美国更接近建立其第一个全面的加密货币监管框架

周三，美国迈向建立其第一个全面的加密货币监管框架，参议院将具有里程碑意义的天才法作为最终通行

The United States moved a significant step closer to establishing its first comprehensive cryptocurrency regulatory framework on Wednesday, as the Senate positioned the landmark GENIUS Act for final passage following intense negotiations that saw Democrats and Republicans find common ground despite fierce opposition from Senator Elizabeth Warren.

美国在周三建立了其第一个全面的加密货币监管框架迈出了一步，因为参议院在激烈的谈判中将《地标天才法》定位为最终通过，尽管参议员伊丽莎白·沃伦（Elizabeth Warren）激烈反对，但民主党人和共和党人发现了共同的基础。

The stablecoin legislation, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, cleared a crucial procedural hurdle in a 66-32 cloture vote Monday evening, as 16 Democrats joined the Republican majority to advance the bill. This dramatic turnaround came just two weeks after the same legislation failed to garner sufficient support, highlighting the complex political dynamics surrounding cryptocurrency regulation in the Trump era.

Stablecoin立法（正式被称为指导和建立美国Stablecoins法案的国家创新）在周一晚上以66-32的盘中投票中清除了至关重要的程序障碍，因为16名民主党人加入了共和党多数派，以推进该法案。在同一立法未能获得足够的支持之后，这种戏剧性的周转仅两周后，强调了特朗普时代的加密货币调节的复杂政治动态。

Trump Factor Dominates Debate

特朗普因素主导辩论

The bill’s rocky path through the Senate has been overshadowed by concerns over President Donald Trump’s cryptocurrency ventures, particularly his World Liberty Financial platform’s USD1 stablecoin, which has rapidly become the world’s fifth-largest stablecoin since launching just weeks ago.

对唐纳德·特朗普（Donald Trump）总统的加密货币企业的担忧，尤其是他的世界自由财务平台的USD1 Stablecoin的担忧，该法案在参议院穿越参议院的艰难道路已被掩盖，该公司自几周前启动以来就已经迅速成为世界上第五大的Stablecoin。

Senator Warren, the ranking Democrat on the Banking Committee, delivered a scathing floor speech warning that the legislation would allow Trump to “trade presidential favors like tariff exemptions, pardons, and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments.”

银行委员会的排名民主党参议员沃伦（Warren）发表了一场严厉的言论，警告说，该立法将使特朗普“贸易诸如关税豁免，赦免，赦免和政府任命，以数亿美元，也许来自外国政府的数十亿美元。”

Her concerns weren’t theoretical. An Abu Dhabi investment firm, MGX, recently used Trump’s USD1 stablecoin to finance a $2 billion investment in cryptocurrency exchange Binance, essentially providing the president with a financial stake in the transaction. MGX is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s National Security Adviser, and co-owned by entities including G42, a technology firm with a history of deep ties to Chinese government-linked companies.

她的担心不是理论上的。阿布扎比一家投资公司MGX最近使用特朗普的USD1 Stablecoin为加密货币交易所二进制提供了20亿美元的投资，从本质上为总统提供了该交易中的财务股份。 MGX由阿联酋国家安全顾问Sheikh Tahnoun Bin Zayed Al Nahyan主持，并由包括G42在内的实体共同拥有，这是一家技术公司，这是一家与中国政府与中国政府有联系的技术历史。

“If Congress passes this bill, USD1 won’t just be a coercive tool to pay off a corrupt President. It will be a financial instrument blessed by the United States Government,” Warren declared, calling the legislation “worse than no bill at all.”

沃伦宣称：“如果国会通过了这项法案，USD1不仅可以是偿还腐败总统的强制工具。这将是美国政府所祝福的金融工具。”

Bipartisan Breakthrough Despite Opposition

尽管反对，但两党的突破

Despite Warren’s objections, moderate Democrats found themselves caught between acknowledging corruption concerns and recognizing the need for American leadership in cryptocurrency regulation. Senator Mark Warner of Virginia, who voted to advance the bill, captured this tension in his statement supporting the legislation.

尽管沃伦（Warren）的反对意见，但温和的民主党人发现自己在承认腐败的问题和认识到美国对加密货币监管中领导的必要性之间被陷入困境。投票提出该法案的参议员马克·华纳（Mark Warner）在支持立法的声明中抓住了这一紧张局势。

“Many senators, myself included, have very real concerns about the Trump family’s use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans,” Warner explained. “But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will – and not in ways that serve our interests or democratic values.”

沃纳解释说：“许多参议员包括我本人，对特朗普家族使用加密技术来逃避监督，隐藏阴暗的财务交易以及个人利润以牺牲日常美国人的利益有着非常真实的关注。” “但是我们不能让这种腐败使我们对更广泛的现实视而不见：区块链技术将留在这里。如果美国立法者不塑造它，那么其他人就会 - 而不是以服务于我们的利益或民主价值观的方式。”

The breakthrough came after two weeks of intensive negotiations following the bill’s initial failure on May 8. Democratic negotiators secured several key concessions, including enhanced consumer protection safeguards, stricter limits on technology companies issuing stablecoins, and extended ethics standards that would apply to Trump associates Elon Musk and David Sacks.

在该法案于5月8日初次失败之后进行了两周的密集谈判之后，这一突破就实现了。民主党谈判者获得了几项关键优惠，包括增强的消费者保护保障，对发行StableCoins的技术公司的更严格的限制，并扩展了适用于特朗普Associates Elon Musk和David Sacks的道德标准。

What the GENIUS Act Actually Does

天才行为实际上是什么

The legislation establishes America’s first comprehensive federal regulatory framework for stablecoins – digital currencies pegged to traditional assets like the U.S. dollar. With the stablecoin market approaching $232 billion globally, the framework addresses a regulatory vacuum that has persisted since these digital assets gained prominence.

该立法建立了美国的第一个全面的联邦法规框架，用于稳定货币 - 数字货币与美元等传统资产挂钩。随着全球稳定市场的2320亿美元接近2320亿美元，该框架解决了自这些数字资产变得突出以来一直存在的监管真空。

Key provisions include:

关键规定包括：

* Reserve Requirements: Stablecoin issuers must maintain backing reserves on a one-to-one basis using U.S. dollars, Treasury bills, or similarly liquid assets managed by regulated financial institutions.

*储备金要求：Stablecoin发行人必须使用美元，国库账单或由受监管的金融机构管理的类似流动资产一对一维护支​​持储量。

* Regulatory Oversight: Only permitted issuers, subsidiaries of insured banks, federally qualified nonbank issuers, or state-qualified issuers, can issue stablecoins for U.S. consumers.

*监管监督：只有被允许的发行人，被保险银行的子公司，联邦合格的非银行发行人或国家资格的发行人才能为美国消费者签发稳定的发行人。

* Transparency Mandates: Monthly public disclosure of reserve compositions, with independent accounting firm examinations and CEO/CFO certifications required.

*透明度授权：每月公开披露储备金组成，需要独立会计公司考试和首席执行官/CFO认证。

* Size-Based Regulation: Issuers with over $10 billion in circulation face federal oversight, while smaller operators can choose state regulation if substantially similar frameworks exist.

*基于规模的法规：发行人超过100亿美元的发行人面临联邦监督，而如果存在实质上相似的框架，则较小的运营商可以选择州法规。

* Issuance Restrictions: Public companies not primarily engaged in financial services are barred from issuing stablecoins, and technology companies like Meta (formerly Facebook) are prohibited unless they obtain a federal banking charter.

*发行限制：不主要从事金融服务的上市公司被禁止发行Stablecoins，除非获得联邦银行宪章，否则禁止使用Meta（以前是Facebook）这样的技术公司。

* Ethics Provisions: Members of Congress and senior executive branch officials are prohibited from issuing stablecoins during their public service.

*道德规定：禁止国会议员和高级行政部门官员在公共服务期间发行stablecoins。

Market Implications and Industry Response

市场含义和行业反应

The cryptocurrency industry has rallied behind the legislation, viewing it as essential for legitimizing digital assets within the traditional financial system. Coinbase, which had previously shown lukewarm support for standalone stablecoin legislation, dramatically increased its lobbying efforts in recent weeks as the crypto industry’s broader legislative agenda faced uncertainty.

加密货币行业在立法背后集会，认为这对于使传统金融体系中的数字资产合法化至关重要。 Coinbase先前曾表现出对独立Stablecoin立法的不冷不热支持，在最近几周，由于加密行业的广泛立法议程面临不确定性，最近几周的游说努力大大增加了其游说工作。

The company’s political action organization, Stand With Crypto, even threatened to downgrade politicians’ ratings if they voted against advancing the bill, an escalation that underscores the high stakes involved.

该公司的政治行动组织与加密货币站在一起，甚至威胁要降级政客的评级，而他们投票反对提出该法案，这一升级强调了所涉及的高股份。

Chainalysis CEO Jonathan Levin praised the development as “a defining moment for the future of digital assets,” arguing that the legislation provides “long-needed regulatory clarity while reinforcing

连锁分析首席执行官乔纳森·莱文（Jonathan Levin