STABLE法案

📢To create a clear regulatory framework for stablecoins, the U.S. Congress has proposed a new regulatory bill👀

Recently, the U.S. Congress introduced a new bill called the STABLE Act, officially known as the “2025 Stablecoin Transparency and Accountability Better Ledger Economy Act.” The purpose of this bill is to establish a clear regulatory framework for stablecoins as a type of digital currency, while ensuring the stability of the financial system.

One particularly noteworthy point in the bill is the proposed two-year ban on endogenous collateral stablecoins. The collateral for these stablecoins comes from their own ecosystem or assets within the platform. Legislators are concerned that they may pose risks of liquidity, volatility, and market manipulation.

To better mitigate these risks, the bill requires the Treasury Department to collaborate with institutions like the Federal Reserve, SEC, and OCC to conduct a comprehensive research report. This study will deeply analyze the technology, governance, and reserves of stablecoins, as well as their impact on the market and consumer protection.

The bill also attempts to clarify which institutions can issue stablecoins, requiring them to either be insured deposit institutions or non-bank entities that meet strict standards. Issuers will also need to disclose financial information monthly, undergo independent audits, and develop risk management plans.

Steil, the chairman of the Digital Assets Subcommittee, stated that through this bill, they hope to support innovation, protect consumers and investors, while reinforcing the status of the dollar.

If the bill passes, regulators will have 180 days to formulate rules, followed by an 18-month transition period, and finally full implementation.

🗣️Conclusion:

It is worth noting that similar bills have previously been proposed by senators, known as the GENIUS Act, also aimed at regulating stablecoins and promoting financial innovation.

The introduction of the STABLE Act marks the U.S. government's active exploration in the regulation of digital currency, aiming to balance innovation with risk and ensure the stability of the financial market.

However, in the wave of digitization, how to protect consumer rights and promote financial innovation has also become an important issue faced by regulatory agencies in various countries.

💬What impacts do you think these new regulations will have on the stablecoin market? Share your thoughts in the comments section!

#稳定币 #加密货币监管 #STABLE法案

U.S. Stablecoin Regulatory Dual-Track System: Analyzing the Path Differences of the STABLE Act and the GENIUS Act

Recently, two major bills in the U.S. Congress regarding stablecoin regulation have drawn market attention. The STABLE Act proposed by the House of Representatives and the GENIUS Act promoted by the Senate exhibit distinctly different regulatory approaches.

In simple terms, the STABLE Act adopts a more conservative regulatory stance, requiring stablecoin issuers to maintain a 1:1 reserve of cash, U.S. Treasury securities, or highly liquid assets. While there is no issuance cap, it strictly limits the scope of operations, allowing only basic services such as issuance, redemption, and custody, and stipulates that false reporting will face severe penalties.

In contrast, the GENIUS Act places greater emphasis on market efficiency, allowing reserve assets to include reverse repurchase agreements and money market fund investments, and adopting a layered regulatory model. It implements federal regulation for issuers with assets exceeding $10 billion, while granting stablecoin holders priority in bankruptcy repayment.

Currently, the progress of the two bills is uneven. The GENIUS Act has already been passed by the Senate Banking Committee, and the White House has expressed support. Meanwhile, the revised STABLE Act has just been submitted for consideration in the House of Representatives. Market analysis indicates that if the GENIUS Act is ultimately passed, it could attract more institutional investors; whereas the strict regulations of the STABLE Act may stifle industry innovation.

It is worth noting that the compliance rate of reserves among existing major stablecoin issuers is only 66%-83%. Whichever bill is passed will force them to adjust their operating models. This regulatory game not only concerns the development of the U.S. stablecoin market but will also have far-reaching impacts on global cryptocurrency policy.

Do you support the strict risk control of the STABLE Act? Or do you favor the flexible regulation of the GENIUS Act? Leave your thoughts in the comments!

#稳定币监管 #STABLE法案 #GENIUS法案