银河系研究负责人亚历克斯·索恩（Alex Thorn）认为天才法案可以偏爱

输入：Galaxy Research Alex Thorn认为天才法案可以通过允许其在相对灵活的条件下运行来偏爱系绳。

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，该天才法案旨在调节美国的稳定蛋白，可以通过允许其在相对灵活的条件下运行的Tether来支持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，该法案将为Tether在岸上注册，但不需要它继续操作。

Limited restrictions for offshore issuers

离岸发行人的限制有限

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

根据法案的当前文本，如果系塞特选择不根据新框架进行注册，则不会违反任何法律。

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，该法案的当前语言对Tether等未注册的Stablecoin发行人进行了主要限制，包括银行间和解和美国境内的营销。

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

第一个限制目前不是Tether的重大问题，但可能会影响未来在机构融资中的采用。

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.

据报道，第二次限制是在最近的参议院银行委员会会议上作为修正案引入的，它将阻止系绳在美国市场内广告USDT，但不会阻止其在岸上进行交易。

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》提出了一个针对稳定币的监管框架，定义了发行和监督的规则。该法规包括1：1的储备要求，包括美元，保险银行存款或短期财政账单。

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

参议院银行委员会于3月13日在两党支持下批准了该法案。现在很明显参议院投票。

Registration pathways

注册途径

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》似乎提供了一个明确的选择，可以在美国注册为Stablecoin发行人，这可能是通过货币审计长办公室（OCC）。

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

如果选择此路线，Tether可以完全注册USDT或创建一个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未注册，则如果它遵守外国资产控制办公室（OFAC）和金融犯罪执法网络（FINCEN）设定的合规要求，它仍然可以在美国运作。

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补充说，该法案为反洗钱保护提供了基本澄清。如果美国财政部未遵守冻结或抓住资产的合法命令，则只有一个外国，未注册的发行人为不合规。

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.

对于所有未注册的Stablecoin发行人来说，此名称不会自动。 Tether有遵守此类命令的历史，迄今为止至少冻结了2,150个地址，这表明根据《天才法》，它不会立即被归类为不合规的风险。

Additional restrictions

其他限制

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

分析师还强调了该法案的新修正案，这些修正案引发了对近海，未注册的稳定的进一步限制。

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

具体而言，未根据框架注册的实体发行的Stablecoins将不会以会计目的为现金等价物。

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).

他们将不符合经纪交易商，掉期交易商，期货委员会商人（FCMS）或衍生工具清算组织（DCOS）（DCO）的保证金或现金当量处理。

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，这些措施将限制未注册的Stablecoins的财务和机构使用，但不会阻止其存在或阻止在美国市场内进行交易。