Bitmart Research释放报告，研究了《天才法》和USD1的快速上升

这种深入的分析探讨了《天才法》和USD1快速上升的法律，财务和政治含义

Mahe, Seychelles, May 27, 2025 (GLOBE NEWSWIRE) - BitMart Research, the research arm of BitMart Exchange, has released a report examining the pivotal moment in the evolution of digital finance. As the U.S. accelerates efforts to regulate the stablecoin ecosystem with the GENIUS Act and the launch of USD1, a fully fiat-backed stablecoin associated with former President Donald Trump's family, signals a major shift in both regulatory alignment and market power. This analysis explores the legal, financial, and political implications of the GENIUS Act and USD1's rapid ascent, highlighting their combined potential to solidify U.S. dominance in the global digital asset economy.

Mahe，塞舌尔，2025年5月27日（Globe Newswire） - Bitmart Exchange的研究部门Bitmart Research已发布了一份报告，研究了数字融资发展中关键时刻的报告。随着美国通过《天才法案》和《 USD1》的启动来加速对Stablecoin生态系统的努力，这是与前总统唐纳德·特朗普一家人相关的完全菲亚·斯贝氏菌，这表明监管一致性和市场力量都发生了重大变化。该分析探讨了《天才法》和USD1快速上升的法律，财务和政治含义，强调了它们在全球数字资产经济中巩固美国统治地位的综合潜力。

Since the collapse of TerraUSD (UST) in 2022, the market share of algorithmic stablecoins has continued to decline. As an algorithmic stablecoin, UST was not backed by any fiat currency or assets but relied solely on an algorithmic mechanism to maintain its peg to the U.S. dollar. Once confidence collapsed and the mechanism failed, a chain reaction ensued in the market. In contrast, fiat-backed stablecoins, such as USDT, USDC, and USD1, which are supported by highly liquid assets like U.S. dollars and Treasury bonds, have gradually become the mainstream. However, even these stablecoins continue to face scrutiny regarding their regulatory compliance and transparency.

自2022年Terrausd（UST）崩溃以来，算法Stablecoins的市场份额一直在下降。作为算法稳定的稳定性，UST不受任何法定货币或资产的支持，而是仅依靠算法机制来维持其固定在美元上的股份。一旦信心崩溃并且机制失败，市场就会发生连锁反应。相比之下，由USDT，USDC和USD1等由菲亚特支持的Stablecoins得到了高度流动资产的支持，例如美元和国库券，它们逐渐成为主流。但是，即使这些稳定的稳定性也继续面临有关其法规依从性和透明度的审查。

To address these challenges, the United States has recently accelerated the advancement of the GENIUS Act, aiming to establish a comprehensive regulatory framework for the stablecoin market. The GENIUS Act plays a pivotal role in the regulation of the crypto market, particularly in the realm of stablecoins. Its core provisions include restrictions on issuance eligibility, reserve requirements, compliance obligations, user protection, and international applicability. The Act clearly stipulates that stablecoins must be fully backed by an equivalent amount of highly liquid assets, ensuring that users can redeem their holdings at any time. To protect token holders, the assets of an issuer must be prioritized for user repayment in the event of bankruptcy.

为了应对这些挑战，美国最近加快了《天才法》的进步，旨在为Stablecoin市场建立全面的监管框架。 《天才法》在加密市场的监管中起着关键作用，尤其是在Stablecoins的领域。它的核心规定包括对发行资格，储备要求，合规义务，用户保护和国际适用性的限制。该法案清楚地表明，稳定剂必须得到同等数量的高度液体资产的完全支持，以确保用户可以随时兑换其持股。为了保护令牌持有人，在破产的情况下，必须将发行人的资产优先考虑以进行用户偿还。

Moreover, issuers must strictly comply with anti-money laundering (AML) and counter-terrorism financing (CFT) requirements to prevent the misuse of stablecoins for illicit purposes. Overall, while the GENIUS Act enhances regulatory oversight and protects user rights, it also raises the entry bar for stablecoin issuers in the short term. Existing issuers will be required to restructure their asset reserves, disclosure practices, and internal systems, which may entail significant costs and operational complexity.

此外，发行人必须严格遵守反洗钱（AML）和反恐融资（CFT）的要求，以防止出于非法目的滥用稳定剂。总体而言，尽管《天才法案》增强了监管监督并保护用户权利，但它也在短期内提高了Stablecoin发行人的入门栏。现有的发行人将被要求重组其资产储量，披露惯例和内部系统，这可能需要大量的成本和运营复杂性。

Key Provisions of the GENIUS Act

《天才法》的关键规定

1. Licensing and Regulatory Framework

1。许可和监管框架

The Act permits only three types of entities to issue payment stablecoins:

该法案仅允许三种类型的实体发行付款稳定者：

* Federally insured depository institutions (e.g., major banks)

*联邦保险的存放机构（例如，主要银行）

* State-licensed trust companies

*国家许可的信托公司

* Money transmitters

*货币发射机

2. Reserve Requirements and Backing Assets

2。储备要求和支持资产

All stablecoins must be backed by 100% reserves and can only use highly liquid assets, defined as:

所有稳定剂必须由100％的储量支持，并且只能使用高度流动资产，该资产定义为：

* U.S. Treasury securities with a remaining maturity of 18 months or less

*剩余的18个月或更短的美国财政证券

* Deposits in federally insured depository institutions

*在联邦保险的存托机构中存款

* Cash and cash equivalents

*现金和现金等价物

3. Transparency, Auditing, and Accountability Mechanisms

3。透明，审计和问责机制

Issuers are required to disclose reserve asset compositions monthly and undergo audits by certified public accounting firms.Regulators will also establish standards for capital adequacy, liquidity, and risk management.

发行人必须每月披露储备金资产组成，并通过经过认证的公共会计师事务所进行审核。调节器还将建立资本充足，流动性和风险管理的标准。

4. Anti-Money Laundering and Counter-Terrorism Financing Compliance

4。反洗钱和反恐怖主义融资合规性

Stablecoin issuers are classified as financial institutions under the Bank Secrecy Act and must implement AML and sanctions compliance programs, including:

根据《银行保密法》，Stablecoin发行人被归类为金融机构，必须执行AML和制裁合规计划，包括：

* Know Your Customer (KYC) procedures

*了解您的客户（KYC）程序

* Suspicious activity reporting requirements

*可疑活动报告要求

* Sanctions screening and compliance

*制裁筛查和合规性

5. International Issuer Restrictions and Cooperation

5。国际发行人的限制与合作

Foreign stablecoin issuers that fail to comply with U.S.-equivalent standards will be prohibited from operating in the U.S.Large technology companies (e.g., Meta, Amazon) must meet stringent financial compliance, user privacy, and fair competition requirements to prevent monopolistic behavior and systemic risks.

不遵守美国等效标准的外国稳定发行人将不得在USLARGE技术公司（例如，Meta，Amazon）运营，必须满足严格的财务合规性，用户隐私和公平的竞争要求，以防止垄断行为和全身风险。

6. Consumer Protection and Bankruptcy Priority

6.消费者保护和破产优先级

Stablecoin holders will have priority claims on issuer assets in the event of bankruptcy.To avoid conflicts of interest, the Act prohibits members of Congress and senior executive officials from participating in stablecoin issuance during their term in office.

在破产时，Stablecoin持有人将对发行人资产提出优先索赔。为了避免利益冲突，该法案禁止国会议员和高级执行官员在任期期间参加Stablecoin发行。

7. Legal Classification and Regulatory Clarity

7。法律分类和法规清晰度

The Act explicitly states that payment stablecoins are not classified as securities or commodities, thus excluding them from SEC and CFTC jurisdiction. This provides legal clarity and prevents overlapping regulation.

该法明确指出，付款稳定者未分类为证券或商品，因此将其排除在SEC和CFTC管辖权之外。这提供了法律清晰度，并防止了重叠的法规。

Legislative Progress

立法进步

As of May 22, the GENIUS Act passed a motion to proceed to debate with 69 votes in favor and 31 against, entering the amendment phase. With the House and Senate rapidly advancing their respective versions of stablecoin legislation and a rare bipartisan consensus on crypto regulation, the Act is widely expected to complete the legislative process by Q4 2024.

截至5月22日，《天才法》通过了一项动议，以69票对辩论进行辩论，并反对31票反对进入修正阶段。随着众议院和参议院迅速推进各自的Stablecoin立法版本，以及罕见的两党对加密法规的共识，该法案被普遍期望在第4季度2024年第四季度完成立法过程。

World Liberty Financial Inc. (WLFI), a decentralized finance (DeFi) platform co-founded by members of former

世界自由金融公司（WLFI），由前成员共同创建的分散财务（DEFI）平台