《天才法》可能掩蓋了一個重大發展：美國第一項穩定法案的進展

最近對CZ和BNB鏈的興奮可能掩蓋了一個重大發展：美國第一項Stablecoin法案的主要進步。

The recent excitement around CZ and BNB Chain may have overshadowed a significant development: the major progress of the first stablecoin bill in the United States.

最近對CZ和BNB鏈的興奮可能掩蓋了一個重大發展：美國第一項Stablecoin法案的主要進步。

On March 13 local time, the U.S. Senate Banking Committee passed the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (referred to as the "GENIUS Act") with a vote of 18 to 6. The bill now needs at least 60 votes in the full Senate to proceed to the House of Representatives for review, and ultimately be signed by President Trump.

3月13日，當地時間，美國參議院銀行委員會通過18至6票通過了“美國Stablecoin國家創新法的指導和建立”（稱為“天才法案”）。該法案現在至少需要60票，在全部參議院中至少需要訪問眾議院進行審查，並由特朗普總統簽署。

Previous reports indicated that the Trump administration set August as the deadline for passing the stablecoin bill. The bill aims to create a framework for the issuance and regulation of private stablecoins in the U.S., covering aspects such as capital requirements, risk management, and consumer protection.

先前的報導表明，特朗普政府將8月定為通過Stablecoin法案的截止日期。該法案旨在為美國發行和監管私人穩定的框架創建一個框架，涵蓋資本需求，風險管理和消費者保護等方面。

The initiative for this stablecoin bill came from bipartisan senators Bill Hagerty and Mark Warner, who jointly introduced the bipartisan "GENIUS Act: Stablecoin legislation" in December last year. The bill proposes a new regulatory framework for private stablecoins, aiming to foster innovation in the financial sector while safeguarding consumers and the broader economy.

該穩定法案的倡議來自兩黨參議員比爾·哈格蒂（Bill Hagerty）和馬克·華納（Mark Warner），他們於去年12月共同介紹了兩黨“天才法案：Stablecoin立法”。該法案提出了一個針對私人穩定的新監管框架，旨在促進金融部門的創新，同時維護消費者和更廣泛的經濟。

The bill mandates that stablecoin issuers hold high-quality liquid assets in an amount equal to or greater than the outstanding stablecoin balances, with permissible assets including U.S. Treasury securities, deposits in federally insured banks, and money market funds. Stablecoin issuers would be required to maintain a minimum capital adequacy ratio of 8 percent of their total assets, in line with the regulatory standards for federal banking organizations.

該法案規定，Stablecoin發行人持有高質量的流動資產，其金額等於或大於未償還的Stablecoin餘額，其中包括美國財政部證券，包括美國財政部證券，聯邦保險銀行的存款以及貨幣市場基金。符合聯邦銀行組織的監管標準，將要求Stablecoin發行人保持其總資產的最低資本充足率的8％。

The legislation also includes provisions for consumer protection, requiring stablecoin issuers to provide clear and concise disclosures to consumers about the terms and conditions of their stablecoins. It further grants the Federal Trade Commission (FTC) the authority to pursue any deceptive or unfair acts or practices by stablecoin issuers.

該立法還包括有關消費者保護的規定，要求Stablecoin發行人向消費者提供有關其穩定的條款和條件的清晰簡明披露。它進一步授予聯邦貿易委員會（FTC）追求Stablecoin發行人的任何欺騙性或不公平行為或做法的權力。

The Trump administration has expressed a strong interest in advancing legislation for cryptocurrencies and stablecoins this year. Earlier this year, the administration officials hinted at the possibility of introducing an executive order on cryptocurrencies, which could focus on issues such as money laundering, financial stability, and consumer protection in the rapidly evolving crypto ecosystem.

特朗普政府對今年的加密貨幣和穩定幣的立法表示強烈興趣。今年早些時候，政府官員暗示有可能在快速發展的加密生態系統中提出一項有關加密貨幣的行政命令，該問題可能會重點放在諸如洗錢，財務穩定和消費者保護之類的問題上。

The administration officials also mentioned exploring the creation of a new R3 blockchain initiative, which could be structured as a public-private partnership with a focus on cross-border payments, trade finance, and capital markets.

政府官員還提到了探索新的R3區塊鏈計劃的創建，該計劃可以作為公私合作夥伴關係，重點是跨境支付，貿易融資和資本市場。

As the administration officials navigate the technical and legal complexities of cryptocurrencies, they aim to provide clear guidance and a regulatory framework for responsible innovation in the sector.

隨著政府官員駕駛加密貨幣的技術和法律複雜性，他們旨在提供明確的指導和監管框架，以實現該行業負責任的創新。

The bipartisan nature of the bill and the urgency expressed by the Trump administration in setting a time frame for passing the stablecoin bill nodeliver surprising.

該法案的兩黨性質和特朗普政府在設定了通過Stablecoin Bill Nodeliver的時間範圍內表達的緊迫性。

The Impact of the Bill on the Stablecoin Landscape: Circle's Counterattack Against Tether

該法案對穩定景觀的影響：Circle的針對Tether的反擊

The primary impact of the GENIUS Act is the increase in compliance costs, which will give an advantage to compliant issuers and traditional giants.

《天才法》的主要影響是合規成本的增加，這將為合規的發行人和傳統巨頭帶來優勢。

Currently, the largest stablecoin issuer, Tether, has a market share of over 60% with its USDT, holding an absolute dominant position, but it still has a long way to go in terms of compliance.

目前，最大的Stablecoin發行人Tether的市場份額超過60％，其USDT擁有絕對的主導地位，但就合規性而言，它還有很長的路要走。

Tether is not a domestic U.S. project; its registration, legal entity, and core operations are all overseas. Earlier this year, Tether announced that after obtaining a Digital Asset Service Provider (DASP) license in El Salvador, it would complete all procedures to relocate to El Salvador and establish its headquarters there.

繫繩不是美國國內項目；它的註冊，法律實體和核心行動都在海外。今年早些時候，Tether宣布，在El Salvador獲得了數字資產服務提供商（DASP）許可證後，它將完成所有程序，以搬遷到El Salvador並在那裡建立總部。

Meanwhile, the "Markets in Crypto-Assets Regulation" (MiCA) will come into full effect on December 30, 2024. Tether has not been approved to exit the European market, while Circle, Crypto.com, Société Générale, and other 10 institutions have been authorized to issue euro and dollar stablecoins.

同時，“加密資產管理法規的市場”（MICA）將於2024年12月30日完全生效。尚未批准Tether退出歐洲市場，而Circle，Crypto.com，Crypto.com，Sociétégénérale和其他10個機構已被授權發行Euro和Dollar Stanbablecoins。

Tether is about to face regulatory pressure from the U.S. GENIUS Act. Circle's co-founder Jeremy Allaire advocates that all U.S. dollar-based stablecoin issuers should register in the U.S. for the protection of consumers and to ensure fair competition in the cryptocurrency market.

繫繩將面臨美國天才法案的調節壓力。 Circle的聯合創始人Jeremy Allaire提倡，所有以美元為基礎的Stablecoin發行人應在美國註冊以保護消費者並確保加密貨幣市場的公平競爭。

"If you want to offer your dollar stablecoin in the U.S., you should register in the U.S., as we must do elsewhere," said Allaire, referring to the offshore status of Tether.

Allaire說：“如果您想在美國提供美元穩定幣，應該像我們在其他地方一樣在美國註冊。”

His comments come as the U.S. Senate Banking Committee prepares to vote on the bipartisan "GENIUS Act: Stablecoin legislation," which aims to create a framework for the issuance and regulation of private stablecoins in the U.S.

當美國參議院銀行委員會準備對兩黨“天才法案：穩定法立法”進行投票時，他的評論發表了，該立法旨在為美國的發行和監管創建一個框架

The bill, introduced by Senators Bill Hagerty (R-TN) and Mark Warner (D-VA), would require stablecoin issuers to maintain reserves in liquid assets, such as U.S. Treasury securities or deposits in federally insured banks, in an amount equal to or greater than the outstanding stablecoin balances. It also sets a minimum capital adequacy ratio of 8 percent of their

該法案由參議員Bill Hagerty（R-TN）和Mark Warner（D-VA）提出，要求Stablecoin發行人在液體資產中維持儲量，例如美國財政證券或聯邦保險銀行中的存款，其數量等於或大於出色的STABLECENABLESSABLESABLESSABLESABLICES。它還將其最低資本充足率定為8％