指导和建立国家创新的最新草案为美国稳定法（GENIUS）法案

该草案希望在州和联邦当局之间分配稳定的法规，同时也引入了发行人的新执法和透明度要求。

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.

在周二听证会之前揭幕了《美国稳定法》（GENIUS）的指导和建立国家创新的最新草案，并提出了稳定阶层监督的方法发生重大转变，并在州和联邦机构之间进行分歧，以及新的执法和发行人的透明度措施。

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.

该措施草案是由该法案的发起人撰写的：参议员比尔·哈格蒂（R-TN），蒂姆·斯科特（R-SC），参议院银行委员会主席，柯斯滕·吉利布兰（D-NY），辛西娅·卢米斯（Cynthia Lummis），辛西娅·卢米斯（Cynthia Lummis）和安吉拉·阿尔索布鲁克（Angela Alsobrooks）（D-MD）。该法案最初是由Hagerty于2月推出的。

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

Blockworks看到的更新的账单包括对稳定币的州监管机构的修改阈值。

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，州监管机构将在12个月的滚动期间停止以50亿美元的总额为50亿美元。但是，《天才法案》的最新草案提议提高100亿美元的门槛。

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.

在这个门槛下，联邦监管机构将成为主要监管机构，尽管州监管机构将继续与联邦机构合作，直到滚动12个月的滚动期限为150亿美元的Stablecoins的总销售总额为150亿美元。

At this point, federal regulatory authority would become exclusive.

在这一点上，联邦监管机构将成为独家。

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.

该法案的最新草案还包括豁免程序，如果符合特定的标准，则允许大型发行人仅在州监督下。

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.

为了获得豁免并保持州监督，斯塔布莱币发行人必须证明资本强劲，良好的记录，并受到法案所谓的经验丰富的州监管机构的监督。

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.

如果发行人不符合这些要求，他们将受到联邦监督，并受到与联邦银行所面临的相同资本和流动性要求的约束。

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.

更新的法案还引入了发行人的新透明度和披露要求。发行人将被要求发布每月的流动性报告，详细说明其储备金的组成，包括未偿还的稳定股数量。

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

根据该法案的最新版本，储备金必须为美国货币，需求存款，国库或其他“批准的资产”。

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.

发行人还必须建立机制，以允许他们遵守冻结交易的命令，并授予财政部长阻止和禁止涉及外国人或实体发行的稳定的交易的权力。

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.

虽然该法案的较早版本确实有与增强的了解您的客户（KYC）和反洗钱（AML）要求有关的规定，但该法案的更新版本明确地将Stablecoin发行人指定为用于AML的财务机构，以要求他们建立合规性计划并在高价交易中建立适当的计划。

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

该法案现在等待参议院银行委员会的修正案，然后转介参议院进行辩论和最终投票。