#GENIUS稳定币法案

The GENIUS Act is a bipartisan stablecoin regulation bill passed by the U.S. Senate on June 17, 2025. The bill establishes a nationwide uniform framework requiring stablecoins to be backed 1:1 by U.S. dollars or highly liquid assets (such as short-term U.S. Treasury securities) and mandates issuers to disclose the composition of reserve assets monthly, with large issuers (those with a market capitalization exceeding $50 billion) undergoing annual audits, while also integrating anti-money laundering monitoring and payment processing regulatory systems. The bill stipulates that in the event of issuer bankruptcy, coin holders are prioritized in the claims process. The bill authorizes multiple regulatory agencies to participate in enforcement, including the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, and allows for state regulatory intervention, which raises concerns about efficiency and regulatory weight. Additionally, it prohibits members of Congress and high-level officials from holding stablecoins, but does not cover the President and Vice President. The industry generally welcomes it, believing it will facilitate the steady integration of stablecoin payments by large companies (such as Meta, Visa, Walmart); however, critics worry it may lead to volatility in the U.S. Treasury market, regulatory fragmentation, and potential conflicts of interest (such as the USD1 stablecoin held by the Trump family). The bill has now been submitted to the House of Representatives for consideration and will take effect after coordination between the two chambers and presidential signing.