I.立法过程：从“接近死亡”到“复活”的戏剧性转变

从2025年5月到2025年，美国参议院就“天才法案”的谈判（全名：“美国稳定国家国家创新法的指导和建立”）被描述为一场史诗般的战斗交织政治和财务。

Author: White55, Mars Finance

作者：怀特55，火星财务

I. Legislative Process: A Dramatic Turn from "Near Death" to "Resurrection"

I.立法过程：从“接近死亡”到“复活”的戏剧性转变

The U.S. Senate's deliberations on the "GENIUS Act" (full name: "Guidance and Establishment of the U.S. Stablecoin National Innovation Act") can be described as an epic battle intertwining politics and finance. This bill, aiming to set the first federal regulatory framework for the $250 billion stablecoin market, experienced a thrilling comeback from "procedural death" to "bipartisan compromise," ultimately advancing to the Senate floor debate stage with a voting result of 68 to 30. However, behind this victory lies months of interest exchanges between the two parties, lobbying battles among industry giants, and the moral controversies sparked by the Trump family's "crypto gold mine."

美国参议院对“天才法案”的审议（全名：“美国稳定国家创新法的指导和建立”）可以描述为一场史诗般的战斗，交织政治和金融。该法案旨在为2500亿美元的Stablecoin市场设定第一个联邦监管框架，从“程序死亡”到“两党妥协”，经历了激动人心的复出，最终晋升为参议院的地板辩论阶段，以68至30的票数进行了投票的结果。由特朗普家族的“加密金矿”引发。

May 15: After four months of deadlock, the Senate Banking Committee finally reached a bipartisan compromise on the bill to create a federal framework for regulating stablecoins.

5月15日：经过四个月的僵局，参议院银行委员会终于在该法案上达成了两党妥协，以创建一个联邦政府来规范稳定的稳定框架。

May 16: The committee approved the bill with a vote of 16 to 8, sending it to the full Senate for consideration.

5月16日：委员会以16票对8票批准了该法案，将其发送给全部参议院以供考虑。

June 18: The Senate voted 68 to 30 to invoke cloture on the bill, advancing it to the floor debate stage.

6月18日：参议院以68票对30票投票通过该法案召集Cloture，将其推向了辩论阶段。

This bill, originally introduced by Sen. Tim Scott (R-SC) in December 2024, faced strong opposition from Democrats due to concerns about consumer protection and financial stability. However, Republicans cleverly framed the bill as a strategic tool for "digital dollar hegemony," while Democrats showed signs of wavering due to worries that a regulatory vacuum could lead to financial risks.

该法案最初由参议员蒂姆·斯科特（R-SC）于2024年12月提出，由于对消费者保护和财务稳定的担忧，民主党人的强烈反对。但是，共和党人巧妙地将该法案框起来是“数字美元霸权”的战略工具，而民主党人则表现出摇摆不定的迹象，这是由于担心监管真空可能导致财务风险。

"If the U.S. does not lead stablecoin rules, China will fill the void with the digital yuan," said Senate Majority Leader John Thune (R-SD) in his heated lobbying rhetoric.

参议院多数党领袖约翰·图恩（John Thune）（R-SD）在他激烈的游说言论中说：“如果美国不领导稳定的规则，中国将充满数字元素。”

II. Core Provisions: Regulatory Blueprint and "Devil's Details"

ii。核心条款：监管蓝图和“魔鬼的细节”

The regulatory framework design of the "GENIUS Act" attempts to walk a tightrope between encouraging innovation and preventing risks, with its core provisions summarized into six pillars:

“天才法”的监管框架设计试图在鼓励创新和防止风险之间行走绳索，其核心条款总结为六个支柱：

Dual Regulation and Issuance Threshold

双重法规和发行阈值

Stablecoins with issuance scales exceeding $10 billion will be federally regulated (led by the Office of the Comptroller of the Currency, OCC), while those below $10 billion may opt for state-level regulation, provided state standards align with federal ones. This design reassures state autonomy while delineating red lines for giants, seen as a de facto protection for Circle (USDC) and Tether (USDT).

发行量表超过100亿美元的Stablecoin将受到联邦监管（由货币审计长办公室领导，OCC），而低于100亿美元的企业将选择州级法规，提供州标准，提供与联邦联邦的标准相符。这种设计在为巨头描绘红线时会保证州自治，这是对圆圈（USDC）和Tether（USDT）的事实保护。

1:1 Reserves and Asset Segregation

1：1储量和资产隔离

Stablecoins are required to be fully collateralized by cash, short-term U.S. Treasury bonds, and other highly liquid assets, with reserve assets strictly segregated from operating funds. This provision directly targets the 2022 Terra collapse but allows for the inclusion of "risk assets" like money market funds in reserves, which has been criticized as laying mines.

稳定币必须由现金，短期美国财政债券和其他高度流动资产的现金完全抵押，并严格与经营资金隔离。该规定直接针对2022年的Terra崩溃，但允许将“风险资产”（如货币市场资金）纳入储量中，被批评为矿山。

Tech Giants' "Tightening Spell"

科技巨头的“收紧法术”

Non-financial tech companies (such as Meta and Google) must obtain approval from a newly established "Stablecoin Certification Review Committee" (SCRC) to issue stablecoins and meet data privacy and antitrust requirements. This provision is interpreted as a targeted strike against Trump ally Musk's (X platform) stablecoin plan.

非金融科技公司（例如Meta和Google）必须从新成立的“ Stablecoin认证审查委员会”（SCRC）获得批准，以签发StableCoins并满足数据隐私和反托拉斯的要求。该规定被解释为针对特朗普盟友（X平台）Stablecoin计划的有针对性罢工。

Consumer Protection and Bankruptcy Priority

消费者保护和破产优先级

In the event of issuer bankruptcy, stablecoin holders can redeem their assets first, and reserves will not be included in the bankruptcy estate. However, Democrats argue that this provision is weaker than traditional bank FDIC insurance mechanisms and poses a fund freezing risk.

如果发行人破产，Stablecoin持有人可以首先兑换其资产，而储备金将不包括在破产财产中。但是，民主党人认为，这项规定比传统的银行外国直接投资保险机制弱，并带来了冻结风险。

Anti-Money Laundering and Transparency

反洗钱和透明度

Stablecoin issuers will be subject to the Bank Secrecy Act, mandating compliance with KYC and suspicious transaction reporting obligations. However, a loophole exists: decentralized exchanges (DEX) will not be bound, leaving a backdoor for illegal fund flows.

Stablecoin发行人将遵守《银行保密法》，要求遵守KYC和可疑交易报告义务。但是，存在一个漏洞：分散的交流（DEX）将不受限制，留下了非法基金流量的后门。

Presidential Family "Exemption Loophole"

总统家庭“豁免漏洞”

The bill does not explicitly prohibit members of Congress or presidential relatives from participating in stablecoin businesses, allowing the Trump family's World Liberty Financial (WLF) to legitimize the USD1 stablecoin (market cap of $2 billion). Democratic Senator Warren angrily denounced: "This is a green light for Trump's crypto corruption!"

该法案不明确禁止国会议员或总统亲戚参加Stablecoin企业，从而使特朗普家族的世界自由金融（WLF）使USD1 Stablecoin合法化（市值20亿美元）。民主党参议员沃伦（Warren）愤怒地谴责：“这是特朗普加密腐败的绿灯！”

III. Controversy Maelstrom: Trump's "Crypto Gold Mine" and Bipartisan Fracture

iii。争议漩涡：特朗普的“加密金矿”和两党骨折

The greatest resistance to the bill's advancement does not stem from policy details but from the Trump family's deep involvement in the crypto industry and the resulting conflicts of interest. Three major points of contention have escalated the political struggle:

对该法案进步的最大抵制不是源于政策细节，而是源于特朗普家族对加密货币产业的深入参与以及由此产生的利益冲突。三个主要争论升级了政治斗争：

"Legalization Arbitrage" of USD1 Stablecoin

USD1 Stablecoin的“合法化套利”

WLF's USD1 has injected $2 billion into Binance through an Abu Dhabi investment firm, allowing the Trump family to earn over $80 million annually from transaction fees. More critically, once the bill passes, USD1 will automatically gain federal recognition, potentially skyrocketing its market

WLF的USD1通过一家阿布扎比投资公司（Abu Dhabi Investment Firm）向Binance注入了20亿美元，使特朗普家族每年从交易费中赚取超过8000万美元的收入。更重要的是，一旦法案通过，USD1将自动获得联邦认可，并有可能飙升其市场