POLIR-Laws-Economics-Genius Act of the U.S.A. 美国正式立法: 🇺🇸天才法案:

Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law

Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law
The White House, July 18, 2025


MAKING AMERICA THE LEADER IN DIGITAL ASSETS:

Today, President Donald J. Trump signed the GENIUS Act into law,
a historic piece of legislation that will pave the way for the United States to lead the global digital currency revolution.

  • The GENIUS Act prioritizes consumer protection,
    strengthens the U.S. dollar’s reserve currency status,
    and bolsters our national security.
  • The GENIUS Act will make America the undisputed leader in digital assets,
    bringing massive investment and innovation to our country.

PROTECTING CONSUMERS IN THE DIGITAL MARKET:

President Trump supports the GENIUS Act because,
it protects consumers from nefarious actors in financial markets.

  • This long-overdue legislation creates the first-ever Federal regulatory system for stablecoins,
    ensuring their stability and trust through strong reserve requirements.
  • The GENIUS Act requires 100% reserve backing with liquid assets like U.S. dollars or short-term Treasuries and requires issuers to make monthly, public disclosures of the composition of reserves.
  • Stablecoin issuers must comply with strict marketing rules to protect consumers from deceptive practices.
    Crucially, they are forbidden from making misleading claims that their stablecoins are backed by the U.S. government, federally insured, or legal tender.
  • The GENIUS Act aligns State and Federal stablecoin frameworks,
    ensuring fair and consistent regulation throughout the country.
  • In the event of insolvency of a stablecoin issuer,
    the GENIUS Act prioritizes stablecoin holders’ claims over all other creditors,
    ensuring a final backstop of consumer protection.

ENSURING U.S. DOLLAR GLOBAL RESERVE CURRENCY STATUS:

By driving demand for U.S. Treasuries,
stablecoins will play a crucial role in ensuring the continued global dominance of the U.S. dollar,
as the world’s reserve currency.

  • The GENIUS Act will generate increased demand for U.S. debt,
    and cement the dollar’s status as the global reserve currency,
    by requiring stablecoin issuers to back their assets with Treasuries and U.S. dollars.
  • Additionally, the GENIUS Act will play a key role in attracting more digital asset activity to the country,
    by providing clear rules and promoting responsible innovation in the stablecoin market.

COMBATING ILLICIT ACTIVITY IN DIGITAL ASSETS:

Through regulation and registration of stablecoin issuers,
along with coordination with the Treasury Department on sanctions enforcement,
the GENIUS Act reinforces our national security.

  • The GENIUS Act explicitly subjects stablecoin issuers to the Bank Secrecy Act,
    thereby clearly obligating them to establish effective anti-money laundering and sanctions compliance programs with risk assessments, sanctions list verification, and customer identification.
  • This legislation improves the Treasury Department’s ability to combat illicit stablecoin activities by enhancing its sanctions evasion and money laundering enforcement capabilities.
  • All stablecoin issuers must possess the technical capability to seize, freeze, or burn payment stablecoins when legally required and must comply with lawful orders to do so.

DELIVERING ON PROMISE TO MAKE AMERICA THE CRYPTO CAPITAL OF THE WORLD:

President Trump is fulfilling his campaign promise to position America as the global leader in cryptocurrency.

  • President Trump promised to make the United States the “crypto capital of the world,”
    emphasizing the need to embrace digital assets to drive economic growth and technological leadership.
  • In his first week in office, President Trump signed an Executive Order,
    to promote United States leadership in digital assets.
  • In March, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, positioning the United States as a leader among nations in government digital asset strategy.
  • President Trump has long been a proponent of the GENIUS Act,
    saying it “is going to make America the UNDISPUTED Leader in Digital Assets
    — Nobody will do it better, it is pure GENIUS!
    Digital Assets are the future, and our Nation is going to own it.
    We are talking about MASSIVE Investment, and Big Innovation.
    The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act.
    Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.
    This is American Brilliance at its best, and we are going to show the World,
    how to WIN with Digital Assets like never before!”



一文读懂 GENIUS 法案：监管大幕拉开，谁能走上合规红毯？| 涉外法治宣传

2025-07-19 16:07 来源: 法治上海 发布于：北京市

  • Understand the GENIUS Act in one article｜Regulatory curtain opens, who can walk on the red carpet of compliance?
    一文读懂 GENIUS 法案｜监管大幕拉开，谁能走上合规红毯？

  • Deion: With the passage of the first U.S. stablecoin act looming, how will the industry landscape be reshaped with the coming regulatory sea change?
    描述：美国首部稳定币法案通过在即，监管巨变来袭，行业格局如何重塑？


Introduction引言

  • The stablecoin arena sees renewed turmoil. As stablecoins solidify their position in the cryptocurrency market, mainstream regulatory bodies have rolled out new rules in an effort to strike a balance between safeguarding financial stability and fostering innovation.

  • In this article, Grandway collaborates with BlockSec, to focus on the “GENIUS Act”( the Guiding and Establishing National Innovation for U.S. Stablecoins Act) under discussion in the U.S. Senate. We delve into the compliance challenges faced by Web3 projects under the GENIUS Act and offer targeted and practical solutions.

  • 稳定币江湖风云再起。随着稳定币在加密货币市场的地位日益稳固，
    主流监管机构纷纷出台新规，试图在保护金融稳定与鼓励创新之间找到平衡。

  • 本篇Grandway 联合 BlockSec，聚焦美国参议院讨论的the “GENIUS Act”(Guiding and Establishing National Innovation for U.S. Stablecoins Act，简称GENIUS法案, 《指导与建立美国稳定币国家创新法案》)，深入剖析GENIUS法案背景下Web3项目所面临的合规挑战，并针对性地提供切实可行的解决方案。


GENIUS法案：

The GENIUS Act: Legislative Process and Key Content:立法进程与核心内容


1.1 Key Milestones in the Legislative Process: 立法进程关键节点

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文章配图-1

  • § February 4, 2025: Draft Proposal:
    Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis jointly introduced the draft of the GENIUS Act in the Senate.
    参议员Bill Hagerty、Tim Scott、Kirsten Gillibrand和Cynthia Lummis联合在参议院提出GENIUS法案草案。

  • § March 13, 2025: Senate Banking Committee Approval: 2025年3月13日：参议院银行委员会通过
    The Senate Banking Committee passed the GENIUS Act with bipartisan support (18 votes in favor, 6 against), formally advancing it to the Senate floor. Starting in March 2025, the GENIUS Act underwent multiple rounds of revisions.
    2025年2月4日：提出草案
    参议院银行委员会以18票赞成、6票反对的两党支持率通过了GENIUS法案，将该法案正式递交至参议院。2025年3月起，GENIUS法案经历多轮修订。

  • § May 8, 2025: First Senate Cloture Vote:
    The first cloture motion in the Senate failed with 48 votes in favor and 49 against, falling short of the 60-vote threshold. Democrats unanimously opposed the GENIUS Act, with key controversies, including:

    • Regulatory loopholes for foreign issuers (e.g., risks of sanctions evasion by Iran or North Korea).
    • No restrictions on the Trump family profiting from USD1 stablecoin.
    • Ambiguous rules for tech giants’ entry into the market.

    2025年5月8日：参议院首次终止辩论动议投票
    在参议院首次终止辩论动议投票中，以48票赞成49票反对失败，未达60票门槛，民主党集体反对，争议焦点包括：
    外国发行人监管漏洞（如伊朗、朝鲜规避制裁风险）；
    未限制特朗普家族通过USD1稳定币获利；
    科技巨头准入规则模糊。

  • § May 15–19, 2025: Act Amendments:
    Bipartisan negotiations led to urgent revisions, including but not limited to:

    • Removing direct restrictions on Trump-linked cryptocurrency projects, shifting focus to stronger consumer protections.
    • Requiring foreign issuers to implement transaction-freezing capabilities.

    2025年5月15日-19日：法案修改
    两党紧急协商修订条款，包括但不限于：
    删除针对特朗普加密货币项目的直接限制，转向强化消费者保护；
    要求外国发行人具备交易冻结能力。

  • § May 20, 2025: Second Senate Cloture Vote:
    The second cloture motion passed with 66 votes in favor and 32 against. A revised version of the GENIUS Act was released simultaneously.
    2025年5月20日：参议院二次终止辩论动议投票
    在参议院二次终止辩论动议投票过程，以66票支持、32票反对通过。同时，发布了GENIUS法案的修正案。

  • § June 11, 2025: Third Senate Cloture Vote:
    The third cloture vote on the GENIUS Act and its latest amendments passed with 68 votes in favor and 30 against. This critical milestone brings the U.S. one step closer to establishing its first federal-level stablecoin regulatory framework. Although the GENIUS Act has not yet completed the final legislative process, this vote has cleared a major procedural hurdle.
    2025年6月11日：参议院三次终止辩论动议投票
    在参议院三次终止辩论动议投票，针对GENIUS法案及其最新修正案，以68票支持、30票反对通过。这一关键进展标志着美国距离建立首个联邦层面的稳定币监管框架仅一步之遥，尽管GENIUS法案尚未完成最终立法程序，但此次投票已为其扫清了重要阶段性障碍。

  • § June 11, 2025: Third Senate Cloture Vote
    The third cloture vote on the GENIUS Act and its latest amendments passed with 68 votes in favor and 30 against.
    This critical milestone brings the U.S. one step closer to establishing its first federal-level stablecoin regulatory framework.
    Although the GENIUS Act has not yet completed the final legislative process, this vote has cleared a major procedural hurdle.
    § 2025年6月17日：参议院审议通过
    法案进入参议院的全体辩论和修正程序，最终以68票支持、30票反对通过最终版本。
    这次的 关键里程碑 将带美国🇺🇸朝 "建立它的首部国家级稳定币监管框架" 方向更进一步。

  • § June 17, 2025: considered and passed by the Senate
    The GENIUS ACT proceeded to full Senate debate and amendments,
    ultimately passing its final version by a vote of 68 for and 30 against.

  • § Next Steps: House of Representatives Review
    After Senate approval, the GENIUS Act will move to the House of Representatives, where it requires a simple majority (218 votes) to pass. Given the current Republican slim majority (220:215), the GENIUS Act is expected to have a high chance of House approval.
    § 后续流程：众议院审议
    之后，法案将提交至众议院审议。
    在众议院，法案只需获得简单多数（218票）票数即可通过。
    鉴于当前众议院由共和党占微弱多数（220:215），
    预计GENIUS法案在众议院获得通过的可能性较高。

  • § Next Steps: Presidential Approval
    Once passed by the House, the GENIUS Act will be sent to the President for signature. Considering Trump’s prior commitment to establishing a stablecoin regulatory framework by August 2025, direct approval is likely. However, if the final version includes a clause that “prohibiting the President or immediate family members from holding stakes in stablecoin issuers”, Trump may face political risks or public pressure, potentially leading to a veto or delay.
    § 后续流程：总统批准
    众议院通过法案后，法案将提交总统签字批准。
    考虑到特朗普此前承诺在2025年8月前建立稳定币监管框架，
    因此其直接签署的可能性较高，但如果法案最终版本,
    加入“禁止总统或其直系亲属持有稳定币发行方股份”条款，
    则不排除特朗普迫于政治风险或舆论压力否决或搁置法案的可能。


1.2 Key Revisions in the New Version 新版本调整要点

Compared to the GENIUS Act draft dated February 4, 2025, the newly adopted version incorporates the following major amendments:
对比2025年2月4日的GENIUS法案草案，最新通过的版本主要调整如下：

Core requirements核心要求
Specifics具体内容

Amendment to reserve assets修改储备资产相关规定

Changes to Reserve Asset Types：储备资产类型的变化：

  • Repurchase agreement:
    Repurchase agreements with a maturity of 7 days or less
    → Repurchase agreements with an overnight maturity;
    回购协议：期限不超过7天的回购协议→隔夜到期的回购协议；
  • Reverse repurchase agreements:
    Reverse repurchase agreements with a maturity of 7 days or less
    → Reverse repurchase agreements with an overnight maturity;
    逆回购协议：期限不超过7天的逆回购协议→隔夜到期的逆回购协议；

registered Government money market fund；

  • Money market funds:
    Money market funds that invest solely in underlying reserve assets
    → Registered government money market funds that invest solely in underlying reserve assets
    货币市场基金：投资基础资产的货币市场基金 → 投资基础资产的已注册政府货币市场基金

Central Bank reserve deposits [Delete the provision that allows this type to be used as reserve assets];

央行准备金存款【删除此类型可作为储备资产的规定】；

  • Additional types:
    Money standing to the credit of an account with a Federal Reserve Bank, and Securities issued by an investment company;
    新增类型：联邦储备银行账户的存款、投资公司发行的证券；
  • Additional catch-all provision:
    Any other liquid Federal Government-issued asset approved by the primary Federal payment stablecoin regulator, in consultation with the state payment stablecoin regulator;
    新增兜底规定：
    任何联邦政府发行的且经主要联邦支付稳定币监管机构批准的其他流动性资产（需与州监管机构协商）
  • Additional tokenized custody provision:
    All reserve assets, excluding money received under repurchase agreements and reverse repurchase agreements, may be held in tokenized form.
    新增代币化储存形式：
    除回购协议、逆回购协议项下的资金外，其他储备资产允许以代币化形式储存。

Reserves may only be rehypothecated for the purpose of creating liquidity to meet redemption demands for stablecoins

→ Two additional exceptional cases for reserve asset rehypothecation are introduced:
仅允许储备资产进行再抵押以用于赎回稳定币的流动性需求
→新增两种储备资产再抵押的例外情形：

  • Satisfying margin obligations:
    Rehypothecation is permitted for the purpose of satisfying margin obligations in connection with investments in permitted reserves(repurchase agreement and reverse repurchase agreement);
    满足保证金义务：允许再抵押以履行与储备资产（特指回购协议、逆回购协议）相关的保证金要求；
  • Satisfying obligations associated with the use, receipt, or provision of standard custodial services.
    履行与使用、接收或提供标准托管服务相关的义务。

Refinement of redemption policy细化赎回政策

  • Fees:
    Disclose in plain language all fees associated with purchasing or redeeming the payment stablecoins, provided that such fees can only be changed upon not less than 7 days’ prior notice to consumers;
    赎回费用：必须以简明语言公开披露购买或赎回稳定币的所有费用，费用变更需提前7天通知消费者；
  • Any discretionary limitations on timely redemptions can only be imposed by a stablecoin regulator.
    赎回的限制性措施需由监管机构批准。

Additional transparency and audit requirements

新增透明度与审计要求

  • consolidated total outstanding issuance(未偿付总额)
    超过500亿美元且不受SEC规定的报告义务约束的支付型稳定币发行人，
    需依据公认会计准则编制年度财务报表，在该报表披露所有关联方交易，并进行审计；
  • Monthly reports are required to disclose the total number of outstanding payment stablecoins issued by the issuer, and the breakdown of reserve assets → An additional requirement that the disclosure of the breakdown of reserve assets include the average tenor and geographic location of custody of each category of reserve instruments (e.g., the location of the custodian bank).
    月度报告需披露发行数量、储备资产明细→新增要求储备资产明细的披露包括每类储备工具的平均期限和地理位置（如托管银行所在地）。

Additional state-federal regulatory harmonization

新增州与联邦监管的协调

  • market capitalization）→consolidated total outstanding issuance：
    市值 → 未偿付总额:
    低于100亿美元的支付型稳定币发行人可选择州级监管，
    超过100亿美元的支付型稳定币发行人则需在360天内转为联邦监管，
    但前提是州级监管制度与联邦监管框架基本相似；

  • The Department of the Treasury (the “Treasury”) reviews federal and state regulatory frameworks for similarity
    → The Treasury establishes principles for determining whether federal and state regulatory frameworks are similar, and the Stablecoin Certification Review Committee reviews state regulatory systems for similarity to the federal one;
    财政部审核联邦与州的监管框架是否相似→财政部制定判断联邦与州的监管框架相似与否的原则，Stablecoin Certification Review Committee(稳定币认证审查委员会)审核州监管体系与联邦的相似性；

  • Division of regulators after the transition to the federal supervisory level: Regulated by the Board of Governors of the Federal Reserve System → The state payment stablecoin regulator of the state chartered depository institution and the primary federal payment stablecoin regulator acting jointly administer;
    过渡至联邦监管层面后的监管机构分工：
    由 the Board of Governors of the Federal Reserve System(联邦储备系统的理事会)监管
    →由State chartered depository institution(州特许存款机构)的，
    州支付型稳定币监管机构和主要联邦支付稳定币监管机构共同管理；

  • Additional waiver criteria for not transitioning to federal regulation:
    ① The capital maintained by the state qualified payment stablecoin issuer;
    ② The past operations and examination history of the state qualified payment stablecoin issuer;
    ③ The experience of the state payment stablecoin regulator in supervising payment stablecoin and digital asset activities;
    ④ The supervisory framework, including regulations and guidance, of the state qualified payment stablecoin issuer with respect to payment stablecoins and digital assets.
    新增不过渡至联邦监管的豁免参考因素：
    ①州合格支付型稳定币发行人所持基本金；
    ②州合格支付型稳定币发行人的过往运营和审查历史；
    ③州稳定币监管机构在监督稳定币和数字资产活动方面的经验；
    ④州合格支付型稳定币发行人关于支付稳定币和数字资产的监管框架。

Consumer protection

消费者保护

  • Priority claim in insolvency proceeding:
    The claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority over any other creditor of the permitted payment stablecoin issuer → The claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority over the claims of the permitted payment stablecoin issuer and any other creditor of the permitted payment stablecoin issuer, with respect to required payment stablecoin reserves;
    破产时的优先索赔权：
    稳定币持有人在支付型稳定币发行人破产程序中优先于其他债权人→在支付型稳定币发行人破产时，稳定币持有人仅就储备金的分配优先于支付型稳定币发行人和其他债权人；
  • Additional prohibition on misleading propaganda:
    It is prohibited to promote stablecoins as “guaranteed by the U.S. government” or “legal tender”, and fines shall be imposed for illegal marketing practices.
    新增禁止误导性宣传：禁止将稳定币宣传为“美国政府担保”或“法定货币”，并对违规营销行为处以罚款。

In addition to the aforementioned details, we recommend focusing on:
(i) additional regulatory requirements of foreign payment stablecoin issuers,
(ii) strengthened anti-money laundering (AML) regulations.
除上述细节外，我们建议重点关注：
新增对外国支付型稳定币发行人的监管、
强化反洗钱（AML）监管。


Additional Regulatory Requirements for Foreign Payment Stablecoin Issuers

新增对外国支付型稳定币发行人的监管

  • The GENIUS Act establishes a regulatory framework for foreign payment stablecoin issuers in a foreign country or an overseas territory of the U.S. (e.g., Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, etc.),
    with the core of the regulation being a "Registration System" and a "Determination of Regulatory Equivalence"
    “Registration System” means that:
    the foreign payment stablecoin issuer must be registered with the Office of the Comptroller of the Currency (the “Comptroller”) and meet strict compliance requirements before it may offer or sell payment stablecoins in the U.S. through a U.S. digital asset service provider.
    “Determination of Regulatory Equivalence” means that:
    after a foreign payment stablecoin issuer submits an application for registration to the Comptroller,
    the Comptroller will review the foreign payment stablecoin issuer’s application for registration based on factors such as :
    (i) the Treasury’s determination of the equivalence of the regulatory system of the country in which the foreign payment stablecoin issuer is located to that of the U.S.,
    (ii) the financial and managerial resources of the U.S. operations of the foreign payment stablecoin issuer,
    (iii) whether the foreign payment stablecoin issuer will provide adequate information,
    (iv) whether the foreign payment stablecoin presents a risk to the financial stability of the U.S.,
    (v) whether the foreign payment stablecoin issuer presents illicit finance risks to the U.S.
    GENIUS法案为在境外或美国海外属地, 如波多黎各、关岛、美属萨摩亚、美属维尔京群岛等,
    成立的外国支付型稳定币发行人设定了监管框架，监管核心在于“注册制”和“监管等效性认定”。
    “注册制”是指:
    外国支付型稳定币发行人须向货币监理署注册并满足严格合规要求，
    方可通过美国数字资产服务提供商在美提供或销售支付稳定币。
    “监管等效性认定”是指：
    外国支付型稳定币发行人向货币监理署提交注册申请后，
    货币监理署会对该外国支付型稳定币发行人的注册申请进行审核，审核因素包括：
    (i) 财政部对外国支付型稳定币所在国监管体系与美国是否相当的认定、
    (ii)外国支付型稳定币发行人在美国的财务与管理能力、
    (iii) 外国支付型稳定币发行人所提交审核材料的透明度、
    (iv) 发行行为可能对美国金融稳定性产生的风险、
    (v)发行行为涉及非法金融风险活动的可能性。
  • In addition, foreign payment stablecoin issuers are required to ensure that they hold sufficient reserves to respond to redemption demands from users in the U.S. Reserves in the U.S. may be exempted if they are located in a country with a regulatory regime that the Treasury determines to be comparable to that of the U.S., and if there are reciprocity provisions between their country and the U.S., but they will still need to have the technical capacity to regulate.
    此外，外国支付型稳定币发行人需确保持有充足的储备金，
    以应对美国用户的赎回需求。若其所在国家的监管制度被财政部认定为与美国相当，
    且其所在国家与美国存在互惠规定，则可豁免在美国的储备金，但仍需具备监管的技术能力。

Strengthened Anti-Money Laundering (AML) Regulations

强化反洗钱（AML）监管

The GENIUS Act introduces two new sections—AML Protections and AML Innovation—to comprehensively enhance AML regulation.
GENIUS法案整体上新增反洗钱保护和反洗钱创新两个条款，强化反洗钱监管。

  • AML Protections
    As far as AML Protections is concerned, compared to the original version, which only briefly mentioned the AML compliance requirements for foreign payment stablecoin issuers in accordance with the principle of international reciprocity, the new act sets out in detail the AML compliance requirements for foreign payment stablecoin issuers, penalizes those who do not comply, and also provides for the waiver mechanism.
    反洗钱保护
    就反洗钱保护而言，相较于原版本仅简单提及按照国际互惠原则处理外国支付型稳定币发行人的反洗钱合规要求，新法案详细规定了外国支付型稳定币发行人的反洗钱合规要求，对不合规的发行人进行处罚，同时也规定了豁免机制。

  • Compliance Requirements for Foreign Payment Stablecoin Issuers
    The payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered, sold, or otherwise made available for trading in the U.S. unless the foreign payment stablecoin issuer has the technological capability to comply and complies with the terms of any “lawful orders”. These lawful orders may include freezing, seizing, or blocking the transfer of specific stablecoins.
    外国支付型稳定币发行人的合规要求
    外国支付型稳定币发行人若想在美国公开提供、销售或交易其稳定币，
    必须证明其具备技术能力并愿意遵守美国的“合法命令”（lawful order）。
    这些合法命令可能包括冻结、扣押或阻止特定稳定币的转移。

Determination of Noncompliance and Penalties不合规的认定与处罚

财政部有权将不符合合规要求的外国支付型稳定币发行人列入违法名单并公布名单，
并禁止数字资产服务提供商为不合规外国支付型稳定币发行人的稳定币交易提供二级市场交易服务。
违反此规定的数字资产服务提供商将面临每天最高10万美元的罚款，
而外国支付型稳定币发行人则可能面临每天最高100万美元的罚款，甚至被禁止在美国从事金融交易。
此外，GENIUS法案还赋予财政部对不合规外国支付型稳定币发行人提起民事诉讼的权利，
以追缴前述罚款、申请禁令禁止外国支付型稳定币发行人参与涉美金融交易，
及要求数字资产服务商下架该发行人的支付稳定币。

The foreign payment stablecoin issuers need to invest more resources in meeting U.S. technical and compliance requirements. This may lead some small issuers to withdraw from the U.S. market. Otherwise, they may face high fines, which may prompt industry consolidation, and only large compliant platforms can survive.
外国支付型稳定币发行人需投入更多资源以满足美国的技术和合规要求，可能导致部分小型发行人退出美国市场，否则可能面临高额罚款，这可能促使行业整合，只有大型合规平台能够生存。

Waiver

The Treasury may exempt certain entities or transactions based on special circumstances. Such exemptions may relate to factors such as national security, the need for intelligence and law enforcement activities, and the fact that the foreign issuer is taking tangible steps to remedy the noncompliance.
豁免与例外
美国财政部可以根据特殊情况豁免某些实体或交易。该等豁免情形可能涉及以下因素：国家安全、情报和执法活动需求、外国发行人正在采取实质措施补救不合规行为。

AML Innovation

The AML Innovation section focuses on the use of innovative technologies to enhance the ability to detect and circumvent illicit activity such as money laundering, involving digital assets. The measures are as follows:
反洗钱创新
反洗钱创新部分则聚焦于利用创新技术提升检测与规避包括反洗钱在内的数字资产非法活动的能力，具体措施包括：

Public Comment

Beginning on the date that is 30 days after the date of enactment of the GENIUS Act, and for a period of 60 days thereafter, the Treasury shall seek public comment to identify innovative or novel methods, techniques, or strategies that regulated financial institutions use, or have the potential to use, to detect illicit activity, such as money laundering, involving digital assets. These comments may involve application program interfaces (APIs), artificial intelligence (AI), digital identity verification, and use of blockchain technology and monitoring.

The adoption of API, AI and blockchain technology and monitoring will drive regulators to transition from traditional manual review to automated regulation, improving the efficiency of AML review and regulation.

公众意见征集与研究
采用API、AI和区块链监控技术将推动监管机构从传统人工审查向自动化监管过渡，提高反洗钱审查与监管效率。

Research and Evaluation

研究与评估

Following the close of the public comment period described above, the Treasury shall conduct a study based on the public comments. the Financial Crimes Enforcement Network (“FinCEN”) will evaluate the innovative approaches mentioned in the public comments, comparing them to existing approaches to determine their advancement in terms of regulatory effectiveness, cost, privacy risk, operational efficiency, and cybersecurity impact. As a result of the evaluation, FinCEN will develop specific guidance for regulated financial institutions to use the innovative methods to detect illicit activity in digital assets, operational specifications for payment stablecoin issuers to identify and report illicit activity involving their payment stablecoins, and operational specifications for payment stablecoin issuers to monitor blockchain trading systems and practices.

Risk Assessment and National Strategy

风险评估与国家战略

The Treasury needs to incorporate the national strategy for combating terrorist and other illicit financing required under the Countering America’s Adversaries Through Sanctions Act into the regulation of illicit activities with digital assets, focusing on the use of digital assets in money laundering and sanctions evasion and high-risk behavior in foreign jurisdictions that facilitates illicit activity through the use of digital assets to acquire legal tender.
财政部需将《通过制裁打击美国对手法案》（Countering America’s Adversaries Through Sanctions Act）要求的国家反恐和非法融资战略纳入数字资产非法活动监管中，关注数字资产在洗钱和制裁规避中的使用情况和外国司法管辖区内存在的通过使用数字资产获取法定货币来促进非法活动的高风险行为。

Congressional Reports

国会报告
The Treasury will submit periodic reports to Congress on the results of research on innovative testing technologies, progress in technology implementation, and submit legislative and regulatory proposals.
财政部将定期向国会提交报告，汇报对创新检测技术的研究成果和技术实施进展、提出立法建议。

Compliance Challenges Faced by Different Types of Projects

不同类型项目面临的合规挑战

The GENIUS Act has a broad scope of impact, but the severity of compliance challenges faced by different types of Web3 projects varies significantly. The following analyzes the specific challenges faced by various project categories, ordered from most to least severe impact.

GENIUS法案的影响范围广泛，但不同类型的Web3项目面临的合规挑战严重程度存在显著差异。以下按照影响程度从重到轻的顺序，分析各类项目方面临的具体挑战。



2.1 Direct Impact: Stablecoin Issuers

直接影响：稳定币发行方

主流稳定币发行方作为GENIUS法案的核心监管对象，面临最严格的合规要求和最高的实施成本。
这些项目必须在120天内获得联邦或州许可，建立100%储备支持体系，实施月度公开披露，并具备实时冻结资产的技术能力。
对于市值超过500亿美元的大型发行方，还需要接受年度审计和增强报告要求。
合规成本预计在800万至2000万美元的初始投资，以及每年300万至1000万美元的持续运营成本。

Algorithmic and decentralized stablecoin projects,
while potentially not directly subject to traditional reserve requirements,
face uncertainty in regulatory classification.

These projects need to reassess their governance structures, technical architectures, and compliance strategies to determine whether adjustments to existing models are necessary to meet regulatory requirements. Particularly, stablecoin mechanisms involving yield generation may be classified as securities, subjecting them to SEC oversight.

算法和去中心化稳定币项目虽然可能不直接受到传统储备要求约束，但面临监管分类的不确定性。
这些项目需要重新评估其治理结构、技术架构和合规策略，以确定是否需要调整现有模式来适应监管要求。
特别是涉及收益生成的稳定币机制可能被归类为证券，面临SEC监管。

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2.2 Heavy Impact: Core DeFi Protocols

DeFi lending protocols face fundamental adjustments to their business models,
particularly as the prohibition on yield-bearing stablecoins will force these protocols to redesign their product architectures.
Protocols need to remove or restructure strategies based on yield-bearing stablecoins,
adjust interest rate models, and ensure all integrated stablecoins come from compliant issuers.
These projects also need to implement enhanced transaction monitoring and reporting mechanisms to comply with AML requirements.
DeFi yield protocolsface the most direct impact, as their core business model—providing yield on stablecoins—may be classified as securities issuance. These protocols need to completely redesign their product portfolios, remove strategies based on non-compliant stablecoins, or seek new models for operating within the regulatory framework.

2.2 重度影响：DeFi核心协议
DeFi借贷协议面临业务模式的根本性调整，
特别是禁止收益型稳定币将迫使这些协议重新设计其产品架构。
协议需要移除或重构基于收益型稳定币的策略，调整利率模型，并确保所有集成的稳定币都来自合规发行方。这类项目还需要实施增强的交易监控和报告机制，以符合AML要求。
DeFi收益协议受到的冲击最为直接，因为其核心业务模式——为稳定币提供收益——可能被归类为证券发行。这些协议需要彻底重新设计其产品组合，移除基于非合规稳定币的策略，或者寻求在监管框架内运营的新模式。


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2.3 Moderate Impact: Decentralized Exchanges and International Exchanges

Decentralized exchanges (DEXs)relatively benefit from regulatory asymmetry, as GENIUS primarily targets issuers rather than trading platforms. However, these platforms still need to adjust their front.

2.3 中度影响：去中心化交易所和国际交易所
DEX(去中心化交易所) 相对受益于监管的不对称性，因为GENIUS主要针对发行方而非交易平台。
然而，这些平台仍需要调整其前端接口以标识合规稳定币，

可能需要实施合规稳定币优先策略，并在路由算法考虑合规因素。
专注于稳定币交易的DEX（如Curve）面临更直接的影响，需要重新配置流动性池结构。

posted @ 2026-07-11 13:27  abaelhe  阅读(4)  评论(0)    收藏  举报