一文读懂 GENIUS 法案：监管大幕拉开，谁能走上合规红毯？| 涉外法治宣传
一文读懂 GENIUS 法案｜监管大幕拉开，谁能走上合规红毯？
Understand the GENIUS Act in one article｜Regulatory curtain opens, who can walk on the red carpet of compliance?
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描述：美国首部稳定币法案通过在即，监管巨变来袭，行业格局如何重塑？
Description: With the passage of the first U.S. stablecoin act looming, how will the industry landscape be reshaped with the coming regulatory sea change?
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引言
Introduction
稳定币江湖风云再起。随着稳定币在加密货币市场中的地位日益稳固，主流监管机构纷纷出台新规，试图在保护金融稳定与鼓励创新之间找到平衡。
The stablecoin arena sees renewed turmoil. As stablecoins solidify their position in the cryptocurrency market, mainstream regulatory bodies have rolled out new rules in an effort to strike a balance between safeguarding financial stability and fostering innovation.
本篇中，国枫携手BlockSec，聚焦美国参议院讨论的《指导与建立美国稳定币国家创新法案》（Guiding and Establishing National Innovation for U.S. Stablecoins Act，简称GENIUS法案），深入剖析GENIUS法案背景下Web3项目所面临的合规挑战，并针对性地提供切实可行的解决方案。
In this article, Grandway collaborates with BlockSec to focus on the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”) under discussion in the U.S. Senate. We delve into the compliance challenges faced by Web3 projects under the GENIUS Act and offer targeted and practical solutions.
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GENIUS法案：
立法进程与核心内容
The GENIUS Act: Legislative Process and Key Content
1.1 立法进程关键节点
1.1 Key Milestones in the Legislative Process
§ 2025年2月4日：提出草案
参议员Bill Hagerty、Tim Scott、Kirsten Gillibrand和Cynthia Lummis联合在参议院提出GENIUS法案草案。
§ February 4, 2025: Draft Proposal
Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis jointly introduced the draft of the GENIUS Act in the Senate.
§ 2025年3月13日：参议院银行委员会通过
参议院银行委员会以18票赞成、6票反对的两党支持率通过了GENIUS法案，将该法案正式递交至参议院。2025年3月起，GENIUS法案经历多轮修订。
§ March 13, 2025: Senate Banking Committee Approval
The Senate Banking Committee passed the GENIUS Act with bipartisan support (18 votes in favor, 6 against), formally advancing it to the Senate floor. Starting in March 2025, the GENIUS Act underwent multiple rounds of revisions.
§ 2025年5月8日：参议院首次终止辩论动议投票
在参议院首次终止辩论动议投票中，以48票赞成49票反对失败，未达60票门槛，民主党集体反对，争议焦点包括：
外国发行人监管漏洞（如伊朗、朝鲜规避制裁风险）；
未限制特朗普家族通过USD1稳定币获利；
科技巨头准入规则模糊。
§ May 8, 2025: First Senate Cloture Vote
The first cloture motion in the Senate failed with 48 votes in favor and 49 against, falling short of the 60-vote threshold. Democrats unanimously opposed the GENIUS Act, with key controversies, including:
oRegulatory loopholes for foreign issuers (e.g., risks of sanctions evasion by Iran or North Korea).
oNo restrictions on the Trump family profiting from USD1 stablecoin.
oAmbiguous rules for tech giants’ entry into the market.
§ 2025年5月15日-19日：法案修改
两党紧急协商修订条款，包括但不限于：
删除针对特朗普加密货币项目的直接限制，转向强化消费者保护；
要求外国发行人具备交易冻结能力。
§ May 15–19, 2025: Act Amendments
Bipartisan negotiations led to urgent revisions, including but not limited to:
oRemoving direct restrictions on Trump-linked cryptocurrency projects, shifting focus to stronger consumer protections.
oRequiring foreign issuers to implement transaction-freezing capabilities.
§ 2025年5月20日：参议院二次终止辩论动议投票
在参议院二次终止辩论动议投票中，以66票支持、32票反对通过。同时，发布了GENIUS法案的修正案。
§ May 20, 2025: Second Senate Cloture Vote
The second cloture motion passed with 66 votes in favor and 32 against. A revised version of the GENIUS Act was released simultaneously.
§ 2025年6月11日：参议院三次终止辩论动议投票
在参议院三次终止辩论动议投票中，针对GENIUS法案及其最新修正案，以68票支持、30票反对通过。这一关键进展标志着美国距离建立首个联邦层面的稳定币监管框架仅一步之遥，尽管GENIUS法案尚未完成最终立法程序，但此次投票已为其扫清了重要阶段性障碍。
§ June 11, 2025: Third Senate Cloture Vote
The third cloture vote on the GENIUS Act and its latest amendments passed with 68 votes in favor and 30 against. This critical milestone brings the U.S. one step closer to establishing its first federal-level stablecoin regulatory framework. Although the GENIUS Act has not yet completed the final legislative process, this vote has cleared a major procedural hurdle.
§ 2025年6月17日：参议院审议通过
法案进入参议院的全体辩论和修正程序，最终以68票支持、30票反对通过最终版本。
§ June 17, 2025: considered and passed by the Senate
The GENIUS ACT proceeded to full Senate debate and amendments, ultimately passing its final version by a vote of 68 for and 30 against.
§ 后续流程：众议院审议
之后，法案将提交至众议院审议。在众议院，法案只需获得简单多数（218票）票数即可通过。鉴于当前众议院由共和党占微弱多数（220:215），预计GENIUS法案在众议院获得通过的可能性较高。
§ Next Steps: House of Representatives Review
After Senate approval, the GENIUS Act will move to the House of Representatives, where it requires a simple majority (218 votes) to pass. Given the current Republican slim majority (220:215), the GENIUS Act is expected to have a high chance of House approval.
§ 后续流程：总统批准
众议院通过法案后，法案将提交总统签字批准。考虑到特朗普此前承诺在2025年8月前建立稳定币监管框架，因此其直接签署的可能性较高，但如果法案最终版本加入“禁止总统或其直系亲属持有稳定币发行方股份”条款，则不排除特朗普迫于政治风险或舆论压力否决或搁置法案的可能。
§ Next Steps: Presidential Approval
Once passed by the House, the GENIUS Act will be sent to the President for signature. Considering Trump’s prior commitment to establishing a stablecoin regulatory framework by August 2025, direct approval is likely. However, if the final version includes a clause that “prohibiting the President or immediate family members from holding stakes in stablecoin issuers”, Trump may face political risks or public pressure, potentially leading to a veto or delay.
1.2 新版本调整要点
1.2 Key Revisions in the New Version
相比2025年2月4日的GENIUS法案草案，最新通过的版本主要调整如下：
Compared to the GENIUS Act draft dated February 4, 2025, the newly adopted version incorporates the following major amendments:
核心要求
Core requirements
具体内容
Specifics
修改储备资产相关规定
Amendment to reserve assets储备资产类型的变化：
Changes to Reserve Asset Types：
●回购协议：期限不超过7天的回购协议→隔夜到期的回购协议；Repurchase agreement: Repurchase agreements with a maturity of 7 days or less → Repurchase agreements with an overnight maturity;
●逆回购协议：期限不超过7天的逆回购协议→隔夜到期的逆回购协议；
Reverse repurchase agreements: Reverse repurchase agreements with a maturity of 7 days or less → Reverse repurchase agreements with an overnight maturity;
●货币市场基金：投资基础资产的货币市场基金→投资基础资产的已注册政府货币市场基金（registered Government money market fund）；
Money market funds: Money market funds that invest solely in underlying reserve assets → Registered government money market funds that invest solely in underlying reserve assets
● 央行准备金存款【删除此类型可作为储备资产的规定】；
Central Bank reserve deposits [Delete the provision that allows this type to be used as reserve assets];
●新增类型：联邦储备银行账户的存款、投资公司发行的证券；Additional types: Money standing to the credit of an account with a Federal Reserve Bank, and Securities issued by an investment company;
●新增兜底规定：任何联邦政府发行的且经主要联邦支付稳定币监管机构批准的其他流动性资产（需与州监管机构协商）；Additional catch-all provision: Any other liquid Federal Government-issued asset approved by the primary Federal payment stablecoin regulator, in consultation with the state payment stablecoin regulator;
●新增代币化储存形式：除回购协议、逆回购协议项下的资金外，其他储备资产允许以代币化形式储存。
Additional tokenized custody provision: All reserve assets, excluding money received under repurchase agreements and reverse repurchase agreements, may be held in tokenized form.
仅允许储备资产进行再抵押以用于赎回稳定币的流动性需求→新增两种储备资产再抵押的例外情形：
Reserves may only be rehypothecated for the purpose of creating liquidity to meet redemption demands for stablecoins→ Two additional exceptional cases for reserve asset rehypothecation are introduced:
●满足保证金义务：允许再抵押以履行与储备资产（特指回购协议、逆回购协议）相关的保证金要求；
Satisfying margin obligations: Rehypothecation is permitted for the purpose of satisfying margin obligations in connection with investments in permitted reserves(repurchase agreement and reverse repurchase agreement);
●履行与使用、接收或提供标准托管服务相关的义务。
Satisfying obligations associated with the use, receipt, or provision of standard custodial services.
细化赎回政策
Refinement of redemption policy
●赎回费用：必须以简明语言公开披露购买或赎回稳定币的所有费用，费用变更需提前7天通知消费者；
Fees: Disclose in plain language all fees associated with purchasing or redeeming the payment stablecoins, provided that such fees can only be changed upon not less than 7 days’ prior notice to consumers;
●赎回的限制性措施需由监管机构批准。
Any discretionary limitations on timely redemptions can only be imposed by a stablecoin regulator.
新增透明度与审计要求
Additional transparency and audit requirements
●未偿付总额（consolidated total outstanding issuance）超过500亿美元且不受SEC规定的报告义务约束的支付型稳定币发行人，需依据公认会计准则编制年度财务报表，在该报表中披露所有关联方交易，并进行审计；
A permitted payment stablecoin issuer with more than $50,000,000,000 in consolidated total outstanding issuance, that is not subject to the reporting requirements under the Securities and Exchange Act shall prepare an annual financial statement, which shall include the disclosure of any related party transactions, and audit the annual financial statement;
●月度报告需披露发行数量、储备资产明细→新增要求储备资产明细的披露包括每类储备工具的平均期限和地理位置（如托管银行所在地）。
Monthly reports are required to disclose the total number of outstanding payment stablecoins issued by the issuer, and the breakdown of reserve assets → An additional requirement that the disclosure of the breakdown of reserve assets include the average tenor and geographic location of custody of each category of reserve instruments (e.g., the location of the custodian bank).
新增州与联邦监管的协调Additional state-federal regulatory harmonization
●市值（market capitalization）→未偿付总额（consolidated total outstanding issuance）：低于100亿美元的支付型稳定币发行人可选择州级监管，超过100亿美元的支付型稳定币发行人则需在360天内转为联邦监管，但前提是州级监管制度与联邦监管框架基本相似；
Market capitalization → Consolidated total outstanding issuance: Payment stablecoin issuers under $10 billion may opt for state regulatory regime, while payment stablecoin issuers over $10 billion are required to switch to federal regulatory framework within 360 days, provided that the state regulatory regime is substantially similar to the federal regulatory framework;
●财政部审核联邦与州的监管框架是否相似→财政部制定判断联邦与州的监管框架相似与否的原则，稳定币认证审查委员会（Stablecoin Certification Review Committee）审核州监管体系与联邦的相似性；
The Department of the Treasury (the “Treasury”) reviews federal and state regulatory frameworks for similarity → The Treasury establishes principles for determining whether federal and state regulatory frameworks are similar, and the Stablecoin Certification Review Committee reviews state regulatory systems for similarity to the federal one;
●过渡至联邦监管层面后的监管机构分工：由联邦储备系统的理事会（the Board of Governors of the Federal Reserve System）监管→由州特许存款机构（State chartered depository institution）的州支付型稳定币监管机构和主要联邦支付稳定币监管机构共同管理；
Division of regulators after the transition to the federal supervisory level: Regulated by the Board of Governors of the Federal Reserve System → The state payment stablecoin regulator of the state chartered depository institution and the primary federal payment stablecoin regulator acting jointly administer;
●新增不过渡至联邦监管的豁免参考因素：①州合格支付型稳定币发行人所持基本金；②州合格支付型稳定币发行人的过往运营和审查历史；③州稳定币监管机构在监督稳定币和数字资产活动方面的经验；④州合格支付型稳定币发行人关于支付稳定币和数字资产的监管框架。
Additional waiver criteria for not transitioning to federal regulation: ① The capital maintained by the state qualified payment stablecoin issuer; ② The past operations and examination history of the state qualified payment stablecoin issuer; ③ The experience of the state payment stablecoin regulator in supervising payment stablecoin and digital asset activities; ④ The supervisory framework, including regulations and guidance, of the state qualified payment stablecoin issuer with respect to payment stablecoins and digital assets.
消费者保护Consumer protection
●破产时的优先索赔权：稳定币持有人在支付型稳定币发行人破产程序中优先于其他债权人→在支付型稳定币发行人破产时，稳定币持有人仅就储备金的分配优先于支付型稳定币发行人和其他债权人；
Priority claim in insolvency proceeding: The claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority over any other creditor of the permitted payment stablecoin issuer → The claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority over the claims of the permitted payment stablecoin issuer and any other creditor of the permitted payment stablecoin issuer, with respect to required payment stablecoin reserves;
●新增禁止误导性宣传：禁止将稳定币宣传为“美国政府担保”或“法定货币”，并对违规营销行为处以罚款。
Additional prohibition on misleading propaganda: It is prohibited to promote stablecoins as “guaranteed by the U.S. government” or “legal tender”, and fines shall be imposed for illegal marketing practices.
除上述细节外，我们建议重点关注：新增对外国支付型稳定币发行人的监管、强化反洗钱（AML）监管。
In addition to the aforementioned details, we recommend focusing on: (i) additional regulatory requirements of foreign payment stablecoin issuers, and (ii) strengthened anti-money laundering (AML) regulations.
新增对外国支付型稳定币发行人的监管
Additional Regulatory Requirements for Foreign Payment Stablecoin Issuers
GENIUS法案为在境外或美国海外属地（如波多黎各、关岛、美属萨摩亚、美属维尔京群岛等）成立的外国支付型稳定币发行人设定了监管框架，监管核心在于“注册制”和“监管等效性认定”。“注册制”是指外国支付型稳定币发行人须向货币监理署注册并满足严格合规要求，方可通过美国数字资产服务提供商在美提供或销售支付稳定币。“监管等效性认定”是指：外国支付型稳定币发行人向货币监理署提交注册申请后，货币监理署会对该外国支付型稳定币发行人的注册申请进行审核，审核因素包括： (i) 财政部对外国支付型稳定币所在国监管体系与美国是否相当的认定、 (ii)外国支付型稳定币发行人在美国的财务与管理能力、(iii) 外国支付型稳定币发行人所提交审核材料的透明度、(iv) 发行行为可能对美国金融稳定性产生的风险以及(v)发行行为涉及非法活动的可能性。
The GENIUS Act establishes a regulatory framework for foreign payment stablecoin issuers in a foreign country or an overseas territory of the U.S. (e.g., Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, etc.), with the core of the regulation being a “Registration System” and a “Determination of Regulatory Equivalence”. “Registration System” means that the foreign payment stablecoin issuer must be registered with the Office of the Comptroller of the Currency (the “Comptroller”) and meet strict compliance requirements before it may offer or sell payment stablecoins in the U.S. through a U.S. digital asset service provider. “Determination of Regulatory Equivalence” means that after a foreign payment stablecoin issuer submits an application for registration to the Comptroller, the Comptroller will review the foreign payment stablecoin issuer’s application for registration based on factors such as (i) the Treasury’s determination of the equivalence of the regulatory system of the country in which the foreign payment stablecoin issuer is located to that of the U.S., (ii) the financial and managerial resources of the U.S. operations of the foreign payment stablecoin issuer, (iii) whether the foreign payment stablecoin issuer will provide adequate information, (iv) whether the foreign payment stablecoin presents a risk to the financial stability of the U.S., and (v) whether the foreign payment stablecoin issuer presents illicit finance risks to the U.S.
此外，外国支付型稳定币发行人需确保持有充足的储备金，以应对美国用户的赎回需求。若其所在国家的监管制度被财政部认定为与美国相当，且其所在国家与美国存在互惠规定，则可豁免在美国的储备金，但仍需具备监管的技术能力。
In addition, foreign payment stablecoin issuers are required to ensure that they hold sufficient reserves to respond to redemption demands from users in the U.S. Reserves in the U.S. may be exempted if they are located in a country with a regulatory regime that the Treasury determines to be comparable to that of the U.S., and if there are reciprocity provisions between their country and the U.S., but they will still need to have the technical capacity to regulate.
强化反洗钱（AML）监管
Strengthened Anti-Money Laundering (AML) Regulations
GENIUS法案整体上新增反洗钱保护和反洗钱创新两个条款，强化反洗钱监管。
The GENIUS Act introduces two new sections—AML Protections and AML Innovation—to comprehensively enhance AML regulation.
●反洗钱保护
AML Protections
就反洗钱保护而言，相较于原版本仅简单提及按照国际互惠原则处理外国支付型稳定币发行人的反洗钱合规要求，新法案详细规定了外国支付型稳定币发行人的反洗钱合规要求，对不合规的发行人进行处罚，同时也规定了豁免机制。
As far as AML Protections is concerned, compared to the original version, which only briefly mentioned the AML compliance requirements for foreign payment stablecoin issuers in accordance with the principle of international reciprocity, the new act sets out in detail the AML compliance requirements for foreign payment stablecoin issuers, penalizes those who do not comply, and also provides for the waiver mechanism.
o外国支付型稳定币发行人的合规要求
Compliance Requirements for Foreign Payment Stablecoin Issuers
外国支付型稳定币发行人若想在美国公开提供、销售或交易其稳定币，必须证明其具备技术能力并愿意遵守美国的“合法命令”（lawful order）。这些合法命令可能包括冻结、扣押或阻止特定稳定币的转移。
The payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered, sold, or otherwise made available for trading in the U.S. unless the foreign payment stablecoin issuer has the technological capability to comply and complies with the terms of any “lawful orders”. These lawful orders may include freezing, seizing, or blocking the transfer of specific stablecoins.
不合规的认定与处罚
Determination of Noncompliance and Penalties
财政部有权将不符合合规要求的外国支付型稳定币发行人列入违法名单中并公布名单，并禁止数字资产服务提供商为不合规外国支付型稳定币发行人的稳定币交易提供二级市场交易服务。违反此规定的数字资产服务提供商将面临每天最高10万美元的罚款，而外国支付型稳定币发行人则可能面临每天最高100万美元的罚款，甚至被禁止在美国从事金融交易。此外，GENIUS法案还赋予财政部对不合规外国支付型稳定币发行人提起民事诉讼的权利，以追缴前述罚款、申请禁令禁止外国支付型稳定币发行人参与涉美金融交易，及要求数字资产服务商下架该发行人的支付稳定币。
The Treasury has the authority to place foreign payment stablecoin issuers that do not meet the compliance requirements on a list of violators and publish the list, and to prohibit digital asset service providers from facilitating secondary trading of payment stablecoins issued by the non-compliant foreign payment stablecoin issuer in the U.S. Digital asset service providers that violate this provision shall be subject to a civil monetary penalty of not more than $100,000 per violation per day, while foreign payment stablecoin issuers shall be subject to a civil monetary penalty of not more than $1,000,000 per violation per day, or even be prohibited from engaging in financial transactions in the U.S. In addition, the GENIUS Act gives the Treasury the right to bring a civil action against a non-compliant foreign payment stablecoin issuer to recover the aforementioned fines, to seek an injunction to prohibit the foreign payment stablecoin issuer from engaging in U.S.-related financial transactions and to require digital asset service providers to take down the issuers payment stablecoin.
外国支付型稳定币发行人需投入更多资源以满足美国的技术和合规要求，可能导致部分小型发行人退出美国市场，否则可能面临高额罚款，这可能促使行业整合，只有大型合规平台能够生存。
The foreign payment stablecoin issuers need to invest more resources in meeting U.S. technical and compliance requirements. This may lead some small issuers to withdraw from the U.S. market. Otherwise, they may face high fines, which may prompt industry consolidation, and only large compliant platforms can survive.
豁免与例外
Waiver
美国财政部可以根据特殊情况豁免某些实体或交易。该等豁免情形可能涉及以下因素：国家安全、情报和执法活动需求、外国发行人正在采取实质措施补救不合规行为。
The Treasury may exempt certain entities or transactions based on special circumstances. Such exemptions may relate to factors such as national security, the need for intelligence and law enforcement activities, and the fact that the foreign issuer is taking tangible steps to remedy the noncompliance.
●反洗钱创新
AML Innovation
反洗钱创新部分则聚焦于利用创新技术提升检测与规避包括反洗钱在内的数字资产非法活动的能力，具体措施包括：
The AML Innovation section focuses on the use of innovative technologies to enhance the ability to detect and circumvent illicit activity such as money laundering, involving digital assets. The measures are as follows:
o公众意见征集与研究
Public Comment
财政部将在GENIUS法案生效后30天内启动为期60天的公众意见征集，以识别受监管金融机构正在使用或可能采用的创新方法、技术或策略，用于检测并规避包括洗钱在内的涉及数字资产的非法活动。这些方法可能涉及应用程序接口（API）、人工智能（AI）、数字身份验证和区块链监控技术。
Beginning on the date that is 30 days after the date of enactment of the GENIUS Act, and for a period of 60 days thereafter, the Treasury shall seek public comment to identify innovative or novel methods, techniques, or strategies that regulated financial institutions use, or have the potential to use, to detect illicit activity, such as money laundering, involving digital assets. These comments may involve application program interfaces (APIs), artificial intelligence (AI), digital identity verification, and use of blockchain technology and monitoring.
采用API、AI和区块链监控技术将推动监管机构从传统人工审查向自动化监管过渡，提高反洗钱审查与监管效率。
The adoption of API, AI and blockchain technology and monitoring will drive regulators to transition from traditional manual review to automated regulation, improving the efficiency of AML review and regulation.
研究与评估
Research and Evaluation
上述公众意见征集期结束后，财政部将根据公众意见开展研究。金融犯罪执法局（FinCEN）将评估公众意见所提及的创新方法，将之与现有方法比较，以判断其在监管有效性、成本、隐私风险、操作效率和网络安全影响等方面的进步。经过评估，FinCEN将制定受监管金融机构采用创新方法检测数字资产非法活动的具体要求，支付型稳定币发行人识别并报告涉及其支付稳定币的非法活动的操作规范，以及支付型稳定币发行人监测区块链交易系统与实践的操作规范。
Following the close of the public comment period described above, the Treasury shall conduct a study based on the public comments. the Financial Crimes Enforcement Network (“FinCEN”) will evaluate the innovative approaches mentioned in the public comments, comparing them to existing approaches to determine their advancement in terms of regulatory effectiveness, cost, privacy risk, operational efficiency, and cybersecurity impact. As a result of the evaluation, FinCEN will develop specific guidance for regulated financial institutions to use the innovative methods to detect illicit activity in digital assets, operational specifications for payment stablecoin issuers to identify and report illicit activity involving their payment stablecoins, and operational specifications for payment stablecoin issuers to monitor blockchain trading systems and practices.
风险评估与国家战略
Risk Assessment and National Strategy
财政部需将《通过制裁打击美国对手法案》（Countering America’s Adversaries Through Sanctions Act）要求的国家反恐和非法融资战略纳入数字资产非法活动监管中，关注数字资产在洗钱和制裁规避中的使用情况和外国司法管辖区内存在的通过使用数字资产获取法定货币来促进非法活动的高风险行为。
The Treasury needs to incorporate the national strategy for combating terrorist and other illicit financing required under the Countering America’s Adversaries Through Sanctions Act into the regulation of illicit activities with digital assets, focusing on the use of digital assets in money laundering and sanctions evasion and high-risk behavior in foreign jurisdictions that facilitates illicit activity through the use of digital assets to acquire legal tender.
国会报告
Congressional Reports
财政部将定期向国会提交报告，汇报对创新检测技术的研究成果和技术实施进展、提出立法建议。
The Treasury will submit periodic reports to Congress on the results of research on innovative testing technologies, progress in technology implementation, and submit legislative and regulatory proposals.
2
不同类型项目面临的合规挑战
Compliance Challenges Faced by Different Types of Projects
GENIUS法案的影响范围广泛，但不同类型的Web3项目面临的合规挑战严重程度存在显著差异。以下按照影响程度从重到轻的顺序，分析各类项目方面临的具体挑战。
The GENIUS Act has a broad scope of impact, but the severity of compliance challenges faced by different types of Web3 projects varies significantly. The following analyzes the specific challenges faced by various project categories, ordered from most to least severe impact.
2.1 直接影响：稳定币发行方
2.1 Direct Impact: Stablecoin Issuers
主流稳定币发行方作为GENIUS法案的核心监管对象，面临最严格的合规要求和最高的实施成本。这些项目必须在120天内获得联邦或州许可，建立100%储备支持体系，实施月度公开披露，并具备实时冻结资产的技术能力。对于市值超过500亿美元的大型发行方，还需要接受年度审计和增强报告要求。合规成本预计在800万至2000万美元的初始投资，以及每年300万至1000万美元的持续运营成本。
Mainstream stablecoin issuers, as the core regulatory targets of the GENIUS Act, face the strictest compliance requirements and highest implementation costs. These projects must obtain federal or state licenses within 120 days, establish 100% reserve backing systems, implement monthly public disclosures, and possess technical capabilities for real-time asset freezing. For large issuers with market capitalizations exceeding $50 billion, additional annual audits and enhanced reporting requirements apply. Compliance costs are estimated at $8-20 million in initial investment, plus $3-10 million in annual ongoing operational costs.
算法和去中心化稳定币项目虽然可能不直接受到传统储备要求约束，但面临监管分类的不确定性。这些项目需要重新评估其治理结构、技术架构和合规策略，以确定是否需要调整现有模式来适应监管要求。特别是涉及收益生成的稳定币机制可能被归类为证券，面临SEC监管。
Algorithmic and decentralized stablecoin projects, while potentially not directly subject to traditional reserve requirements, face uncertainty in regulatory classification. These projects need to reassess their governance structures, technical architectures, and compliance strategies to determine whether adjustments to existing models are necessary to meet regulatory requirements. Particularly, stablecoin mechanisms involving yield generation may be classified as securities, subjecting them to SEC oversight.
2.2 重度影响：DeFi核心协议
2.2 Heavy Impact: Core DeFi Protocols
DeFi借贷协议面临业务模式的根本性调整，特别是禁止收益型稳定币将迫使这些协议重新设计其产品架构。协议需要移除或重构基于收益型稳定币的策略，调整利率模型，并确保所有集成的稳定币都来自合规发行方。这类项目还需要实施增强的交易监控和报告机制，以符合AML要求。
DeFi lending protocols face fundamental adjustments to their business models, particularly as the prohibition on yield-bearing stablecoins will force these protocols to redesign their product architectures. Protocols need to remove or restructure strategies based on yield-bearing stablecoins, adjust interest rate models, and ensure all integrated stablecoins come from compliant issuers. These projects also need to implement enhanced transaction monitoring and reporting mechanisms to comply with AML requirements.
DeFi收益协议受到的冲击最为直接，因为其核心业务模式——为稳定币提供收益——可能被归类为证券发行。这些协议需要彻底重新设计其产品组合，移除基于非合规稳定币的策略，或者寻求在监管框架内运营的新模式。
DeFi yield protocols face the most direct impact, as their core business model—providing yield on stablecoins—may be classified as securities issuance. These protocols need to completely redesign their product portfolios, remove strategies based on non-compliant stablecoins, or seek new models for operating within the regulatory framework.
2.3 中度影响：去中心化交易所和国际交易所
2.3 Moderate Impact: Decentralized Exchanges and International Exchanges
去中心化交易所（DEX）相对受益于监管的不对称性，因为GENIUS主要针对发行方而非交易平台。然而，这些平台仍需要调整其前端接口以标识合规稳定币，可能需要实施合规稳定币优先策略，并在路由算法中考虑合规因素。专注于稳定币交易的DEX（如Curve）面临更直接的影响，需要重新配置流动性池结构。
Decentralized exchanges (DEXs) relatively benefit from regulatory asymmetry, as GENIUS primarily targets issuers rather than trading platforms. However, these platforms still need to adjust their front-end interfaces to identify compliant stablecoins, may need to implement compliant stablecoin prioritization strategies, and consider compliance factors in routing algorithms. DEXs focused on stablecoin trading (such as Curve) face more direct impact, requiring reconfiguration of liquidity pool structures.
国际交易所面临二元选择：要么建立全面的美国合规框架，要么退出美国市场。这些平台需要重新配置稳定币交易对，优先推广合规稳定币，并可能需要限制对美国用户的服务。合规成本和复杂性将推动这些平台重新评估其全球市场策略。
International exchanges face a binary choice: either establish comprehensive US compliance frameworks or exit the US market. These platforms need to reconfigure stablecoin trading pairs, prioritize compliant stablecoins, and may need to restrict services to US users. Compliance costs and complexity will drive these platforms to reassess their global market strategies.
2.4 中度影响：钱包服务提供商
2.4 Moderate Impact: Wallet Service Providers
托管钱包提供商面临类似货币传输商的监管要求，需要实施资金分离措施和增强的消费者保护。这些公司必须将客户资金与运营资产分离，建立在发行方破产情况下的用户保护机制，并可能需要获得相应的金融服务许可。
Custodial wallet providers face regulatory requirements similar to money transmitters, needing to implement fund segregation measures and enhanced consumer protection. These companies must segregate customer funds from operational assets, establish user protection mechanisms in case of issuer bankruptcy, and may need to obtain appropriate financial services licenses.
自托管钱包提供商保持相对独立，但需要在用户界面中实施稳定币合规状态显示功能，提供用户教育，并可能需要就合规与非合规稳定币的处理做出战略决策。这类影响主要体现在产品功能调整而非监管合规要求。
Self-custodial wallet providers maintain relative independence but need to implement stablecoin compliance status display functions in user interfaces, provide user education, and may need to make strategic decisions regarding the handling of compliant versus non-compliant stablecoins. This impact is primarily reflected in product feature adjustments rather than regulatory compliance requirements.
2.5 轻度影响但从法案中获益：支付基础设施和合规服务商
2.5 Light Impact but Benefiting from the Act: Payment Infrastructure and Compliance Service Providers
支付基础设施提供商实际上是GENIUS法案的受益者，因为监管明确性将促进传统金融机构的合作和企业市场的采用。这些公司需要调整其产品以优先支持合规稳定币，但总体而言将从增强的市场信心和扩大的客户基础中受益。
Payment infrastructure providers are actually beneficiaries of the GENIUS Act, as regulatory clarity will promote cooperation with traditional financial institutions and adoption in enterprise markets. These companies need to adjust their products to prioritize support for compliant stablecoins, but overall will benefit from enhanced market confidence and an expanded customer base.
合规基础设施服务商面临巨大的市场机会，因为整个Web3行业对区块链分析、交易监控、托管服务和合规咨询的需求将急剧增加。这些公司需要快速扩展其服务能力以满足市场需求。
Compliance infrastructure service providers face tremendous market opportunities, as the entire Web3 industrys demand for blockchain analytics, transaction monitoring, custody services, and compliance consulting will increase dramatically. These companies need to rapidly expand their service capabilities to meet market demand.
2.6 合规挑战的共性特征
2.6 Common Characteristics of Compliance Challenges
通过对以上各类Web3项目的分析，我们总结出GENIUS法案带来的几个共性合规挑战：
Through analysis of the above Web3 project categories, we summarize several common compliance challenges brought by the GENIUS Act:
2.6.1 技术架构调整需求
2.6.1 Technical Architecture Adjustment Requirements
几乎所有涉及美国市场稳定币的Web3项目都需要进行技术架构调整。稳定币发行方需要建立实时交易监控系统和资产冻结能力；DeFi协议需要重新设计智能合约以区分合规与非合规稳定币；DEX平台需要在前端界面中集成合规状态显示；钱包提供商需要实施用户教育和风险提示功能。这些技术调整的复杂程度和成本因项目类型而异，但都需要大量的开发资源投入。
Almost all Web3 projects involving US market stablecoins need to make technical architecture adjustments. Stablecoin issuers need to establish real-time transaction monitoring systems and asset freezing capabilities; DeFi protocols need to redesign smart contracts to distinguish between compliant and non-compliant stablecoins; DEX platforms need to integrate compliance status displays in front-end interfaces; wallet providers need to implement user education and risk warning functions. The complexity and cost of these technical adjustments vary by project type, but all require substantial development resource investment.
2.6.2 监管关系建立压力
2.6.2 Regulatory Relationship Building Pressure
对于大多数Web3项目而言，建立和维护监管关系是一个全新的挑战。直接受监管的实体（如稳定币发行方和托管钱包提供商）需要建立与OCC、州监管机构和FinCEN的直接联系；间接受影响的实体（如DeFi协议和DEX）需要通过法律顾问建立监管合规框架；国际项目需要评估是否建立美国子公司或寻求监管豁免。监管关系的建立不仅需要大量的法律和合规的介入，还需要长期的维护投入。
For most Web3 projects, establishing and maintaining regulatory relationships is an entirely new challenge. Directly regulated entities (such as stablecoin issuers and custodial wallet providers) need to establish direct connections with OCC, state regulators, and FinCEN; indirectly affected entities (such as DeFi protocols and DEXs) need to establish regulatory compliance frameworks through legal advisors; international projects need to assess whether to establish US subsidiaries or seek regulatory exemptions. Establishing regulatory relationships requires not only substantial legal and compliance involvement but also long-term maintenance investment.
2.6.3 运营模式重构要求
2.6.3 Operational Model Restructuring Requirements
GENIUS法案将是一个很好的契机促进更多Web3项目重新思考其基本运营模式。收益型稳定币项目需要彻底重构其价值主张；去中心化项目需要在保持去中心化特性与满足合规要求之间寻找平衡；跨链项目需要处理多个司法管辖区的合规复杂性；算法驱动的项目需要引入更多的人工监督和干预机制。这种运营模式的重构可能需要项目方重新思考项目的核心竞争力和市场定位。
The GENIUS Act will serve as an excellent opportunity to encourage more Web3 projects to reconsider their fundamental operational models. Yield-bearing stablecoin projects need to completely restructure their value propositions; decentralized projects need to find balance between maintaining decentralized characteristics and meeting compliance requirements; cross-chain projects need to handle compliance complexities across multiple jurisdictions; algorithm-driven projects need to introduce more human oversight and intervention mechanisms. This operational model restructuring may require project teams to reconsider their core competitiveness and market positioning.
3
BlockSec的合规解决方案
BlockSec’s Compliance Solution
GUNIUS法案为美国稳定币发行提供了明确的监管框架。更加清晰的合规要求有助于降低行业风险，吸引更多用户参与，并为行业带来新的发展机遇。越来越多的机构也不再将监管视为障碍，而是积极拥抱合规，通过实施KYC、识别并记录与洗钱及恐怖融资相关的可疑行为、追踪受制裁实体、针对大额交易开展尽职调查、及时报告疑似违法违规的交易，以及采取措施阻止、冻结或拒绝相关交易，不断提升自身的合规能力。
The GENIUS Act establishes a clear regulatory framework for stablecoin issuance in the United States. With more defined compliance requirements, industry risks are reduced, user participation is encouraged, and new opportunities emerge. As a result, institutions increasingly view regulation not as a hurdle, but as an opportunity to embrace compliance. By implementing KYC procedures, identifying and recording suspicious activities linked to money laundering or terrorist financing, monitoring sanctioned entities, conducting due diligence on large transfers, promptly reporting suspected illicit activities, and blocking, freezing, or rejecting relevant transactions, organizations are continually strengthening their compliance capabilities.
然而，区块链的匿名性和链上交互行为（尤其是跨链交易）的复杂性，为机构在风险评估、团队协作和应对合规审查等方面带来了巨大挑战。为此，BlockSec与国枫律师事务所建立深度合作，通过技术与法律的结合，为机构提供全面的合规支持。
However, the anonymity of blockchain and the complexity of on-chain interactions—particularly cross-chain transactions—present significant challenges for institutions when it comes to risk assessment, team collaboration, and responding to compliance requirements. To address these challenges, BlockSec has partnered closely with Grandway Law Offices, bringing together technology and legal expertise to deliver comprehensive compliance support.
3.1 Phalcon Compliance APP: 轻松识别和管理合规风险
3.1 Phalcon Compliance APP: Identify and Manage Compliance Risks Effortlessly
为应对日益增长的全球合规需求，BlockSec推出Phalcon Compliance APP，为VASP提供符合反洗钱（AML）、反恐怖融资（CFT）监管标准的高效工具，助力机构精准识别和管理与地址/资金相关的风险。
To meet the growing compliance needs, BlockSec has launched the Phalcon Compliance APP. This solution equips Virtual Asset Service Providers (VASPs) with an efficient tool designed to satisfy anti-money laundering (AML) and countering the financing of terrorism (CFT) regulatory requirements, enabling organizations to accurately identify and manage risks associated with addresses and funds.
3.1.1 精准识别非法活动
3.1.1 Accurate Identification of Illegal Activities
●风险敞口追踪：通过涵盖4亿+地址标签并实时更新的海量数据库，精准定位高风险实体（如制裁名单），支持无限跳交易追踪，快速识别与高风险实体有交集的可疑地址。
●Risk Exposure Tracking: With a massive and continuously updated database containing over 400 million address labels, the APP accurately locates high-risk entities (such as those on sanction lists) and supports unlimited transaction tracing hops, quickly identifying suspicious addresses connected to high-risk entities.
●交易行为分析：实时监控链上交易，结合基于AI的智能行为分析引擎，每秒并行处理500+笔交易，综合分析行为特征，精准识别洗钱、资金拆分等可疑活动。
●Transaction Behavior Analysis: The APP monitors on-chain transactions in real-time and utilizes an AI-based intelligent behavior analysis engine to process 500+ transactions per second in parallel, comprehensively analyzing behavioral characteristics to accurately detect suspicious activities such as money laundering and fund splitting.
3.1.2 预设+自定义风险引擎 🌐
3.1.2 Preset & Custom Risk Engines
●预设风险引擎：内置符合FATF标准的风险引擎，涵盖实体风险、交互风险、高频转账、大额转账、中转地址等主要风险类型，帮助机构轻松对标国际合规要求。
●Preset Risk Engines: The built-in risk engines are designed in alignment with FATF standards and address major risk types such as entity risk, interaction risk, high-frequency transfers, large transfers, and transit addresses. This framework allows institutions to assess and compare their practices with international compliance requirements.
●自定义风险引擎：同时，机构可根据所属管辖区和业务类型自定义风险规则，满足个性化合规需求。
●Custom Risk Engines: Institutions can customize risk rules based on their specific jurisdiction and business needs, meeting tailored compliance needs.
3.1.3 持续筛查和风险告警 🚨
3.1.3 Continuous Screening and Risk Alerts
用户可选择定期筛查地址/交易风险，或一键触发全局筛查，实时掌握地址/交易风险状态。一旦发现风险隐患或风险等级发生变化，系统将通过Telegram、邮件、Lark等7种通知渠道及时推送告警，帮助机构迅速获知相关风险。
Users can choose to perform periodic risk screenings or initiate a global screening with a single click to stay informed about the latest address/transaction risk statuses. If any risk is detected or risk level changes, the system promptly sends alerts through seven notification channels—including Telegram, email, and Lark—ensuring that organizations are immediately aware of relevant risks.
3.1.4 客户档案管理
3.1.4 Customer Profile Management
用户可以查看地址/交易的风险等级和历史警报记录，了解总体风险情况。系统还支持将多个地址/交易关联至一个实体，实现对客户的综合风险分析，从而更全面地了解客户的风险特征，采取更有效的风险管理措施。
Users can view the risk level and historical alert records for addresses or transactions to understand overall risk exposure. The system also allows multiple addresses or transactions to be linked to a single entity, achieving comprehensive risk analysis at the customer level. This enables a more thorough understanding of customer risk profiles and helps implement more effective risk management practices.
系统内置资金追踪调查工具
MetaSleuth
Integrated tool for fund flow visualization and investigation—MetaSleuth
3.1.5 团队高效协作
3.1.5 Efficient Team Collaboration
系统支持任务委派、添加评论、设置黑名单等功能，不同角色可以通过系统进行高效协作，及时处理风险警报。此外，BlockSec还引入国枫作为外部顾问，就特定合规问题提供法律支持和咨询建议。
The system supports task delegation, commenting, blacklist management, and more, enabling efficient collaboration across roles to promptly handle risk alerts. Additionally, BlockSec brings in Grandway Law Offices as an external advisor to provide legal support and consulting on specific compliance issues.
3.1.6 一键导出STR/SAR报告
3.1.6 One-Click Export of STR/SAR Reports
用户可根据自身需求选择美国、香港、新加坡等国家或地区，一键导出相应的STR/SAR报告。通过与国枫的深度合作，BlockSec确保报告的合规性和规范性符合相应国家或地区的监管要求，让机构在复杂监管环境中更加从容应对。
Users can easily select their jurisdiction—such as the United States, Hong Kong, Singapore, or others—and export the corresponding STR/SAR reports with just one click. Through close collaboration with Grandway Law Offices, BlockSec ensures that all reports are compliant and standardized to meet the regulatory requirements of each country or region. This enables institutions to confidently and efficiently navigate complex regulatory environments.
面对复杂监管与黑产升级，Phalcon Compliance APP为VASP提供从实时监控到报告生成的全流程合规解决方案，构筑动态风控屏障，精准防范洗钱、恐怖融资等风险，让监管合规高效落地。
VASPs are confronted with ever-more complex regulatory requirements and rapidly evolving illicit activities. The Phalcon Compliance APP meets these challenges with a comprehensive, end-to-end compliance solution—from real-time monitoring to automated report generation. This dynamic risk control framework empowers institutions to efficiently and effectively prevent money laundering, terrorist financing, and other compliance risks.
3.2 立即体验
3.2 Try It Now
Compliance APP的推出，标志着BlockSec Phalcon从攻击监控自动阻断平台，升级为涵盖安全威胁防御（Security APP）与合规风险管理（Compliance APP）两大核心模块，为用户提供“攻防一体、监管无忧”的一站式解决方案。
The launch of the Compliance APP marks BlockSec Phalcon’s evolution from an attack monitoring and automatic blocking platform into a comprehensive, one-stop solution that now encompasses both security threat defense (Security APP) and compliance risk management (Compliance APP). This upgrade provides users with integrated assurance for both security and regulatory compliance.
该平台现已支持Ethereum、BSC、Solana、Base、Tron、Arbitrum、Avalanche、Optimism、Manta、Merlin、Mantle、Sei、Bitlayer、Core、BoB、Story、Sonic、Gnosis、Berachain等30+主流区块链网络。
The platform now supports over 30 mainstream blockchain networks, including Ethereum, BSC, Solana, Base, Tron, Arbitrum, Avalanche, Optimism, Manta, Merlin, Mantle, Sei, Bitlayer, Core, BoB, Story, Sonic, Gnosis, Berachain, and more.
欢迎访问官网了解更多信息，或直接预约产品演示，深入体验产品功能。
Visit our website for more information or to schedule a product demo and experience the features in depth.
🔗Phalcon Compliance APP官网: https://blocksec.com/phalcon/compliance
🔗 Learn about Phalcon Compliance APP: https://blocksec.com/phalcon/compliance
🔗 Phalcon Security APP官网：https://blocksec.com/phalcon/security
🔗 Learn about Phalcon Security APP: https://blocksec.com/phalcon/security
🔗 预约产品演示： https://blocksec.com/book-demo
🔗 Book a Demo: https://blocksec.com/book-demo
结语
Conclusion
稳定币江湖的每一次风起云涌，都是行业走向成熟的必经之路。GENIUS法案的推进、香港《稳定币条例草案》的公布，以及英国FCA的稳定币及加密资产监管提案，无不预示着行业格局正在被全面重塑。尽管短期内行业将面临合规成本激增、市场格局洗牌、创新空间受限、全球监管摩擦增多等阵痛，但从长远看，监管措施落地为Web3行业构建了可持续发展的制度基础。
Every wave of change in the stablecoin sector is a vital step in the industry’s journey toward maturity. Initiatives such as the advancement of the GENIUS Act, the introduction of Hong Kong’s Stablecoin Bill, and the FCA’s proposal for stablecoin issuance and crypto asset custody all signal a comprehensive reshaping of the industry landscape. While the sector will face short-term challenges—including rising compliance costs, market realignment, reduced room for innovation, and heightened global regulatory friction—regulatory implementation ultimately lays a sustainable institutional foundation for Web3’s long-term development.
在市场和规则的双重洗牌下，唯有主动适应、积极求变，才能抓住新一轮竞争中的机遇。BlockSec与国枫也会始终与大家携手同行，助力每一个志在合规、敢于创新的Web3团队，在新的格局中乘风破浪。
Amidst ongoing market and regulatory transformation, only those who proactively adapt and embrace change will be well-positioned to seize new opportunities in the next wave of competition. BlockSec and Grandway will remain steadfast partners to the world’s most innovative and compliance-driven Web3 teams, empowering the industry to navigate new frontiers and thrive in an evolving landscape.
关于国枫
About Grandway
国枫Web3团队在Web3项目境外架构搭建、Web3项目投融资、Web3基金设立与运营、Web3境内外合规等业务领域积累了丰富的经验。该团队是国内最早从事Web3法律服务的团队之一，从2013年起持续参与了一系列围绕产业区块链应用、区块链基础设施项目、加密资产管理、证券化交易合规、DeFi（去中心化金融）、RWA（现实世界资产）、GameFi（区块链游戏）及NFT（数字藏品）等赛道的法律业务，在合规的框架下为项目发展助力，为不同赛道的领先参与者提供法律解决方案。同时，该团队也始终对区块链技术与Web3产业充满热情，紧跟产业的发展与需求，关注监管趋势的变化和挑战，不断探索业务发展的机遇。
Grandway Web3 team has accumulated rich experience in overseas structure establishment for Web3 projects, Web3 project investment and financing, Web3 fund establishment and operation, as well as domestic and international compliance for Web3 projects. As one of the first domestic teams to engage in Web3 legal services, Grandway Web3 team has continuously participated in a series of legal affairs since 2013, covering industrial blockchain applications, blockchain infrastructure projects, crypto asset management, securitized transaction compliance, DeFi (Decentralized Finance), RWA (Real World Assets), GameFi (Blockchain Gaming), NFT (Digital Collectibles), and other sectors. Grandway Web3 team project development within regulatory frameworks and provides legal solutions for leading participants in different sectors. Meanwhile, Grandway Web3 team remains passionate about blockchain technology and the Web3 industry, keeps pace with industry development and needs, pays attention to changes and challenges in regulatory trends, and continuously explores business development opportunities.
官网：
https://www.grandwaylaw.com/Website: https://www.grandwaylaw.com/
关于BlockSec
About BlockSec
BlockSec是全球领先的区块链安全公司，于2021年由多位业内知名专家联合创立。BlockSec致力于提升Web3世界的安全性和易用性，并提供一站式安全服务，包括安全审计服务、安全与合规管理平台BlockSec Phalcon、资金追踪调查平台MetaSleuth等。
BlockSec is a globally leading blockchain security company, founded in 2021 by a team of renowned security experts. Committed to advancing the security and usability of the Web3 ecosystem, BlockSec offers comprehensive solutions—including code auditing, the Phalcon security and compliance management platform, and the MetaSleuth fund investigation and tracking platform.
目前，BlockSec已服务全球逾500家客户，既涵盖Web3知名公司Coinbase、Cobo、Uniswap、Compound、MetaMask、Bybit、Mantle、Puffer、FBTC、Manta、Merlin、PancakeSwap等，也包括了权威监管机构及咨询机构，如联合国、FBI、SFC、PwC、FTI Consulting等。
To date, BlockSec has served over 500 distinguished clients worldwide. The client roster includes leading Web3 companies such as Coinbase, Cobo, Uniswap, Compound, MetaMask, Bybit, Mantle, Puffer, FBTC, Manta, Merlin, and PancakeSwap, as well as prominent regulatory and consulting institutions, including the United Nations, FBI, SFC, PwC, and FTI Consulting.
官网：https://blocksec.com/
Website: https://blocksec.com
推特:
https://x.com/BlockSecTeamX: https://x.com/BlockSecTeam
来源：黄浦区司法局
编辑：冯小瑜、黄圣依