Core Points - The article discusses the recently enacted U.S. Stablecoin Act of 2025, which aims to regulate stablecoins and provide a framework for their development and integration into the financial system [2][3][10]. Summary by Sections Act Overview - The U.S. Stablecoin Act, also known as the GENIUS Act, consists of 16 articles that define key terms related to stablecoins and outline the regulatory framework for their issuance and management [3][4]. Definitions and Regulatory Bodies - Key definitions include digital assets, currency value, national currency, and payment stablecoins, clarifying that payment stablecoins are not considered national currency [3][4]. - The act designates regulatory bodies such as the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation to oversee stablecoin activities [4]. Issuance and Compliance Requirements - Only licensed payment stablecoin issuers are permitted to issue stablecoins, with strict requirements for maintaining reserves at a minimum ratio of 1:1 [5][6]. - Monthly audits by registered public accounting firms are mandated to ensure compliance with disclosure and reserve requirements [5]. Consumer Protection and Bankruptcy Provisions - The act includes provisions for consumer protection, ensuring that holders of stablecoins have priority claims in the event of issuer bankruptcy [6][8]. Research and Reporting - The act mandates research on endogenous collateralized stablecoins and requires annual reports on the development of the stablecoin industry [7][8]. Legal Clarifications and International Cooperation - The act clarifies that payment stablecoins are neither securities nor commodities, amending several existing laws to reflect this [8][9]. - It encourages international cooperation by establishing reciprocal arrangements with jurisdictions that have similar stablecoin regulations [9]. Implications for Financial Innovation - The act highlights the importance of embracing financial technology innovations, particularly in the context of decentralized finance (DeFi) and Web 3.0 applications [10]. - It raises concerns about the risks associated with stablecoins and emphasizes the need for trust in central bank digital currencies (CBDCs) as a more stable alternative [10][11]. Call for International Monetary Reform - The article advocates for reforms in the international monetary system, suggesting that the stablecoin market could drive changes towards a more equitable global financial framework [11].
专栏作家 | 美国稳定币法案的研读与启示
Sou Hu Cai Jing·2025-08-27 09:52