#创作者冲榜 #Gate广场四月发帖挑战

Is it about to be implemented? -- Three questions about the draft rules for the "Genius Act"

On April 2nd, the U.S. Department of the Treasury released the first proposed rulemaking notice (NPRM) for the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS Act), seeking public comments on the criteria for applying state-level regulatory frameworks to small-scale stablecoin issuers.

What does the draft contain?

The proposal aims to clarify that stablecoin issuers with an issuance scale below $10 billion can choose to be regulated at the state level instead of under a comprehensive federal framework when the state regulatory system is "substantially similar" to the federal framework. The public will have a 60-day comment period after the rule is published in the Federal Register.

What is the core focus?

1. Emphasize and clarify the definition and legal status of payment stablecoins

The bill defines "payment stablecoins" as digital assets used for payments or settlements, anchored 1:1 to a fixed currency value (such as the US dollar), with issuers committed to maintaining their value stability.

It clarifies that compliant issuance of payment stablecoins does not constitute securities or commodities, avoiding regulatory overlap and providing a clear legal pathway for their use as payment tools.

2. Tiered regulatory framework (Federal vs. State)

Institutions with issuance scales exceeding $10 billion are regulated by federal agencies such as the Federal Reserve and the Office of the Comptroller of the Currency (OCC);

Smaller issuers are managed by state regulators, provided that the state regulations are deemed "substantially similar."

This dual-layer structure reflects the characteristics of the U.S. federal system, balancing unity and flexibility.

3. Strengthen compliance and transparency

Require regular audits and monthly disclosures of reserve compositions;

Establish anti-money laundering (AML) and counter-terrorism financing mechanisms;

Allow regulators to freeze or confiscate illegally held stablecoins.

What impact could this have on the crypto industry?

1. Favor compliance stablecoins, boost market confidence

Mainstream stablecoins like USDC and USDT will benefit from clearer regulation, enhancing trust among investors and institutions.

Leading issuers such as Circle and Tether are expected to obtain the first licenses, consolidating their market positions.

2. Promote the development of Web3 and DeFi ecosystems

As the "blood" of decentralized finance (DeFi), the compliance of stablecoins will attract more traditional capital into on-chain financial systems.

It will facilitate the tokenization, financing, and circulation of real-world assets (RWA).

3. Suppress algorithmic stablecoins and projects outside the US

Algorithmic stablecoins like TerraUSD are excluded, reducing systemic risks;

Overseas issuers face higher entry barriers, possibly prompting some projects to shift to regulation-friendly regions like Hong Kong and Singapore.

4. Strengthen the dollar’s dominance in the global digital economy

Mandating stablecoins to be pegged to the dollar and US Treasuries may increase demand for US debt, indirectly easing debt pressures;

Promote the continued leadership of the dollar in cross-border payments and smart contract settlements.

5. Limit tech giants and control the trend of financial decentralization

Tech companies will find it difficult to dominate the payment ecosystem, preventing "digital monopolies";

At the same time, these restrictions encourage enterprises to explore compliant partnership paths, such as joint issuance with licensed institutions.