#GENIUS稳定币法案
On **Tuesday, June 17, 2025**, the U.S. Senate passed a landmark piece of legislation aimed at regulating stablecoins by an overwhelming majority of **68 votes to 30**. This bill is known as the **“GENIUS Act”** (Guiding and Establishing National Innovation for U.S. Stablecoins).
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**Core Contents and Regulatory Framework of the Bill:**
* **Clear Definitions and Regulations:** The core of the GENIUS Act is to establish a clear **regulatory framework and consumer protection measures** for dollar-pegged payment stablecoins. It explicitly states that payment stablecoins are **not securities or commodities**, nor are they national currencies or deposits, and do not provide yield payments.
* **Licensing Issuers:** The bill will establish a regulatory and enforcement system that authorizes **“Licensed Payment Stablecoin Issuers (PPSIs)”** as approved digital asset issuers. Entities that are not registered as PPSIs are prohibited from issuing payment stablecoins.
* **Comprehensive Regulatory Structure:** The bill sets up a comprehensive legal framework covering the use of payment stablecoins, including:
* **Reserve and Redemption Requirements:** Ensuring stablecoins have sufficient reserves to support them and can be redeemed at any time.
* **Monthly Reporting:** Requiring PPSIs to submit monthly reports through registered accounting firms.
* **Anti-Money Laundering and Bank Secrecy Act Requirements:** Strengthening compliance with AML and BSA.
* **Consumer Protection:** Including prohibitions on tying and deceptive marketing practices.
* **Integration of Federal and State Regulation:** Establishing a regulatory implementation mechanism that integrates federal and state oversight, allocating supervisory and enforcement authority based on the type of entity (bank or non-bank) and size (entities with assets exceeding $10 billion).
* **Bankruptcy Rules:** Establishing bankruptcy rules for issuers and stablecoin custodians.
* **Implementation Details:** If the bill takes effect, the Secretary of the Treasury will seek public input within 30 days to identify innovative methods for detecting illegal activities and incorporate this feedback into the guidance or rule-making of the enforcement network (FinCEN).