#GENIUS稳定币法案
1. Bill Overview
Full Name: "Guidance and Establishment of the National Stablecoin Innovation Act" (GENIUS Act), is the first major cryptocurrency legislation passed by the U.S. Senate, aimed at establishing a federal regulatory framework for stablecoins.
Voting Result: Passed with bipartisan support by a vote of 68 in favor and 30 against, although some Democrats opposed it due to insufficient regulatory strength.
Core Objective: Eliminate regulatory uncertainty in the cryptocurrency sector, strengthen the dominance of the U.S. dollar in stablecoins, and promote compliant industry development.
2. Regulatory Content
Reserve Asset Requirements: Stablecoin issuers must fully back their stablecoins with liquid assets such as U.S. dollars, short-term government bonds, and central bank reserves to ensure redemption stability.
Issuer Obligations: Clarify the qualifications of issuing institutions and their responsibilities towards token holders; issuers with a market capitalization exceeding $50 billion must undergo annual audits.
Risk Management: Standardize the division of regulatory responsibilities between federal and state authorities, enhance information disclosure and transparency, and prevent misuse.
3. Market Impact
Industry Significance: If the bill takes effect, it will fill a long-standing regulatory gap and serve as an important catalyst for institutional entry and the compliance of stablecoins.
Global Context: The European Union has passed the "Markets in Crypto-Assets Regulation" (MiCA), and the UK is also developing standards for stablecoin peg mechanisms; this move by the U.S. may enhance its competitiveness in this field.
Institutional Dynamics: Traditional financial institutions such as JPMorgan are accelerating their digital asset strategies, launching a more compliant "deposit token" JPMD.
4. Subsequent Process
Legislative Steps: The bill must be submitted to the House of Representatives for review and may face coordination issues with the House version of the "Stablecoin Transparency and Accountability for a Better Ledger Economy Act".
Effectiveness Conditions: It requires the President's signature to become law.
5. Controversies and Challenges
Opposition Opinions: Some Democrats criticize the bill for insufficient regulation and a lack of strict oversight mechanisms.
International Provisions: Includes provisions for foreign issuers and priority payment in bankruptcy, which may raise cross-border regulatory coordination issues.
Note: Current progress as of June 18, 2025, the bill has not completed all legislative procedures.