《天才法》可能掩盖了一个重大发展：美国第一项稳定法案的进展

最近对CZ和BNB链的兴奋可能掩盖了一个重大发展：美国第一项Stablecoin法案的主要进步。

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.

最近对CZ和BNB链的兴奋可能掩盖了一个重大发展：美国第一项Stablecoin法案的主要进步。

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，当地时间，美国参议院银行委员会通过18至6票通过了“美国Stablecoin国家创新法的指导和建立”（称为“天才法案”）。该法案现在至少需要60票，在全部参议院中至少需要访问众议院进行审查，并由特朗普总统签署。

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.

先前的报道表明，特朗普政府将8月定为通过Stablecoin法案的截止日期。该法案旨在为美国发行和监管私人稳定的框架创建一个框架，涵盖资本需求，风险管理和消费者保护等方面。

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.

该稳定法案的倡议来自两党参议员比尔·哈格蒂（Bill Hagerty）和马克·华纳（Mark Warner），他们于去年12月共同介绍了两党“天才法案：Stablecoin立法”。该法案提出了一个针对私人稳定的新监管框架，旨在促进金融部门的创新，同时维护消费者和更广泛的经济。

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.

该法案规定，Stablecoin发行人持有高质量的流动资产，其金额等于或大于未偿还的Stablecoin余额，其中包括美国财政部证券，包括美国财政部证券，联邦保险银行的存款以及货币市场基金。符合联邦银行组织的监管标准，将要求Stablecoin发行人保持其总资产的最低资本充足率的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.

该立法还包括有关消费者保护的规定，要求Stablecoin发行人向消费者提供有关其稳定的条款和条件的清晰简明披露。它进一步授予联邦贸易委员会（FTC）追求Stablecoin发行人的任何欺骗性或不公平行为或做法的权力。

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.

特朗普政府对今年的加密货币和稳定币的立法表示强烈兴趣。今年早些时候，政府官员暗示有可能在快速发展的加密生态系统中提出一项有关加密货币的行政命令，该问题可能会重点放在诸如洗钱，财务稳定和消费者保护之类的问题上。

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.

政府官员还提到了探索新的R3区块链计划的创建，该计划可以作为公私合作伙伴关系，重点是跨境支付，贸易融资和资本市场。

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.

随着政府官员驾驶加密货币的技术和法律复杂性，他们旨在提供明确的指导和监管框架，以实现该行业负责任的创新。

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.

该法案的两党性质和特朗普政府在设定了通过Stablecoin Bill Nodeliver的时间范围内表达的紧迫性。

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

该法案对稳定景观的影响：Circle的针对Tether的反击

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》的主要影响是合规成本的增加，这将为合规的发行人和传统巨头带来优势。

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发行人Tether的市场份额超过60％，其USDT拥有绝对的主导地位，但就合规性而言，它还有很长的路要走。

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.

系绳不是美国国内项目；它的注册，法律实体和核心行动都在海外。今年早些时候，Tether宣布，在El Salvador获得了数字资产服务提供商（DASP）许可证后，它将完成所有程序，以搬迁到El Salvador并在那里建立总部。

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.

同时，“加密资产管理法规的市场”（MICA）将于2024年12月30日完全生效。尚未批准Tether退出欧洲市场，而Circle，Crypto.com，Crypto.com，Sociétégénérale和其他10个机构已被授权发行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.

系绳将面临美国天才法案的调节压力。 Circle的联合创始人Jeremy Allaire提倡，所有以美元为基础的Stablecoin发行人应在美国注册以保护消费者并确保加密货币市场的公平竞争。

"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说：“如果您想在美国提供美元稳定币，应该像我们在其他地方一样在美国注册。”

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.

当美国参议院银行委员会准备对两党“天才法案：稳定法立法”进行投票时，他的评论发表了，该立法旨在为美国的发行和监管创建一个框架

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

该法案由参议员Bill Hagerty（R-TN）和Mark Warner（D-VA）提出，要求Stablecoin发行人在液体资产中维持储量，例如美国财政证券或联邦保险银行中的存款，其数量等于或大于出色的STABLECENABLESSABLESABLESSABLESABLICES。它还将其最低资本充足率定为8％