#美国稳定币法案

In 2025, the United States took significant steps in stablecoin regulation. On March 13, local time, the U.S. Senate Banking Committee passed the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (the "GENIUS Act") with a vote of 18 to 6, marking an important milestone towards legal enactment. This legislation will regulate U.S. stablecoin issuers at the federal level. The bill focuses on payment stablecoins, aiming to build a clear regulatory framework that ensures transparency, accountability, and consumer rights while promoting their regulated use in the digital economy.

The bill explicitly defines payment stablecoins, requiring them to be denominated in national currency, with issuers committing to redeem at a fixed amount, and not classified as national currency or securities from investment companies. Eligibility for issuance is strictly limited to approved subsidiary institutions of insured deposit institutions and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, covering U.S. dollar cash, Federal Reserve bank deposits, short-term U.S. Treasury securities, etc. A reserve composition report must be published monthly and audited by an independent accounting firm, with written certification from the CEO and CFO. In terms of custody, only federally or state-regulated financial institutions may provide services, with client assets taking priority and prohibited from being included in the issuer's balance sheet. Regulatory violations may result in suspension of eligibility, cease and desist orders, civil fines, or even criminal penalties.