銀河系研究負責人亞歷克斯·索恩（Alex Thorn）認為天才法案可以偏愛

輸入：Galaxy Research Alex Thorn認為天才法案可以通過允許其在相對靈活的條件下運行來偏愛繫繩。

The GENIUS Act, which aims to regulate stablecoins in the US, could favor Tether by allowing it to operate under relatively flexible conditions, according to Galaxy’s head of research Alex Thorn.

Galaxy的研究主管Alex Thorn表示，該天才法案旨在調節美國的穩定蛋白，可以通過允許其在相對靈活的條件下運行的Tether來支持Tether。

In his analysis, the bill would open a pathway for Tether to register onshore but would not require it to do so to continue operations.

在他的分析中，該法案將為Tether在岸上註冊，但不需要它繼續操作。

Limited restrictions for offshore issuers

離岸發行人的限制有限

Based on the bill’s current text, if Tether chooses not to register under the new framework, it would not be violating any laws.

根據法案的當前文本，如果系塞特選擇不根據新框架進行註冊，則不會違反任何法律。

However, the bill’s current language places primary restrictions on non-registered stablecoin issuers like Tether, including interbank settlement and marketing within the US.

但是，該法案的當前語言對Tether等未註冊的Stablecoin發行人進行了主要限制，包括銀行間和解和美國境內的營銷。

The first restriction is not currently a significant issue for Tether but could impact future adoption in institutional finance.

第一個限制目前不是Tether的重大問題，但可能會影響未來在機構融資中的採用。

The second restriction, which was reportedly introduced as an amendment during a recent Senate Banking Committee session, would prevent Tether from advertising USDT as a stablecoin within the US market but would not stop it from being traded onshore.

據報導，第二次限制是在最近的參議院銀行委員會會議上作為修正案引入的，它將阻止繫繩在美國市場內廣告USDT，但不會阻止其在岸上進行交易。

The GENIUS Act proposes a regulatory framework for stablecoins, defining rules for issuance and oversight. The regulation includes a 1:1 reserves requirement, consisting of US dollars, insured bank deposits, or short-term Treasury bills.

《天才法》提出了一個針對穩定幣的監管框架，定義了發行和監督的規則。該法規包括1：1的儲備要求，包括美元，保險銀行存款或短期財政賬單。

The Senate Banking Committee approved the bill on March 13 with bipartisan support. It is now clear for a full Senate vote.

參議院銀行委員會於3月13日在兩黨支持下批准了該法案。現在很明顯參議院投票。

Registration pathways

註冊途徑

The GENIUS Act appears to provide Tether with a clear option to register as a stablecoin issuer in the US, likely through the Office of the Comptroller of the Currency (OCC).

《天才法》似乎提供了一個明確的選擇，可以在美國註冊為Stablecoin發行人，這可能是通過貨幣審計長辦公室（OCC）。

If it chooses this route, Tether could either register USDT fully or create a subsidiary that issues a compliant version of the token.

如果選擇此路線，Tether可以完全註冊USDT或創建一個符合令牌版本的子公司。

However, if Tether does not register, it can still operate in the US if it adheres to compliance requirements set by the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), which it already does.

但是，如果Tether未註冊，則如果它遵守外國資產控制辦公室（OFAC）和金融犯罪執法網絡（FINCEN）設定的合規要求，它仍然可以在美國運作。

Thorn added that the bill provides essential clarifications regarding anti-money laundering protections. The US Treasury will only designate a foreign, non-registered issuer as non-compliant if it fails to comply with lawful orders to freeze or seize assets.

Thorn補充說，該法案為反洗錢保護提供了基本澄清。如果美國財政部未遵守凍結或抓住資產的合法命令，則只有一個外國，未註冊的發行人為不合規。

This designation would not be automatic for all non-registered stablecoin issuers. Tether has a history of complying with such orders and has frozen at least 2,150 addresses to date, which suggests it would not be at immediate risk of being classified as non-compliant under the GENIUS Act.

對於所有未註冊的Stablecoin發行人來說，此名稱不會自動。 Tether有遵守此類命令的歷史，迄今為止至少凍結了2,150個地址，這表明根據《天才法》，它不會立即被歸類為不合規的風險。

Additional restrictions

其他限制

The analyst also highlighted new amendments to the bill that introduce further limitations on offshore, non-registered stablecoins.

分析師還強調了該法案的新修正案，這些修正案引發了對近海，未註冊的穩定的進一步限制。

Specifically, stablecoins issued by entities not registered under the framework would not be treated as cash equivalents for accounting purposes.

具體而言，未根據框架註冊的實體發行的Stablecoins將不會以會計目的為現金等價物。

They would not be eligible for margin or cash equivalency treatment by broker-dealers, swap dealers, futures commission merchants (FCMs), or derivatives clearing organizations (DCOs).

他們將不符合經紀交易商，掉期交易商，期貨委員會商人（FCMS）或衍生工具清算組織（DCOS）（DCO）的保證金或現金當量處理。

Thorn reiterated that these measures would limit unregistered stablecoins’ financial and institutional use but would not bar their existence or prevent trading within the US market.

Thorn重申，這些措施將限制未註冊的Stablecoins的財務和機構使用，但不會阻止其存在或阻止在美國市場內進行交易。