#美国稳定币法案 US Stablecoin Bill: A New Dawn for the Crypto Market?

Recently, the advancement of the US stablecoin bill has become the focus in the field of cryptocurrency. On March 13 local time, the US Senate Banking Committee passed the "Guidance and Establishment of the US Stablecoin National Innovation Act" (GENIUS Act) with a vote of 18 to 6, constructing a federal legal framework for stablecoin regulation.

The bill clearly defines "payment stablecoins" as digital assets pegged to fixed currency value and used as a means of payment or settlement, limiting issuance to specific institutions, such as subsidiaries of insured deposit institutions, federally recognized non-bank stablecoin issuers, etc. A tiered regulatory system is implemented for issuers of different market capitalizations, and issuers must adhere to strict regulatory standards covering capital adequacy, liquidity, and risk management requirements, comply with anti-money laundering regulations, hold high-quality liquid asset reserves in a 1:1 ratio, and publicly disclose reserve composition and redemption policies monthly, with reserves not to be pledged or reused, but only for liquidity during reasonable redemptions.

Previously, the US House of Representatives also proposed a revised version of the "Stablecoin Transparency and Accountability Promotion Ledger Economy Act" (STABLE Act). This bill aims to establish a federal framework for the issuance of payment stablecoins, categorizing qualified issuing entities into three types: federally regulated entities, non-bank entities approved by the Office of the Comptroller of the Currency, and state-licensed entities operating under a certification system. It requires verification of monthly reserve proof by registered public accounting firms and mandates that the CEO and CFO certify the accuracy of reports.

The advancement of the US stablecoin bill is expected to reduce regulatory uncertainty, enhance investor trust in the stablecoin market, attract more capital inflows, and provide a favorable environment for industry innovation. However, the subsequent legislative path for the bill still faces challenges, needing at least 60 votes of support in the Senate, passage in the House of Representatives, and coordination of differences between the two chambers' versions, ultimately requiring the President's signature to become law.