting Trump's cryptocurrency projects, such as Meme Coin . She emphasized that the revised bill

最后，在进步过程中，根据双方参议员的一份报告，就这个问题达成了共识。民主党参议员柯斯滕·吉利布兰德（Kirsten Gillibrand）表示，该法案的措辞已被修订，以删除针对特朗普的加密货币项目的条款，例如Meme Coin。她强调了修订的法案