Genius Act在参议院前进，为潜在的Stablecoin立法奠定了基础

尽管有名字，但在美国的监管途径相对较不稳定的道路

The House Financial Services Committee on Wednesday (May 17) voted to advance a bipartisan legislation package that would create a new regulatory framework for cryptocurrency firms and place the industry largely under the purview of the Securities and Exchange Commission (SEC).

众议院金融服务委员会周三（5月17日）投票通过两党立法计划，该计划将为加密货币公司创建新的监管框架，并将该行业置于很大程度上属于证券交易委员会（SEC）的范围内。

The committee’s 28-21 vote on the Financial Innovation and Inclusion Act (H.R. 3860) bundles together several cryptocurrency-related bills that previously passed the House. It also includes an 11th-hour addition of the Durbin-Marshall credit card routing mandates, which could yet be dropped.

该委员会对《金融创新与包容法》（HR 3860）的28-21投票将几个与加密货币有关的法案捆绑在一起，这些法案以前通过了众议院。它还包括在杜宾 - 马歇尔信用卡路由授权的11个小时增加，这可能会被删除。

The legislation package now faces an uncertain fate on the House floor, with House Democrats largely united in their support for a broader consumer protection agenda that includes strong antitrust measures. This alignment could complicate the chances of the largely industry-backed cryptocurrency legislation to move forward.

立法方案现在面临不确定的命运，众议院民主党人在很大程度上团结起来支持更广泛的消费者保护议程，其中包括强有力的反托拉斯措施。这种一致性可能使行业支持的加密货币立法前进的机会变得复杂。

The legislation package is the House's response to the rapid developments in the digital asset sector and the growing interest in regulating cryptocurrencies.

立法方案是众议院对数字资产行业快速发展的反应，以及对监管加密货币的日益兴趣。

The bill would create a new regulatory framework for cryptocurrency firms, placing the industry largely under the SEC’s supervision. It would also charge the agency with establishing a regulatory program for crypto exchanges and require firms to register their offerings with the SEC in a format similar to the Form S-1 used for traditional IPOs.

该法案将为加密货币公司创建一个新的监管框架，并将该行业置于SEC的监督下。它还将向该机构收取针对加密交易所的监管计划，并要求公司以类似于传统IPO的S-1格式在SEC上注册其产品。

The legislation also includes provisions to:

该立法还包括：

* safeguard users of crypto products and services;

*保护加密产品和服务的用户；

* impose new anti-money laundering requirements on crypto firms;

*对加密货币公司施加新的反洗钱要求；

* facilitate cross-border cooperation on crypto regulation; and

*促进有关加密调节的跨境合作；和

round up the administration on the economic impact of its crypto policies.

汇总政府对其加密政策的经济影响。

The legislation package is a significant step forward for the cryptocurrency industry in the U.S. It could help to create a more level playing field for crypto firms and promote responsible innovation in the sector.

该立法方案是美国加密货币行业迈出的重要一步，它可以帮助为加密公司创建更高的竞争环境，并促进该领域的负责任的创新。

However, the legislation has also faced criticism from some consumer groups, who argue that it does not go far enough to protect consumers from predatory practices by crypto firms.

但是，该立法也面临一些消费者群体的批评，他们认为它的发展不足以保护消费者免受加密货币公司的掠夺性惯例。

The legislation package is now expected to be debated on the House floor in the coming weeks. It remains to be seen whether the bill will be able to overcome the political and ideological hurdles to become law this year.

现在，立法计划将在未来几周内在众议院辩论。该法案是否能够克服今年成为法律的政治和意识形态障碍，还有待观察。

Here is a summary of the key bills that are included in the legislation package:

这是立法包中包含的关键法案的摘要：

* The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act): This bill, which is sponsored by Rep. Bill Foster (D-Mass.) and Rep. Ann Wagner (R-Mo.), would create a federal framework for stablecoins, used to be pegged to the value of the dollar. It would require issuers of stablecoins to maintain reserves in liquid, safe assets, adhere to anti-money laundering protocols and prioritize investor repayment in bankruptcy. The House Financial Services Committee approved the measure in March.

*《天才法案》（指导和建立2025年法案的美国国家创新）：该法案由众议员比尔·福斯特（Bill Foster）（d-mass。）和众议员安·瓦格纳（Ann Wagner）（R-Mo。）赞助，将为Stablecoins创建一个联邦框架，曾经是固定在Dollar的价值上。这需要稳定币的发行人来维持液体，安全资产，遵守反洗钱方案的储备，并优先考虑投资者在破产中的偿还。众议院金融服务委员会于3月批准了该措施。

* The Lummis-Gillibrand Responsible Financial Innovation Act: This Senate bill, which is sponsored by Sen. Cynthia Lummis (R-Wyo.) and Sen. Kirsten Gillibrand (D-N.Y.), would place crypto firms largely in the regulatory purview of the SEC and the Commodity Futures Trading Commission (CFTC). It would also create a new agency within the Treasury Department to focus on digital assets. The Senate Banking Committee approved the bill in April.

*《卢米斯·吉利布兰负责任的金融创新法案：参议院法案》，由参议员辛西娅·卢米斯（Cynthia Lummis）（R-Wyo。）和参议员Kirsten Gillibrand（DN.Y.）赞助，将加密货币公司大部分放置在SEC和SEC Futures Futures and Commositity the Comprient（CFTC）的监管范围（CFTC）。它还将在财政部创建一个新机构，以专注于数字资产。参议院银行委员会于4月批准了该法案。

* The Keep Innovation Advanced in America Act: This bill, which is sponsored by Rep. Maxine Waters (D-Calif.) and Rep. Steve Scalise (R-La.), would amend the Securities Act of 1933 to create a new registration process for digital asset offerings. It would require firms to register their offerings with the SEC in a format similar to the Form S-1 used for traditional IPOs. The House Financial Services Committee approved the bill in April.

*《美国守护创新法》在《美国法案：该法案》中由众议员Maxine Waters（D-Calif。）和众议员Steve Scalise（R-La。）赞助，该法案将修改1933年的《证券法》，以创建用于数字资产产品的新注册过程。这将要求公司以类似于用于传统IPO的S-1形式的格式在SEC上注册其产品。众议院金融服务委员会于4月批准了该法案。

* The Durbin-Marshall credit card routing mandates: This measure, which was tacked onto the cryptocurrency legislation at the last minute, is named after the sponsors of the 2010 Dodd-Frank Act provision that imposed similar requirements on debit cards. It would require card networks like Visa and Mastercard to offer at least two routing options for transactions. The goal is to increase competition among card networks and lower costs for merchants.

* Durbin-Marshall信用卡路线授权：这项措施在最后一刻被纳入加密货币立法，以2010年Dodd-Frank Act的赞助商命名，该规定对借记卡实行了类似的要求。这将要求Visa和MasterCard等卡网络至少为交易提供两个路由选项。目的是增加卡网络之间的竞争，并降低商人的成本。

The legislation package is still in a fluid state and could be subject to further changes before it is brought to a vote by the full House. It is also unclear whether the Senate will have time to vote on its own version of a cryptocurrency bill this year.

立法方案仍处于流畅状态，在整个众议院对其投票之前，可能会遭受进一步的变化。目前尚不清楚参议院今年是否有时间对自己的加密货币法案进行投票。