《天才法》将成为新的牛市的催化剂？

加密市场的情感再次集中在监管行动上。

Author: Deep Tide TechFlow

作者：深潮技术流

The sentiment in the crypto market is once again being driven by regulatory actions.

加密市场的情感再次受到监管行动的驱动。

On Friday, the U.S. Senate passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025) with a procedural vote of 66-32. This marks a significant step toward establishing a regulatory framework for stablecoins in the U.S..

周五，美国参议院通过了《天才法》（指导和建立2025年美国稳定法案的国家创新），程序投票为66-32。这标志着在美国建立稳定币的监管框架迈出的重要一步。

As the first comprehensive federal regulatory bill for stablecoins in the U.S., the rapid progress of the GENIUS Act has sparked enthusiasm in the crypto market, with DeFi and RWA sectors related to stablecoins leading today's market.

作为美国Stablecoins的第一项全面的联邦监管法案，《天才法案》的快速进步引起了加密市场的热情，Defi和RWA部门与Statbablecoins有关当今市场的稳定部门。

Will the GENIUS Act become a catalyst for a new bull market?

《天才法》会成为新牛市的催化剂吗？

According to Citibank's predictions, the global stablecoin market size is expected to reach $1.6 to $3.7 trillion by 2030. The passage of the bill provides a qualitative and developmental space for stablecoins to be "compliant," giving traditional companies a more reasonable justification for entry.

根据花旗银行的预测，到2030年，全球Stablecoin市场规模预计将达到1.6至3.7万亿美元。该法案的通过为Stablecoins提供了一个定性和发展的空间，使StableCoins具有“合规性”，为传统公司提供了更合理的入境合理性。

The market is also anticipating the influx of new capital bringing "flood irrigation," injecting new liquidity into related crypto assets.

市场还预计，新资本的涌入将带来“洪水灌溉”，将新的流动性注入相关的加密资产。

But before that, you should at least understand what this bill is about and the legislative motives in a broader context, to provide more convincing reasons for selecting related crypto assets.

但是在此之前，您至少应该了解该法案的意义以及在更广泛的背景下的立法动机，以提供选择相关加密资产的更具说服力的原因。

From "Barbaric Growth" to Standardization

从“野蛮增长”到标准化

The GENIUS Act, which stands for the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, is a legislative document from the U.S. government.

《天才法》代表了2025年的《美国Stablecoins法》的指导和建立国家创新，是美国政府的立法文件。

It is the first comprehensive federal regulatory bill for stablecoins in the U.S., and its goal is to provide legitimacy and security for the stablecoin market through a clear regulatory framework, while consolidating the U.S. dollar's dominant position in digital finance.

这是美国稳定币的第一项全面的联邦监管法案，其目标是通过明确的监管框架为Stablecoin市场提供合法性和安全性，同时巩固美元在数字融资中的主导地位。

In brief, the key contents of the bill are:

简而言之，该法案的主要内容是：

- Reserve Requirements: Stablecoin issuers must maintain 100% reserve backing, with reserve assets required to be high-liquidity assets such as U.S. dollars and short-term U.S. Treasury securities, and they must disclose the composition of reserves monthly.

- 储备金要求：Stablecoin发行人必须维持100％的储备金，并拥有高流动性资产，例如美元和美国短期美国财政证券，他们必须每月披露储备金的组成。

- Regulatory Tiering: Large issuers with a market capitalization exceeding $10 billion (like Tether and Circle) will be directly regulated by the Federal Reserve or the Office of the Comptroller of the Currency (OCC), while smaller issuers may be regulated by states.

- 监管分层：市值超过100亿美元的大型发行人（如系绳和圈子）将受到美联储或货币审计长办公室（OCC）的直接监管（OCC），而较小的发行人可能会受国家的监管。

- Transparency and Compliance: Misleading marketing (such as claiming stablecoins are backed by the U.S. government) is prohibited, and issuers must comply with anti-money laundering (AML) and know your customer (KYC) regulations. Issuers with a market capitalization over $50 billion will undergo annual audits of financial statements to ensure transparency.

- 透明度和合规性：禁止误导性营销（例如，美国政府的支持），发行人必须遵守反洗钱（AML）并了解您的客户（KYC）法规。市值超过500亿美元的发行人将对财务报表进行年度审计，以确保透明度。

This shows that the U.S. attitude towards stablecoins is positive, but it comes with the condition that stablecoins must be backed by the U.S. dollar and meet transparency requirements.

这表明美国对稳定币的态度是积极的，但它的条件是，必须以美元支持并满足透明度要求的条件。

Looking back at history, the birth of the GENIUS Act was not a sudden event but rather a culmination of years of exploration into stablecoin regulation in the U.S. We have also quickly outlined the full timeline of this bill to help you better understand its background and motives:

回顾历史，《天才法案的诞生》不是一个突然的事件，而是多年来探索在美国对Stablecoin监管的多年探索，我们还迅速概述了该法案的完整时间表，以帮助您更好地了解其背景和动机：

The rapid development of the stablecoin market has highlighted the risks caused by a lack of regulation, such as the collapse of the algorithmic stablecoin UST in 2022, which underscored the need for clear legislation.

Stablecoin市场的迅速发展强调了由于缺乏监管而造成的风险，例如2022年算法Stablecoin UST的崩溃，这强调了明确立法的需求。

As early as 2023, the House Financial Services Committee proposed the STABLE Act, attempting to establish a regulatory framework for stablecoins, but it failed to pass in the Senate due to bipartisan disagreements;

早在2023年，众议院金融服务委员会提出了《稳定法》，试图建立一个稳定的法规框架，但由于两党的分歧，它未能通过参议院。

On February 4, 2025, Senator Bill Hagerty, along with bipartisan members Kirsten Gillibrand and Cynthia Lummis, formally proposed the GENIUS Act, aiming to balance innovation and regulation. On March 13, the bill passed the Senate Banking Committee with an 18-6 vote, demonstrating strong bipartisan support.

2025年2月4日，参议员比尔·哈格蒂（Bill Hagerty）以及两党成员基尔斯滕·吉利布兰德（Kirsten Gillibrand）和辛西娅·卢米斯（Cynthia Lummis）正式提出了《天才法》，旨在平衡创新和监管。 3月13日，该法案以18票对6票通过了参议院银行委员会，证明了两党的强烈支持。

However, the first full vote on May 8 failed to reach the 60-vote threshold (48-49), with some Democratic senators (like Elizabeth Warren) expressing concerns that the bill might benefit crypto projects linked to the Trump family (such as the USD1 stablecoin), citing potential conflicts of interest.

但是，5月8日的首次全额投票未能达到60票的门槛（48-49），其中一些民主党参议员（例如伊丽莎白·沃伦（Elizabeth Warren））表示担心该法案可能使与特朗普家族（例如USD1 Stablecoin）相关的加密项目受益，并援引潜在的潜在冲突。

After revisions, the bill added restrictions on large tech companies, alleviating some lawmakers' concerns about conflicts of interest, and ultimately passed the procedural vote on May 19 with a vote of 66-32, and is expected to soon pass the full Senate vote by a simple majority.

经过修订后，该法案增加了对大型科技公司的限制，减轻了一些立法者对利益冲突的担忧，并最终以66-32的投票通过了5月19日的程序投票，并有望以简单的多数票通过全部参议院投票。

So, what is the significance of the legislation reaching this point?

那么，立法达到这一点的意义是什么？

First, the market desires certainty. The passage of the bill essentially marks the transition of the U.S. stablecoin market from "barbaric growth" to standardization, filling a long-standing regulatory void and

首先，市场希望确定。该法案的通过本质上标志着美国稳定市场从“野蛮增长”到标准化的过渡，填补了长期的监管空隙和