指導和建立國家創新的最新草案為美國穩定法（GENIUS）法案

該草案希望在州和聯邦當局之間分配穩定的法規，同時也引入了發行人的新執法和透明度要求。

A latest draft of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, was unveiled ahead of a hearing Tuesday, proposes a significant shift in the approach to stablecoin oversight with a split between state and federal bodies, along with new enforcement and transparency measures for issuers.

在周二聽證會之前揭幕了《美國穩定法》（GENIUS）的指導和建立國家創新的最新草案，並提出了穩定階層監督的方法發生重大轉變，並在州和聯邦機構之間進行分歧，以及新的執法和發行人的透明度措施。

The draft measures were written by the bill's sponsors: Senators Bill Hagerty (R-TN), Tim Scott (R-SC), Chairman of the Senate Banking Committee, Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and Angela Alsobrooks (D-MD). The bill was originally introduced by Hagerty in February.

該措施草案是由該法案的發起人撰寫的：參議員比爾·哈格蒂（R-TN），蒂姆·斯科特（R-SC），參議院銀行委員會主席，柯斯滕·吉利布蘭（D-NY），辛西婭·盧米斯（Cynthia Lummis），辛西婭·盧米斯（Cynthia Lummis）和安吉拉·阿爾索布魯克（Angela Alsobrooks）（D-MD）。該法案最初是由Hagerty於2月推出的。

The updated bill, seen by Blockworks, includes a modified threshold for state regulatory authority over stablecoins.

Blockworks看到的更新的賬單包括對穩定幣的州監管機構的修改閾值。

Currently, state regulatory authority would cease at a total outstanding market cap of $5 billion in a rolling 12-month period. However, the latest draft of the GENIUS Act proposes an increased threshold of $10 billion.

目前，州監管機構將在12個月的滾動期間停止以50億美元的總額為50億美元。但是，《天才法案》的最新草案提議提高100億美元的門檻。

At this threshold, federal regulatory authority would become primary, though state regulatory authority would continue in collaboration with federal agencies until a rolling 12-month period includes a total outstanding market cap of $15 billion in stablecoins.

在這個門檻下，聯邦監管機構將成為主要監管機構，儘管州監管機構將繼續與聯邦機構合作，直到滾動12個月的滾動期限為150億美元的Stablecoins的總銷售總額為150億美元。

At this point, federal regulatory authority would become exclusive.

在這一點上，聯邦監管機構將成為獨家。

The newest draft of the bill also includes a waiver process, allowing larger issuers to remain solely under state supervision if they meet specific criteria.

該法案的最新草案還包括豁免程序，如果符合特定的標準，則允許大型發行人僅在州監督下。

To get a waiver and remain under state supervision, stablecoin issuers must demonstrate strong capital, a good track record and be supervised by what the bills calls an experienced state regulator.

為了獲得豁免並保持州監督，斯塔布萊幣發行人必須證明資本強勁，良好的記錄，並受到法案所謂的經驗豐富的州監管機構的監督。

If an issuer does not meet these requirements, they would come under federal supervision and be subject to the same capital and liquidity requirements that federal banks face.

如果發行人不符合這些要求，他們將受到聯邦監督，並受到與聯邦銀行所面臨的相同資本和流動性要求的約束。

The updated bill also introduces new transparency and disclosure requirements for issuers. Issuers would be required to publish monthly liquidity reports detailing the composition of their reserves, including the total number of outstanding stablecoins.

更新的法案還引入了發行人的新透明度和披露要求。發行人將被要求發布每月的流動性報告，詳細說明其儲備金的組成，包括未償還的穩定股數量。

According to the latest version of the bill, reserves are required to be U.S. currency, demand deposits, Treasuries or other “approved assets.”

根據該法案的最新版本，儲備金必須為美國貨幣，需求存款，國庫或其他“批准的資產”。

Issuers would also be required to create mechanisms that would allow them to comply with orders to freeze transactions, and grants the Secretary of the Treasury the authority to block and prohibit transactions involving stablecoins issued by foreign persons or entities.

發行人還必須建立機制，以允許他們遵守凍結交易的命令，並授予財政部長阻止和禁止涉及外國人或實體發行的穩定的交易的權力。

While earlier versions of the bill did have provisions related to enhanced know your customer (KYC) and anti money laundering (AML) requirements, the updated version of the bill explicitly designates stablecoin issuers as financial institutions for AML purposes requiring them to establish compliance programs and conduct due diligence on high-value transactions.

雖然該法案的較早版本確實有與增強的了解您的客戶（KYC）和反洗錢（AML）要求有關的規定，但該法案的更新版本明確地將Stablecoin發行人指定為用於AML的財務機構，以要求他們建立合規性計劃並在高價交易中建立適當的計劃。

The bill now awaits amendments by the Senate Banking Committee before a referral to the full Senate for debate and a final vote.

該法案現在等待參議院銀行委員會的修正案，然後轉介參議院進行辯論和最終投票。