天才行为在这里。加密已正式进入美国监管令

随着美国参议院在一项与历史相关的法案中向前迈进，华盛顿的走廊充满了期待。财务界观看，呼吸。

The corridors of Washington pulsed with anticipation as the U.S. Senate advanced a bill that could reshape the financial world. Crypto—a sector that has seen fortunes made and broken with the press of a button—now stood officially at the threshold of the American regulatory order.

随着美国参议院提出一项可以重塑金融界的法案，华盛顿的走廊充满了期待。加密（Crypto）是一个命运按纽扣媒体制造和破坏的部门，现在正式站在美国监管秩序的门槛上。

The legislation at the center of this storm is the aptly named GENIUS Act, the nation’s inaugural attempt at federal regulation of stablecoins, a class of crypto tokens promising steadfast value by pegging themselves directly to the U.S. dollar.

这场风暴中心的立法是恰当地命名的天才法案，该法案是该国对稳定的联邦监管的开幕式尝试，这是一类加密代币，通过将自己直接钉在美元上，有望坚定不移。

Billions at Play, Lawmakers in Motion

立法者在发挥数十亿美元的作用

Crypto companies are no strangers to the art of persuasion, but 2024 saw the industry’s hand like never before. Hundreds of millions of dollars flowed through political channels—offering support, cajolery, and the promise of future contributions. Their efforts drew the attention of a bipartisan swath of lawmakers, though the money spoke loudest to those who had already shown an openness to the industry’s causes.

加密公司对说服艺术并不陌生，但是2024年，该行业的手看不到。数亿美元通过政治渠道流动 - 提供支持，牛jol和未来捐款的承诺。他们的努力引起了两党议员的注意，尽管这笔钱对那些已经对行业事业表现出开放的人说话最大。

In a move that surprised many, sixteen Senate Democrats broke ranks with their colleagues to join Republicans in advancing the GENIUS Act—a bill that brought the crypto lobby’s dreams closer to reality and dimmed the hopes of those who had rallied against the measure.

这一举动使许多人惊讶的是，十六个参议院民主党人与同事们分手，加入共和党人推进《天才法案》，这一法案使加密大厅的梦想更接近现实，并使那些反对这项措施的人的希望变得黯然失色。

The Trump administration, meanwhile, grew increasingly amenable to crypto, evidenced by pardons of Silk Road’s founder, the dissolution of specialized enforcement teams, and even proposals for a federal crypto reserve to prop up the market.

与此同时，特朗普政府越来越适应加密货币，这是由Silk Road的创始人的赦免，专业执法团队的解散，甚至是联邦加密保护区的提议，以支持市场。

With Trump’s own stablecoin ambitions already a matter of public knowledge, the bill grants him—and any future president leveraging similar ventures—a golden runway to profit from regulation. Some Democrats bristled at this prospect, seeking amendments to bar direct presidential profiteering. However, they were ultimately caught in the machinery of partisanship and industry influence.

由于特朗普自己的稳定野心已经是公众知识的问题，该法案授予他授予他的任何利用类似企业的总统 - 一条金色的跑道，这是一条从监管中获利的黄金跑道。一些民主党人对这一前景进行了努力，寻求修正案，以禁止直接的总统暴利。但是，他们最终被党派和行业影响力的机制所困扰。

The Essence of the GENIUS Act

天才法的本质

At the heart of the bill lies a subtle shift in the financial terrain. Instead of simply holding dollars in a bank, where the FDIC guarantees your money, consumers are nudged to place their trust in stablecoins, whose security is only as strong as the company backing them.

该法案的核心是金融地形的微妙转变。消费者没有简单地将钱拿到银行，而FDIC保证您的资金，而是将他们的信任放到了stablecoins上，其安全性与公司支持的公司一样强大。

The promise is that you get first dibs if things go south. But the reality is that the traditional protections of U.S. banks are left behind. A pattern emerges: the less legal leeway a financial actor has, the greater the government’s obligation to intervene.

承诺是，如果事情向南，您就会获得第一次DIB。但是现实是，美国银行的传统保护被抛在后面。出现了一种模式：金融行为者的合法余地越少，政府介入的义务就越大。

The GENIUS Act would create a new category of federal licenses for stablecoin issuers, introducing anti-money laundering rules and a seal of approval for tokens that once carried the whiff of danger. It would also largely leave broader crypto activity to the SEC and other agencies.

《天才法》将为Stablecoin发行人创建一个新的联邦许可证，引入反洗钱规则和曾经带来危险的代币的批准印章。这也将在很大程度上给SEC和其他机构留下更广泛的加密活动。

Crypto’s Political Jackpot

加密的政治大奖

For many skeptics, the real winner isn’t the everyday crypto user but the architects of the system—and possibly Trump himself. Critics like Senator Elizabeth Warren have warned of the risks: a mechanism for self-enrichment at the very top, a path paved with the grease of influence.

对于许多怀疑论者来说，真正的赢家不是日常加密使用者，而是系统的建筑师，也许是胜过本人。像参议员伊丽莎白·沃伦（Elizabeth Warren）这样的批评家警告说，这种风险是：一种自我灌输的机制，这是一条充满影响力的道路。

Yet a majority forged ahead, citing the need to bring order to a sector largely unbound by old rules. The GENIUS Act gives Washington a chance to shape the future of global digital finance.

然而，大多数人提出了锻炼，理由是有必要将秩序带入一个很大程度上没有旧规则的领域。 《天才法案》使华盛顿有机会塑造全球数字金融的未来。

It would establish a regime for stablecoins, bring anti-money laundering into the fold, and slap a seal of approval on tokens that once carried the whiff of danger. But its other legacy is clear: the crypto industry’s lobbying muscle is now minted into law, and the former president stands poised to rake in millions as a newly legitimate stablecoin mogul.

它将为稳定币建立一个政权，将反洗钱带入折叠状态，并在曾经带来危险的危险的代币上打印一封批准的代币。但是它的另一个遗产很明确：加密货币行业的游说肌肉现在已被铸造成法律，前总统正准备成为新近合法的Stablecoin Mogul的数百万美元。

The modern financial world now stares at a precipice where shadowy ambitions and regulatory reality collide—leaving American consumers, and democracy itself, to count the winnings and the costs.

现在，现代金融世界盯着一个悬崖，阴影的野心和监管现实碰撞 - 使美国的消费者和民主本身，以计算奖金和成本。