美国货币监理署正就一项新提案征求公众意见，该提案旨在落实《美国稳定币国家创新引导与确立法 案》（GENIUS法案）。 美国货币监理署署长乔纳森・V・古尔德在周三的声明中表示："货币监理署已审慎研究拟议的监管框 架，让稳定币行业能够安全、稳健地发展壮大。" 2025年7月颁布的GENIUS法案是一项具有里程碑意义的立法，为美国支付稳定币建立了首个联邦监管 框架，对发行机构资质、资产储备、资产托管等方面设定了关键要求。 美国货币监理署署长乔纳森・V・古尔德在周三的声明中表示："货币监理署已审慎研究拟议的监管框 架，让稳定币行业能够安全、稳健地发展壮大。" 2025年7月颁布的GENIUS法案是一项具有里程碑意义的立法，为美国支付稳定币建立了首个联邦监管 框架，对发行机构资质、资产储备、资产托管等方面设定了关键要求。 声明称，该提案涵盖货币监理署依据GENIUS法案必须制定的全部监管规则，而与《银行保密法》等其 他法律相关的内容将在单独的规则制定中处理。 货币监理署为该提案设置了60天的意见征求期。 责任编辑：陈钰嘉 美国货币监理署正就一项新提案征求公众意见，该提案旨在落实《美国稳定币国家创新引导与确立法 案》（G ...

Core Insights - The SEC's Division of Trading and Markets has clarified that broker-dealers can treat proprietary positions in qualifying "payment stablecoins" as having a "ready market" and apply a 2% haircut for net capital calculations [1][7] Group 1: SEC Clarification - The SEC staff will not object to a 2% haircut on the market value of the greater of long or short proprietary positions in payment stablecoins, preventing firms from reducing capital charges through offsetting exposures [2][7] - This clarification is significant as it provides a more practical baseline for stablecoins used as transaction rails, moving away from the previously considered 100% haircut [4] Group 2: Rule 15c3-1 - Rule 15c3-1 is the broker-dealer net capital rule that regulates what intermediaries can hold and at what scale, applying haircuts to account for potential losses or liquidity stress [3] - The SEC's guidance aims to ensure that broker-dealers do not hold assets deemed unusable for capital purposes, which was a concern highlighted by Commissioner Hester Peirce [3] Group 3: Scope of Application - The FAQ does not apply to all stablecoins but specifically to "payment stablecoins" that meet defined criteria regarding issuer, backing, redemption terms, and ongoing disclosures [5] - This indicates a focused approach towards compliance-forward stablecoins rather than broad capital relief for the entire stablecoin category [5] Group 4: Additional Clarifications - The haircut update for payment stablecoins was released alongside other clarifications regarding broker-dealer net capital, including guidance on how to treat proprietary Bitcoin or Ether positions for net capital purposes [6][8]

Core Viewpoint - The SEC has updated its guidelines to allow broker-dealers to include stablecoins in their regulatory capital calculations at a 2% haircut, a significant change from the previous 100% discount treatment [1] Group 1: Regulatory Changes - The new SEC guidelines permit broker-dealers to count stablecoin holdings, such as USDC and USDT, at 98% of their book value [1] - This change aims to facilitate broker-dealers in engaging with tokenized securities and other crypto asset-related businesses [1]

Core Viewpoint - The U.S. banking industry is taking a stronger stance against the cryptocurrency sector, leading to a stalemate in important legislative progress in Congress regarding digital assets [1][4]. Group 1: Legislative Developments - The banking sector submitted a document during a closed-door meeting hosted by the White House's cryptocurrency committee, advocating for a ban on institutions paying interest on stablecoin balances [1][4]. - This document has become the basis for discussions on the stalled "2025 Digital Asset Market Clarity Act," which was originally hoped to be passed before the midterm elections [1][4]. - The document states that no entity should provide any form of financial or non-financial consideration to holders of payment stablecoins [2][5]. Group 2: Implications for the Banking Sector - The proposed ban on interest payments on stablecoin balances is seen as a survival threat to the banking industry, particularly impacting mid-sized and community banks, which could weaken their lending capabilities to the real economy [2][5]. - The document warns that allowing interest on stablecoins could lead to deposit outflows, thereby undermining credit availability for the general public [2][5]. Group 3: Industry Reactions - The American Bankers Association and other banking organizations have called for policies that embrace financial innovation without compromising financial stability and local credit support [2][5]. - Executives from cryptocurrency advocacy groups described the discussions as constructive, indicating a willingness to address unresolved issues [2][5]. Group 4: Broader Context - The conflict over stablecoin policies is not the only issue raised by the banking sector regarding cryptocurrencies; there are ongoing efforts to lower the barriers for the crypto industry to apply for banking licenses and accounts within the Federal Reserve payment system [3][6]. - U.S. Treasury Secretary Scott Bentsen emphasized the necessity of passing the "2025 Digital Asset Market Clarity Act" for the continued vitality and development of crypto assets [3][6]. - The Senate Banking Committee has postponed hearings on the stalled bill twice since January, with the latest delay occurring after a key compromise was rejected by Coinbase's CEO [3][6].

Core Viewpoint - Hong Kong is actively advancing the regulation of virtual assets, with significant legislative developments underway [1] Group 1: Regulatory Developments - The "Stablecoin Ordinance" has come into effect, and the Monetary Authority is processing license applications for fiat-backed stablecoin issuers [1] - A regulatory framework for virtual asset trading, custody, advisory, and management services is expected to be submitted to the Legislative Council within this year [1] Group 2: International Compliance - The government plans to implement the OECD's crypto asset reporting framework, with automatic exchange of cross-border tax information anticipated to commence in 2028 [1]

Core Viewpoint - The UK House of Lords Financial Services Regulatory Committee has initiated an investigation into the growth of stablecoins in the UK and proposed regulations, focusing on the development of the global and UK stablecoin market, particularly GBP stablecoins, and their implications for the UK economy and financial services [1] Group 1 - The investigation aims to gather evidence on the opportunities and risks associated with stablecoins, including their impact on monetary policy and financial crime [1] - The deadline for submitting written evidence is set for March 11, 2026 [1] - The inquiry will also assess the proposed regulatory framework by the Bank of England and the Financial Conduct Authority (FCA) [1]

Core Insights - Tether recorded approximately $15 billion in profits in 2025, indicating strong financial performance [1] - Tether's holdings of U.S. Treasury bonds have surpassed those of major economies like South Korea, showcasing its significant asset base [1] - The CEO, Paolo Ardoino, highlighted that the GENIUS Act is establishing a clear regulatory framework for stablecoins, moving them from a niche topic in crypto to mainstream finance [1] - Tether has increased investments in various sectors including data centers, satellites, agriculture, telecommunications, and media, aiming for expansion beyond the financial sector [1]

Core Viewpoint - The anticipated digital asset bill in the Senate has been delayed due to intense debates over stablecoin regulations, leading to growing anxiety in the cryptocurrency industry, which was previously optimistic following Trump's return to the White House [1] Group 1: Legislative Developments - The Senate Banking Committee postponed discussions on the digital asset bill, with Coinbase announcing its withdrawal of support for the latest version of the bill [1] - The bill includes provisions that would restrict cryptocurrency companies from offering yields or rewards on stablecoins held for users, which has faced strong opposition from platforms like Coinbase [1][4] - The delay raises concerns that the U.S. may lag behind other markets in establishing a regulatory framework for stablecoins, which have seen increased usage since the relevant legislation was passed last July [1] Group 2: Market Reactions - Following the news, Coinbase's stock fell by 4%, while shares of stablecoin issuer Circle and cryptocurrency platform Gemini dropped by approximately 5% [4] - The proposed ban on providing yields on stablecoins could disadvantage U.S. regulated cryptocurrency companies compared to their overseas counterparts, as the regulatory terms remain ambiguous [5] Group 3: Industry Perspectives - Executives express that restrictions on rewards could place U.S. cryptocurrency firms at a competitive disadvantage, as unclear regulations may lead to varied interpretations [5] - The unique nature of stablecoin reward mechanisms spans payment settlements, savings-like financial products, and market incentives, complicating the legislative process [4] Group 4: Broader Implications - The U.S. banking sector is cautious about the development of stablecoins, warning that interest-bearing stablecoins could divert traditional bank deposits [6] - Coinbase's strong opposition to the bill highlights the increasing influence of the cryptocurrency industry in Washington, with its CEO Brian Armstrong citing numerous issues with the bill [6] - Despite the delay, some industry experts believe the bill will eventually pass during the current administration, though the final form of the legislation remains uncertain [6]

Core Viewpoint - The Bank of England is considering providing support for stablecoin deposits similar to the guarantees for traditional bank savings to maintain public trust in currency, especially in the event of a stablecoin failure [1][2] Group 1: Regulatory Framework - The Bank of England plans to implement stablecoin regulatory rules by the end of the year to align with regulations being established in the United States [1] - A temporary cap on stablecoin holdings is proposed, with individual limits set at £20,000 for personal accounts and £10 million for corporate accounts [1] Group 2: Financial Stability Measures - Ramsden indicated that a form of insurance plan may be necessary for stablecoins to maintain long-term trust, similar to the insurance plans applicable to bank deposits [1] - The Bank of England suggests that support assets and liquid reserves for addressing financial risks and bankruptcy costs should be placed under statutory trust, with ongoing updates to liquidation plans verified by external auditors [2]

Core Viewpoint - Coinbase is pressuring U.S. lawmakers to retain its ability to offer rewards to users holding stablecoins, fearing that proposed restrictive clauses in an upcoming cryptocurrency bill could severely threaten this business model [2][9]. Regulatory Environment - The upcoming Digital Asset Market Structure Bill is set to enter the revision phase in the Senate, with potential changes that could impact Coinbase's reward system [2][3]. - Current regulatory proposals aim to limit reward issuance to regulated financial institutions, which some in the banking sector support, citing concerns over traditional bank deposit outflows [3][10]. - Coinbase has applied for a national trust license, which would allow it to offer user rewards within a regulatory framework if approved [3][10]. Financial Implications - Coinbase's revenue from rewards is critical, as it shares interest income from user-held USDC with its users, providing a stable income stream during market downturns [4][11]. - The company has a 3.5% reward program through "Coinbase One" to encourage USDC retention, with projections estimating total stablecoin revenue could reach $1.3 billion by 2025 [12]. Legislative Challenges - The ongoing debate over stablecoin rewards is eroding bipartisan support for the market structure bill, with Coinbase warning that it may withdraw support, potentially delaying or derailing the legislation [6][13]. - The GENIUS Act prohibits stablecoin issuers from paying interest on "purely holding tokens," but does not prevent third-party partners like Coinbase from offering rewards [13]. Industry Dynamics - The conflict between the banking sector and the cryptocurrency industry has created a challenging environment for lawmakers, who are under pressure to legislate while facing difficult compromises [14]. - A potential compromise could allow only licensed banks or entities defined as financial institutions to offer rewards on stablecoin balances [14]. - Recent approvals for several crypto companies to become national trust banks have faced backlash from the banking industry, which fears these developments could destabilize the financial system [14].