Treasury Proposes Stablecoin Rules Under GENIUS Act

What the GENIUS Act Set Up

《GENIUS法案》确立了哪些内容

The GENIUS Act, signed into law last year, was designed to create a federal framework for stablecoins — digital tokens that aim to hold a steady value, usually pegged to the U.S. dollar. The law itself didn't spell out every term or assign every enforcement role. It handed that job to the Treasury and other regulators, and the new proposal is the result.

去年签署成为法律的《GENIUS法案》旨在为稳定币创建一个联邦框架——稳定币是一种旨在保持价值稳定的数字代币，通常与美元挂钩。该法律本身并未明确所有术语或分配所有执法角色，而是将这些工作交给了财政部和其他监管机构，新提案就是这一工作的成果。

The rule would establish a single federal definition of a stablecoin, a term that has been interpreted differently across states and agencies. It would also lay out which government bodies have jurisdiction over issuers, from federal banking regulators to state-level authorities. The goal is to replace the current patchwork of rules with something more uniform.

该规则将确立稳定币的单一联邦定义，而此前各州和机构对这一术语的解释各不相同。它还将明确哪些政府机构对发行者拥有管辖权，从联邦银行监管机构到州级当局。目标是取代目前零散的规则，使其更加统一。

Core Definitions and Jurisdictions

核心定义与管辖权

The proposal's main job is to pin down the language. That means deciding what exactly qualifies as a stablecoin under federal law, and which activities fall under which regulator. The Treasury has not released the full text of the rule, but the outline is clear: it wants to set boundaries so that issuers know who they answer to.

该提案的主要任务是确定具体措辞。这意味着要明确在联邦法律下什么才算稳定币，以及哪些活动属于哪个监管机构的管辖范围。财政部尚未公布该规则的全文，但框架已经明确：它希望划定界限，让发行者知道该向谁负责。

Jurisdiction has been a sticking point for years. Some stablecoin issuers are chartered as banks, others operate under state money transmitter licenses, and a few have no license at all. The new rule is meant to sort that out, giving one agency primary oversight in most cases.

管辖权多年来一直是一个棘手问题。一些稳定币发行者以银行特许经营，另一些则根据州级货币传输许可证运营，还有一些根本没有许可证。新规则旨在解决这一问题，在大多数情况下指定一个机构作为主要监管机构。

Why the Rule Matters

为什么该规则很重要

Stablecoins have become a bridge between traditional finance and crypto markets. They're used for trading, payments, and as a way to move money without banks. But the legal status of those coins has been unclear, which has kept some institutions on the sidelines.

稳定币已成为传统金融与加密货币市场之间的桥梁。它们用于交易、支付，以及在不通过银行的情况下转移资金。但这些代币的法律地位一直不明确，这使得一些机构持观望态度。

A clear federal definition could change that. It would give issuers a predictable path to compliance, and it would give users a better sense of what protections exist. The rule also matters for state regulators, who have been building their own stablecoin frameworks and now have to reconcile them with the federal approach.

明确的联邦定义可以改变这一现状。它将为发行者提供一条可预测的合规路径，并让用户更清楚地了解存在哪些保护措施。该规则对州监管机构也很重要，他们一直在制定自己的稳定币框架，现在必须与联邦方法进行协调。

The Road to a Final Rule

最终规则的制定之路

The Treasury's proposal is the opening move in a rulemaking process. The department will take public comments before writing a final version, though no comment window has been announced yet. The timeline is open-ended.

财政部的提案是规则制定过程中的第一步。该部门将在编写最终版本之前征求公众意见，但尚未宣布意见征询窗口。时间表是开放式的。

The unresolved question is how the final rule will divide power between Washington and the states. The GEN