美国稳定币法案（GENIUS法案，天才法案）全文译文
2025年指导和建立美国稳定币国家创新法案（GENIUS法案）全文
To provide for the regulation of payment stablecoins, and for other purposes.
为对支付型稳定币进行监管以及其它目的。Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
由美利坚合众国参议院和众议院在国会中通过，特此制定，本法如下：SECTION 1. SHORT TITLE. 第1节. 简称。
This Act may be cited as the "Guiding and Establishing National Innovation for U.S. Stablecoins of 2025" or the "GENIUS Act of 2025”.
本法可称为《2025年指导和建立美国稳定币国家创新法案》或《2025年GENIUS法案》。SEC.2. DEFINITIONS. 第2节. 定义。
In this Act:
在本法中:(1) BANK SECRECY ACT.—The term “Bank Secrecy Act” means-
(1) 银行保密法。 “银行保密法”是指—(A) section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b);
(A) 《联邦存款保险法》第21节(12 U.S.C. 1829b)；(B) chapter 2 of title I of Public Law 91-508 (12 U.S.C. 1951 et seq.); and
(B) 《公法91-508》第I编第2章(12 U.S.C. 1951 et seq.)；以及(C) subchapter II of chapter 53 of title 31 , United States Code.
(C) 《美国法典》第31编第53章第II分章。(2) BOARD.-The term "Board" means the Board of Governors of the Federal Reserve System.
(2) 委员会。“委员会”是指联邦储备系统委员会。(3) COMPTROLLER.—The term “Comptroller” means the Comptroller of the Currency.
(3) 监理署。“监理署”是指货币监理署。(4) COMPTROLLER-REGULATED ENTITY.—The term "COMPTROLLER-regulated entity" means any FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUER that is subject to regulation and supervision exclusively by the Comptroller, pursuant to section 4(a)(7).
(4) 受监理署监管实体。“受监理署监管实体”是指任何依据第 4(a)(7) 条仅受“货币监理署”监管和监督的“联邦合格非银行支付型稳定币发行方”。(5) CORPORATION.—The term "Corporation" means the Federal Deposit Insurance Corporation.
(5) 公司。"公司"是指联邦存款保险公司。(6) DIGITAL ASSET.—The term “digital asset” means any digital representation of value which is recorded on a cryptographically-secured distributed ledger.
(6) 数字资产。"数字资产"是指任何以加密方式记录在“分布式账本”上的价值的数字表示形式。(7) DISTRIBUTED LEDGER.—The term “distributed ledger” means technology where data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and the data is linked using cryptography to maintain the integrity of the public ledger and execute other functions.
(7) 分布式账本。“分布式账本”是指的是这样一种技术：数据在网络中共享，从而在参与者之间创建一个经过验证的交易或信息的公共数字账本，且数据通过加密技术相互链接，以维护公共账本的完整性并执行其他功能。(8) FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUER.—The term “FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUER" means a nonbank entity approved by the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR, pursuant to section 5, to issue payment stablecoins.
(8) 联邦合格非银行支付型稳定币发行方。“联邦符合条件的非银行支付稳定币发行方”是指根据第5节的规定，由“主要联邦支付型稳定币监管机构”批准发行支付型稳定币的“非银行实体”。(9) INSTITUTION-AFFILIATED PARTY.—With respect to a permitted payment stablecoin issuer, the term "institution-affiliated party" means any director, officer, employee, or person in control of, or agent for, the permitted payment stablecoin issuer.
(9) 机构关联方。就“获准发行支付型稳定币发行方”而言，“机构关联方”是指该“获准发行支付型稳定币发行方”的任何董事、高级职员、雇员、控制人或代理人。(10) INSURED DEPOSITORY INSTITUTION.—The term "insured depository institution" means-
(10) 受保存款机构。"受保存款机构"是指-(A) an insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and
(A) 根据《联邦存款保险法》第3节定义的有保险的存款机构；以及(B) an insured credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).
(B) 根据《联邦信用社法》第101节定义的有保险的信用社。(11) MONETARY VALUE.—The term “monetary value” means a national currency or deposit (as defined under Section 3 of the Federal Deposit Insurance Act) denominated in a national currency.
(11) 货币价值。“货币价值”是指国家货币或以国家货币计价的存款(根据《联邦存款保险法》第3条定义)。(12) NATIONAL CURRENCY.—The term “national currency” means a Federal Reserve note (as the term is used in the first undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 411)), money issued by a central bank, and money issued by an intergovernmental organization pursuant to an agreement by 1 or more governments.
(12) 国家货币。“国家货币”是指联邦储备券(根据《联邦储备法》(12 U.S.C. 411)第16节第一段未指定段落中的术语使用)，由中央银行发行的货币，以及政府间组织根据一国或多国政府的协议发行的货币。(13) NONBANK ENTITY.—The term “nonbank entity” means a person that is not an insured depository institution or subsidiary of an insured depository institution.
(13) 非银行实体。“非银行实体”是指非“受保存款机构”或“受保存款机构”子公司的“人”。(14) PAYMENT STABLECOIN.—The term “payment stablecoin" —
(14) 支付型稳定币。"支付型稳定币"——(A) means a digital asset-
(A) 指一种“数字资产”-(i) that is or is designed to be used as a means of payment or settlement; and
(i) 用作或旨在用作支付或结算的手段；以及(ii) the issuer of which-
(ii) 其发行方-(I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value; and
(I) 有义务以固定金额的“货币价值”进行转换、赎回或回购；以及(II) represents it will maintain or creates the reasonable expectation that it will maintain a stable value relative to the value of a fixed amount of monetary value; and
(II) 表示其将维持或创造合理的预期，即其将维持相对于固定金额“货币价值”的稳定价值；以及(B) that is not-
(B) 不是-(i) a national currency; or
(i) 一种“国家货币”；或(ii) a security issued by an investment company registered under section 8(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-8(a)).
(ii) 根据1940年《投资公司法》第8(a)条(15 U.S.C. 80a-8(a)) 注册的投资公司发行的证券。(15) PERMITTED PAYMENT STABLECOIN ISSUER.—The term "permitted payment stablecoin issuer" means-
(15) 获准支付型稳定币发行方。“获准支付型稳定币发行方”一词指-(A) a subsidiary of an insured depository institution that has been approved to issue payment stablecoins under section 5;
(A) 根据第5节获得批准发行支付型稳定币的“受保存款机构”的子公司；(B) a FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUER that has been approved to issue payment stablecoins under section 5; or
(B) 根据第5节获得批准发行支付型稳定币的“联邦合格非银行支付型稳定币发行方”；或(C) a STATE QUALIFIED PAYMENT STABLECOIN ISSUER.
(C) “州合格支付型稳定币发行方”。(16) PERSON.-The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.
(16) 人。“人”一词指个人、合伙企业、公司、法人、协会(已注册或未注册)、信托、遗产、合作社组织或其他实体。(17) PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR.—
(17) 主要联邦支付型稳定币监管机构。—(A) IN GENERAL.-The term "PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR" means-
(A) 一般规定。—“主要联邦支付型稳定币监管机构”一词指-(i) with respect to an insured depository institution (other than an insured credit union) or a subsidiary of an insured depository institution (other than an insured credit union), the appropriate Federal banking agency of such insured depository institution (as defined under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813));
(i) 对于“受保存款机构”(不包括受保存款信用社)或“受保存款机构”(不包括受保存款信用社)的子公司而言，是指该“受保存款机构”的适当联邦银行业监管机构(根据《联邦存款保险法》第3条(12 U.S.C. 1813)定义)；(ii) with respect to an insured credit union or a subsidiary of an insured credit union, the National Credit Union Administration;
(ii) 对于一家受保信用社或其子公司，是指国家信用社管理局;(iii) with respect to a FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUER that is not a national bank, the Comptroller; and
(iii) 对于一家“联邦合格非银行支付型稳定币发行方”，该发行方不是国家银行，是指“货币监理署”; 以及(iv) with respect to any entity chartered by the Comptroller, the Comptroller.
(iv) 对于由“货币监理署”特许的任何实体，是指“货币监理署”。(B) PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORS.—The term “primary Federal payment stablecoin regulators" means the Comptroller, the Board, the CORPORATION, and the National Credit Union Administration.
(B) 主要联邦支付型稳定币监管机构。“主要联邦支付型稳定币监管机构”是指“货币监理署”、“联邦储备委员会”、“联邦存款保险公司”和国家信用社管理局。(18) REGISTERED PUBLIC ACCOUNTING FIRM.—The term "registered public accounting firm" has the meaning given that term under section 2 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201).
(18) 注册公共会计师事务所。“注册公共会计师事务所”是指根据《2002年萨班斯-奥克斯利法案》第2节(15 U.S.C. 7201)对该术语的定义。(19) STATE.—The term “State” means each of the several States, the District of Columbia, and each territory of the United States.
(19) 州。“州”是指各州、哥伦比亚特区以及美国的各属地。(20) STATE QUALIFIED PAYMENT STABLECOIN ISSUER.—The term "STATE QUALIFIED PAYMENT STABLECOIN ISSUER" means an entity that-
(20) 州合格支付型稳定币发行方。“州合格支付型稳定币发行方”一词指一个实体，其-(A) is legally established and approved to issue payment stablecoins by a STATE PAYMENT STABLECOIN REGULATOR; and
(A) 由“州支付型稳定币监管机构”依法设立并批准发行支付稳定币；以及(B) issues a payment stablecoin in compliance with the requirements under section 4 .
(B) 在符合第4节要求的前提下发行支付型稳定币。(21) STATE PAYMENT STABLECOIN REGULATOR.—The term "STATE PAYMENT STABLECOIN REGULATOR" means a State agency that has primary regulatory and supervisory authority in such State over entities that issue payment stablecoins.
(21) 州支付型稳定币监管机构。“州支付型稳定币监管机构”是指在该州对发行支付型稳定币的实体拥有主要监管和监督权的州机构。(22) STATE REGULATED DEPOSITORY INSTITUTION.—The term “State payment stablecoin regulator” means a State agency that has primary regulatory and supervisory authority in such State over entities that issue payment stablecoins.
(22) 州监管存款机构。“州监管存款机构”是指根据《联邦存款保险法》第3(c)条(12 U.S.C. 1813(c))中对“州存款机构”一词的定义。(23) SUBSIDIARY OF AN INSURED CREDIT UNION.—With respect to an insured credit union, the term "subsidiary of an insured credit union" means-
(23) 受保信用社的子公司。就受保信用社而言，“受保信用社的子公司”一词是指-(A) an organization providing services to the insured credit union that are associated with the routine operations of credit unions, as described under section 107(7)(I) of the Federal Credit Union Act (12 U.S.C. 1757(7)(I)); and
(A) 一家为受保信用社提供与其信用社日常运营相关的服务的组织，如《联邦信用社法》第107(7)(I)条(12 U.S.C. 1757(7)(I))所述；以及(B) a credit union service organization, as such term is used under part 712 of title 12 , Code of Federal Regulations, with respect to which the insured credit union has an ownership interest or to which the insured credit union has extended a loan.
(B) 一家信用社服务组织，根据《联邦法规》第12编第712部分，对于该组织，受保信用社拥有所有权利益，或者受保信用社已向其提供贷款。SEC.3. LIMITATION ON WHO MAY ISSUE A PAYMENT STABLECOIN. 第3节. 关于发行支付型稳定币主体的限制。
It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States.
除“获准支付型稳定币发行方”外，任何“人”在美国发行支付稳定币均属违法。
SEC.4. REQUIREMENTS FOR ISSUING PAYMENT STABLECOINS. 第4节. 发行支付型稳定币的要求。
(a) Standards For The Issuance Of Payment Stablecoins.— (a) 支付型稳定币发行的标准——
(1) IN GENERAL.-permitted payment stablecoin issuers shall
(1) 一般规定。-“获准支付型稳定币发行方”应(A) maintain reserves backing the issuers payment stablecoins outstanding on an at least 1 to 1 basis, with reserves comprising—
(A) 保持储备金稳定，以至少 1:1 的比例支持发行方未偿付的稳定币，储备金包括—(i) United States coins and currency (including Federal reserve notes);
(i) 美国硬币和货币（包括联邦储备券）；(ii) funds held as demand deposits (or other deposits that may be withdrawn upon request at any time) at insured depository institutions, regulated foreign depository institutions, or insured shares at insured depository institutions, subject to limitations established by the CORPORATION and the National Credit Union Administration, respectively, to address safety and soundness risks of such insured depository institutions;
(ii) 存放在“受保存款机构”、受监管的外国存款机构的活期存款（或其他可随时按需支取的存款），以及存放在“受保存款机构”的受保股份，但须分别符合“联邦存款保险公司”和国家信用社管理局为防范此类经保险存款机构的安全稳健风险而设定的限制条件；(iii) Treasury bills, notes, or bonds-
(iii) 国库券、国库票据或国债-(I) with a remaining maturity of 93 days or less; or
(I) 剩余期限为 93 天或更短；或者(II) issued with a maturity of 93 days or less;
(II) 期限为 93 天或更短的票据；(iv) repurchase agreements with a maturity of 7 days or less that are backed by Treasury bills with a maturity of 90 days or less;
(iv) 期限在 7 天或以内且由期限在 90 天或以内的国库券作抵押的回购协议；(v) reverse repurchase agreements with a maturity of 7 days or less that are collateralized by Treasury notes, bills, or bonds on an overnight basis, subject to overcollateralization in line with standard market terms, that are-
(v) 以隔夜方式以国债票据、国库券或债券作为抵押品、期限为 7 天或以下的逆回购协议，须按照标准市场条款进行超额抵押，且这些协议是—(I) tri-party;
(I) 三方协议；(II) centrally cleared through a clearing house; or
(II) 通过清算所进行中央清算；或者(III) bilateral with a counterparty that the issuer has determined to be adequately creditworthy even in the event of severe market stress;
(III) 双边协议，且发行人已确定交易对手即使在市场严重承压的情况下仍具备足够的信用资质；(vi) money market funds, invested solely in underlying assets described in clauses (i) through (iv) of subparagraph (A); or
(vi) 货币市场基金，仅投资于上述子款 (A) 中第(i)至(iv)项所述的底层资产；或(vii) Central Bank reserve deposits;
(vii) 中央银行准备金存款；(B) publicly disclose the issuers redemption policy;
(B) 公开披露发行人的赎回政策；(C) establish procedures for timely redemption of outstanding payment stablecoins; and
(C) 建立及时赎回未偿付支付型稳定币的程序；以及(D) publish the monthly composition of the issuers reserves on the website of the issuer, containing-
(D) 在发行方的网站上公布发行方储备金的每月构成，包括-(i) the total number of outstanding payment stablecoins issued by the issuer; and
(i) 发行方已发行的未偿付支付型稳定币的总数；以及(ii) the amount and composition of the reserves described under subparagraph (A).
(ii) 按照上述(A)款所述储备金的金额和组成。(2) PROHIBITION ON REHYPOTHECATION.—Reserves described under paragraph (1)(A) may not be pledged, rehypothecated, or reused, except for the purpose of creating liquidity to meet reasonable expectations of requests to redeem payment stablecoins, such that reserves in the form of Treasury bills may be pledged as collateral for repurchase agreements with a maturity of 90 days or less, provided that either-
(2) 再抵押禁止条款。—根据上述(1)(A)款描述的储备金不得质押、再抵押或重复使用，但为满足合理预期的支付型稳定币赎回请求而创造流动性之目的除外，即期限在 90 天或以下的国库券形式的准备金可作为回购协议的抵押品，但须满足以下任一条件：(A) the repurchase agreements are cleared by a central clearing counterparty that is approved by the primary Federal or State payment stablecoin regulator; or
(A) 回购协议由经“主要联邦或州支付型稳定币监管机构”批准的中央清算对手方清算；或者(B) the permitted payment stablecoin issuer receives the prior approval of the primary Federal or State payment stablecoin regulator.
(B) “获准支付型稳定币发行方”事先获得“主要联邦或州支付型稳定币监管机构”的批准。(3) MONTHLY CERTIFICATION; EXAMINATION OF REPORTS BY REGISTERED PUBLIC ACCOUNTING FIRM.—
(3) 每月认证；由“注册公共会计师事务所”审查报告。—(A) IN GENERAL.-A permitted payment stablecoin issuer shall, each month, have the information disclosed in the previous month-end report required under paragraph (1)(D) examined by a registered public accounting firm.
(A) 一般规定。— “获准支付型稳定币发行方”应在每个月，由“注册公共会计师事务所”审查根据上述第(1)(D)款要求在上月末报告中披露的信息。(B) CERTIFICATION.—Each month, the Chief Executive Officer and Chief Financial Officer of a permitted payment stablecoin issuer shall submit a certification as to the accuracy of the monthly report to-
(B) 认证。—“获准支付型稳定币发行方”的首席执行官和首席财务官应在每个月，提交一份关于月度报告准确性的认证，提交给-(i) the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR; or
(i) “主要联邦支付型稳定币监管机构”；或者(ii) in the case of a STATE QUALIFIED PAYMENT STABLECOIN ISSUER, to the STATE PAYMENT STABLECOIN REGULATOR.
(ii) 对于“州合格支付型稳定币发行方”的情况，提交给“州支付型稳定币监管机构”。(C) CRIMINAL PENALTY.—Any person who submits a certification required under subparagraph (B) knowing that such certification is false shall be subject to the criminal penalties set forth under section 1350(c) of title 18, United States Code.
(C) 刑事处罚。—任何人在明知该认证虚假的情况下提交根据上述第(B)款要求的认证，应依照《美国法典》第18编第1350(c)条规定承担刑事处罚。(4) CAPITAL, LIQUIDITY, AND RISK MANAGEMENT REQUIREMENTS.—
(4) 资本、流动性和风险管理要求。—(A) IN GENERAL.-The primary Federal payment stablecoin regulators shall, jointly, or in the case of a State qualified payment stablecoin issuer, the State payment stablecoin regulator shall, issue—
(A) 一般规定。“主要联邦支付型稳定币监管机构”应共同，或者“州支付稳定币监管机构”针对“州合格支付型稳定币发行方”应单独，发布-(i) capital requirements applicable to permitted payment stablecoin issuers, which may not exceed what is sufficient to ensure the permitted payment stablecoin issuers ongoing operations;
(i) 适用于“获准支付型稳定币发行方”的资本要求，其上限不得超过确保“获准支付型稳定币发行方”持续运营所必需的数额;(ii) appropriate liquidity and interest rate risk management standards applicable to permitted payment stablecoin issuers, which may not exceed what is sufficient to ensure the financial integrity of the permitted payment stablecoin issuer and the ability of the issuer to meet the financial obligations of the issuer, including redemptions; and
(ii) 适用于“获准支付型稳定币发行方”的适当流动性及利率风险管理体系，其上限不得超过确保“获准支付型稳定币发行方”财务完整性和发行方履行包括赎回在内的财务义务能力所必需的数额；以及(iii) appropriate operational, compliance, and information technology risk management standards, including Bank Secrecy Act and sanctions compliance, tailored to the business model and risk profile of the permitted payment stablecoin issuer, consistent with other legal authorities.
(iii) 适当的运营、合规和信息技术风险管理标准，包括《银行保密法》和制裁合规性，应根据“获准支付型稳定币发行方”的商业模式和风险状况进行定制，与其他法律授权一致。(B) RULE OF CONSTRUCTION.—Nothing in this paragraph shall be construed to limit-
(B) 解释规则。本款中的任何内容均不得解释为限制-(i) the authority of the primary Federal regulators, in prescribing standards under this paragraph, to tailor or differentiate among issuers on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities (including financial activities of their subsidiaries), size, and any other risk related factors that the primary Federal regulator determines appropriate; or
(i) 主要联邦监管机构在根据本款规定标准时，有权针对各发行人具体情况或类别进行调整或区分，同时考虑其资本结构、风险程度、复杂性、金融活动（包括其子公司的金融活动）、规模以及主要联邦监管机构认为适当的任何其他风险相关因素；或者(ii) the supervisory, regulatory, or enforcement authority of an appropriate Federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate Federal banking agency.
(ii) 适当联邦银行机构为促进其监管机构的安全稳健运营而行使的监督、监管或执法权力。(C) APPLICABILITY OF EXISTING CAPITAL STANDARDS.— With respect to the promulgation of rules under subsection (a) (1)(A), section 171 of the Financial Stability Act of 2010 (12 U.S.C. 5371(a)(1)(A)) shall not apply.
(C) 现有资本标准的适用性。就根据上述第(a)(1)(A)款发布规则而言，2010年金融稳定法案第171条(12 U.S.C. 5371(a)(1)(A))不适用。(5) TREATMENT UNDER THE BANK SECRECY ACT.—A permitted payment stablecoin issuer shall be treated as a financial institution for purposes of the Bank Secrecy Act.
(5) 根据《银行保密法》的处理方式。“获准支付型稳定币发行方”应被视为《银行保密法》下的金融机构。(6) LIMITATION ON STABLECOIN ACTIVITIES.—
(6) 对稳定币活动的限制。—(A) IN GENERAL.-A permitted payment stablecoin issuer may only—
(A) 一般规定。“获准支付型稳定币发行方”只能—(i) issue payment stablecoins;
(i) 发行支付型稳定币;(ii) redeem payment stablecoins;
(ii) 赎回支付型稳定币;(iii) manage related reserves (including purchasing and holding reserve assets);
(iii) 管理相关储备金(包括购买和持有储备资产);(iv) provide custodial or safekeeping services for payment stablecoins, required reserves, or private keys of payment stablecoins; and
(iv) 为支付型稳定币、所需储备金或支付型稳定币的私钥提供托管或保管服务；以及(v) undertake other functions that directly support the work of issuing and redeeming payment stablecoins.
(v) 承担其他直接支持支付型稳定币发行和赎回工作的职能。(B) RULE OF CONSTRUCTION.—Nothing in subparagraph (A) shall prevent a permitted stablecoin issuer from engaging in non-stablecoin activities that are explicitly allowed by the relevant regulator.
(B) 解释规则。—上述第(A)款中的任何规定均不得妨碍获准的稳定币发行方在相关监管机构明确允许的情况下从事非稳定币业务。(7) REGULATION BY THE COMPTROLLER.—
(7) 货币监理署的监管。—(A) IN GENERAL.—A FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUER shall be regulated and supervised exclusively by the Comptroller, which shall have authority, in coordination with other relevant regulators, to issue such regulations and orders as necessary to ensure the safety and soundness of the issuers, consistent with the provisions of this Act.
(A) 一般规定。—“联邦合格非银行支付型稳定币发行方”应仅由“货币监理署”监管和监督，“货币监理署”在与其他相关监管机构协调的情况下，有权发布必要的法规和命令，以确保发行方的安全与稳健，符合本法案的规定。(B) CONFORMING AMENDMENT.—Section 324(b) of the Revised Statutes (12 U.S.C. 1(b)) is amended by adding at the end the following:
(B) 协调修正案。—《修订法》第324(b)条(12 U.S.C. 1(b))应通过在末尾添加以下内容进行修正:“(3) REGULATION OF FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUERS.—the Comptroller of the Currency shall, in coordination with other relevant regulators, issue such regulations and orders as necessary to ensure the safety and soundness of any nonbank entity approved by the Comptroller to issue payment stablecoins.".
“(3) “联邦合格非银行支付型稳定币发行方”的监管。—“货币监理署”与其他相关监管机构协调，发布必要的法规和命令，以确保经“货币监理署”批准发行支付型稳定币的任何“非银行实体”的安全与稳健。”(b) State-Level Regulatory Regimes.— (b) 州级监管制度。—
(1) OPTION FOR STATE-LEVEL REGULATORY REGIME.—Notwithstanding the Federal regulatory framework established under subsection (a), a stablecoin issuer with a total market capitalization of not more than $10,000,000,000 may opt for regulation under a State-level regulatory regime, provided that the State-level regulatory regime is substantially similar to the Federal regulatory framework under that subsection.
(1) 州级监管制度选择。—尽管根据上述第(a)条建立的联邦监管框架，但总市值不超过$10,000,000,000（100亿美元）的稳定币发行方可以选择在州级监管制度下运营，前提是该州级监管制度与上述第(a)条下的联邦监管框架实质相似。(2) REVIEW.—State regulators shall review State-level regulatory regimes according to criteria the State regulators establish for determining whether a State-level regulatory regime is substantially similar to the Federal regulatory framework under subsection (a).
(2) 审查。—州监管机构应根据其为确定州级监管制度是否与上述第(a)条所述联邦监管框架实质相似而制定的标准，对州级监管制度进行审查。(3) CERTIFICATION.—
(3) 认证。—(A) INITIAL CERTIFICATION.—Subject to subparagraph (B), not later than 1 year after the date of enactment of this Act, State regulators shall submit to the Secretary of the Treasury an initial certification that their State-level regulatory regime meets the criteria for substantial similarity under paragraph (2).
(A) 初次认证。—除以下第(B)款规定外，州监管机构应在本法颁布之日起1年内，向财政部长提交初次认证，证明其州级监管制度符合第(2)款规定的实质相似标准。(B) FORM OF CERTIFICATION.—The initial certification required under subparagraph (A) shall contain, in a form prescribed by the Secretary of the Treasury, an attestation that the State-level regulatory regime meets the criteria for substantial similarity under paragraph (2).
(B) 认证形式。—根据财政部长规定的格式，第(A)款要求的初次认证应包含一份声明，证明州级监管制度符合第(2)款规定的实质相似标准。(C) ANNUAL RECERTIFICATION.—Not later than a date to be determined by the Secretary each year, the State shall submit to the Secretary of the Treasury an additional certification that confirms the accuracy of initial certification submitted under subparagraph (A).
(C) 年度重新认证。—州应在财政部长每年确定的日期前，向财政部长提交额外的认证，以确认上述第(A)款提交的初次认证的准确性。(4) NOT SUBSTANTIALLY SIMILAR.—
(4) 不实质相似。—(A) IN GENERAL.—If a State regulator does not submit a certification under paragraph (3), then a payment stablecoin issuer operating under this subsection shall be subject to the Federal regulatory framework as described in subsection (c), notwithstanding the market capitalization threshold therein.
(A) 一般规定。—如果州监管机构未根据上述第(3)款提交认证，则在本款下运营的支付型稳定币发行方应受以下第(c)条所述的联邦监管框架约束，尽管其中存在市值门槛。(B) TREASURY REVIEW.—The Secretary of the Treasury may reject a certification under paragraph (3) if the Secretary determines that the State-level regulatory regime is not substantially similar to the Federal regulatory framework under subsection (a), and the payment stablecoin issuer shall be subject to the Federal regulatory framework as described in subsection (c), notwithstanding the market capitalization threshold therein.
(B) 财政部审查。—如果财政部长认定州级监管制度与上述第(a)条的联邦监管框架不实质相似，财政部长可以拒绝上述第(3)款的认证，且支付型稳定币发行方应受以下第(c)款所述的联邦监管框架约束，尽管其中存在市值门槛。(C) APPELLATE REVIEW.—A payment stablecoin issuer may challenge the determination of the State regulator or the Secretary of the Treasury under this paragraph in the United States District Court for the District of Columbia.
(C) 上诉审查。—支付型稳定币发行方可就本款所述州监管机构或财政部长的决定向哥伦比亚特区美国地方法院提起上诉。(5) LIST. -The Secretary of the Treasury shall publish and maintain in the Federal Register and on the website of the Department of the Treasury a list of States that have submitted initial certifications and recertifications under paragraph (3).
(5) 名单。-财政部长应将根据上述第(3)款提交初始认证和再认证的各州名单在联邦登记册和财政部网站上公布并保持更新。(c) Transition To Federal Regulation.— (c) 向联邦监管过渡。—
(1) DEPOSITORY INSTITUTION.—A State-regulated depository institution that has been approved as a payment stablecoin issuer with a market capitalization of more than $10,000,000,000 shall—
(1) 存款机构。—经州监管机构批准作为支付型稳定币发行方且市值超过 $10,000,000,000（100亿美元）的存款机构应当—(A) not later than 360 days after reaching such market capitalization, transition to regulation under the Federal regulatory framework of the Board; or
(A) 在达到该市值后不超过360天内，过渡至“联邦储备委员会”的联邦监管框架下；或者(B) beginning on the date of reaching such market capitalization, cease issuing new stablecoins until the State-regulated stablecoin issuer is under the $10,000,000,000 market capitalization threshold.
(B) 自达到该市值之日起，停止发行新的稳定币，直到由州监管的稳定币发行方低于$10,000,000,000（100亿美元）的市值门槛。(2) OTHER INSTITUTIONS.—A State qualified payment stablecoin issuer not described in paragraph (1) with a market capitalization of more than $10,000,000,000 shall—
(2) 其他机构。—对于未在第(1)款中描述且市值超过 100 亿美元的州合格支付型稳定币发行方，应当—(A) not later than 360 days after reaching such market capitalization, transition to regulation under the regulatory framework of the Comptroller; or
(A) 在达到该市值后不超过360天内，过渡至货币监理署的监管框架下；或者(B) beginning on the date of reaching such market capitalization, cease issuing new stablecoins until the State-regulated stablecoin issuer is under the $10,000,000,000 market capitalization threshold.
(B) 自达到该市值之日起，停止发行新的稳定币，直到由州监管的稳定币发行人低于$10,000,000,000（100亿美元）的市值门槛。(3) CONDITIONAL APPROVAL.-Upon filing an application with the appropriate Federal regulator, a STATE QUALIFIED PAYMENT STABLECOIN ISSUER shall be deemed conditionally approved, pending final approval or denial of the application.
(3) 附条件批准。—在向适当的联邦监管机构提交申请后，“州合格支付型稳定币发行方”应被视为附条件批准，直至其申请最终获批或被拒。(4) WAIVER. -The applicable Federal regulator may waive the requirement under paragraph (1) or (2) to permit a STATE QUALIFIED PAYMENT STABLECOIN ISSUER to remain under a State-level regulatory regime.
(4) 豁免。—相关联邦监管机构可豁免第(1)款或第(2)款的要求，允许“州合格支付型稳定币发行方”继续接受州一级的监管制度。(d) RULEMAKING.— (d) 规则制定。—
(1) IN GENERAL.-The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs and STATE PAYMENT STABLECOIN REGULATORs may issue such orders and regulations as may be necessary to administer and carry out the requirements of this section, including to establish conditions, and to prevent evasions thereof.
(1) 一般规定。-“主要联邦支付型稳定币监管机构”和“州支付型稳定币监管机构”可以发布任何必要命令和法规，以执行和落实本节的要求，包括设定条件以及防止规避这些要求的行为。(2) JOINT ISSUANCE OF REGULATION.—All regulations issued to carry out this section shall be issued jointly by the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs, if not issued by a STATE PAYMENT STABLECOIN REGULATOR.
(2) 联合发布法规。-为执行本节而发布的所有规章，若联合发布，则应由“主要联邦支付型稳定币监管机构”发布，而非由“州支付型稳定币监管机构”发布。(3) RULEMAKING DEADLINE.—Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Federal payment stablecoin regulators shall issue regulations to carry out this section.
(3) 规则制定期限。-自本法案颁布之日起180天期满之前，“联邦支付型稳定币监管机构”应发布执行本节的法规。SEC.5. APPROVAL OF SUBSIDIARIES OF NSURED DEPOSITORY INSTITUTIONS AND FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUERS. 第5节. 对受保存款机构子公司和联邦合格非银行支付型稳定币发行人的批准。
(a) Application.— (a) 申请。—
(1) IN GENERAL.-The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall receive, review, and approve applications from any insured depository institution that seeks to issue payment stablecoins through a subsidiary and any nonbank entity that seeks to issue payment stablecoins. The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall establish a process for the licensing and regulation of these entities.
(1) 一般规定。“主要联邦支付型稳定币监管机构”应接收、审查并批准任何寻求通过子公司发行支付型稳定币的“受保存款机构”以及任何寻求发行支付型稳定币的“非银行实体”的申请。“主要联邦支付型稳定币监管机构”应建立对这些实体的许可和监管程序。(2) AUTHORITY TO ISSUE REGULATIONS AND PROCESS APPLICATIONS.—The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs shall, before the effective date described in section 16-
(2) 发布规章和处理申请的权力。“主要联邦支付型稳定币监管机构”应在第16节所述生效日期之前—(A) issue regulations to carry out this section; and
(A) 发布规章以执行本节规定；以及(B) pursuant to the regulations described in subparagraph (A), accept and process applications under this Act.
(B) 依照上述第(A)款所述的规定，受理并处理根据本法案提出的申请。(3) MANDATORY APPROVAL PROCESS.—The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall, upon receipt of a complete application, evaluate and make a determination on each application based on the criteria established under this Act.
(3) 强制审批程序。“主要联邦支付型稳定币监管机构”在收到完整申请后，应根据本法案规定的标准对每个申请进行评估并作出决定。(b) EVALUATION OF APPLICATIONS.—(b) 申请评估—
A complete application received under subsection (a) shall be evaluated by the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR using the factors described in subsection (c).
根据第(a)款收到的完整申请应由“主要联邦支付型稳定币监管机构”根据第(c)款所述因素进行评估。(c) Factors To Be Considered.—(c) 应考虑的因素—
The factors described in this subsection are the ability of the applicant (or, in the case of an applicant that is an insured depository institution, the subsidiary of the applicant), based on the financial condition and resources, to meet the requirements set forth in section 4 .
本款所述因素是指申请人（如申请人为“受保存款机构”，则指申请人的子公司）基于财务状况和资源，满足第 4 节所规定要求的能力。(d) Timing For Decision; Grounds For Denial.— (d) 决定时间；拒绝理由—
(1) TIMING.—The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall render a decision on an application no later than 120 days after informing the applicant that the application is complete.
(1) 时限。“主要联邦支付型稳定币监管机构”应在通知申请人其申请材料完备之日起120日内对申请作出决定。(2) DENIAL OF APPLICATION.—
(2) 申请被拒绝。(A) GROUNDS FOR DENIAL.-The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall only deny a complete application received under subsection (a) if the regulator determines that the activities of the applicant would be unsafe or unsound based on the factors described in subsection (c).
(A) 拒绝理由。“主要联邦支付型稳定币监管机构”仅在确定申请人的活动基于第(c)款所述因素来看是不安全或不稳健的情况下，方可拒绝根据第(a)款收到的完整申请。(B) EXPLANATION REQUIRED.—If the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR denies a complete application received under subsection (a), not later than 30 days after the date of such denial, the regulator shall provide the applicant with written notice explaining the denial with specificity, including all findings made by the regulator with respect to all identified material shortcomings in the application, including actionable recommendations on how the applicant could address the identified material shortcomings.
(B) 必须提供解释。如果“主要联邦支付型稳定币监管机构”拒绝根据第(a)款收到的完整申请，应在该拒绝之日起30日内，向申请人提供书面通知，具体说明拒绝理由，包括监管机构针对申请中所有重大缺陷的所有发现，以及申请人如何解决这些重大缺陷的可操作建议。(C) OPPORTUNITY FOR HEARING; FINAL DETERMINATION.
(C) 听证机会；最终决定。(i) IN GENERAL.-Not later than 30 days after the date of receipt of any notice of the denial of an application under this section, the applicant may request, in writing, an opportunity for a written or oral hearing before the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR to appeal the denial.
(i) 一般规定。在收到根据本节拒绝申请的通知之日起30日内，申请人可以书面请求，向“主要联邦支付型稳定币监管机构”申请书面或口头听证会，以对拒绝申请提出申诉。(ii) TIMING.—Upon receipt of a timely request, the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall notice a time (not later than 30 days after the date of receipt of the request) and place at which the applicant may appear, personally or through counsel, to submit written materials or provide oral testimony and oral argument).
(ii) 时间。在收到及时请求后，“主要联邦支付型稳定币监管机构”应在收到请求之日起30日内通知申请人听证的时间和地点，申请人可以亲自或通过律师出席，提交书面材料或提供口头证词和口头辩论。(iii) FINAL DETERMINATION.—Not later than 60 days after the date of a hearing under this subparagraph, the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall notify the applicant of the final determination of the Comptroller, which shall contain a statement of the basis for that determination, with specific findings.
(iii) 最终决定。在本款所述听证会后60日内，“主要联邦支付型稳定币监管机构”应通知申请人“货币监理署”的最终决定，该决定应包含对作出该决定的依据说明以及具体认定结果。(iv) NOTICE IF NO HEARING.—If an applicant does not make a timely request for a hearing under this subparagraph, the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall notify the applicant, not later than 10 days after the date by which the applicant may request a hearing under this subparagraph, in writing, that the denial of the application is a final determination of the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR.
(iv) 未举行听证会的通知。—如果申请人未按照本款及时提出听证请求，“主要联邦支付型稳定币监管机构”应在申请人可以依据本款提出听证请求的日期之后不超过10日内，以书面形式通知申请人，对其申请的拒绝系“主要联邦支付型稳定币监管机构”的最终决定。(3) FAILURE TO RENDER A DECISION.-If the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR fails to render a decision on a complete application within the time period specified in paragraph (1), the application shall be deemed approved.
(3) 未能作出决定。—如果“主要联邦支付型稳定币监管机构”未能在第(1)款规定的期限内对完整申请作出决定，则该申请应视为已获批准。(4) RIGHT TO REAPPLY.—The denial of an application under this section shall not prohibit the applicant from filing a subsequent application.
(4) 重新申请的权利。—根据本节规定拒绝申请，不得妨碍申请人再次提出申请。(e) Report On Pending Applications.— (e) 对待处理申请的报告—
the Comptroller shall annually report to Congress on the applications that have been pending for 6 months or longer since the date of the initial application filed under subsection (a) where the applicant has been informed that the application remains incomplete, including providing documentation on the status of the application and why the application has not yet been approved.
货币监理署应每年向国会报告自根据上述第(a)条提交初始申请之日起已经待处理6个月或更长时间且申请人已被告知申请仍不完整的申请情况，包括提供有关申请状态的文件以及申请尚未获批的原因。(f) Rulemaking.—(f) 规则制定—
the Comptroller shall issue rules necessary for the regulation of the issuance of payment stablecoins, but may not impose requirements inconsistent with the requirements specified under section 4.
货币监理署应发布为监管支付稳定币发行所必需的规则，但不得施加与第4条中规定的条款不一致的要求。SEC.6. SUPERVISION AND ENFORCEMENT WITH RESPECT TO SUBSIDIARIES OF INSURED DEPOSITORY INSTITUTIONS AND COMPTROLLER-REGULATED ENTITIES. 第6节. 对受保存款机构子公司和受监理署监管实体的监督与执行。
(a) Supervision.— (a) 监督—
(1) SUBSIDIARY OF AN INSURED DEPOSITORY INSTITUTION.—
(1) 受保存款机构的子公司。—(A) IN GENERAL.-Each permitted payment stablecoin issuer that is a subsidiary of an insured depository institution shall be subject to supervision by the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR in the same manner as such insured depository institution.
(A) 一般规定。—每一家作为“受保存款机构”子公司的“获准支付型稳定币发行方”，应接受“主要联邦支付稳定币监管机构”的监管，其监管方式与该“受保存款机构”相同。(B) GRAMM-LEACH-BLILEY ACT.—For purposes of title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.) each permitted payment stablecoin issuer that is a subsidiary of an insured depository institution shall be deemed a financial institution.
(B) 格拉姆-里奇-布莱利法案。—就《格拉姆-里奇-布莱利法案》第五章(15 U.S.C. 6801 et seq.)而言，每个作为“受保存款机构”子公司的“获准支付型稳定币发行方”应被视为金融机构。(2) COMPTROLLER-REGULATED ENTITIES.—
(2) 受监理署监管实体。—(A) SUBMISSION OF REPORTS.—Each COMPTROLLER-regulated entity shall, upon request, submit reports to the Comptroller as to-
(A) 提交报告。—每个“受监理署监管实体”应根据要求向“货币监理署”提交有关以下内容的报告:(i) the financial condition of the Comptroller-regulated entity, systems for monitoring and controlling financial and operating risks; and
(i) “受监理署监管实体”的财务状况、监控和控制财务及运营风险的系统；以及(ii) compliance by the Comptroller-regulated entity (and any subsidiary thereof) with this Act.
(ii) “受监理署监管实体”(及其任何子公司)遵守本法案的情况。(B) EXAMINATIONS.—the Comptroller may make examinations of a COMPTROLLER-regulated entity and each subsidiary of such entity in order to inform the Comptroller of -
(B) 检查。—“货币监理署”可以对“受监理署监管实体”及其每个子公司进行检查，以便向“货币监理署”提供以下信息:(i) the nature of the operations and financial condition of the Comptroller-regulated entity;
(i) “受监理署监管实体”的业务性质和财务状况；(ii) the financial, operational, and other risks within the Comptroller-regulated entity that may pose a threat to-
(ii) “受监理署监管实体”内部可能对其构成威胁的财务、运营及其他风险-(I) the safety and soundness of the Comptroller-regulated entity; or
(I) “受监理署监管实体”的安全性和稳健性构成威胁;(II) the stability of the financial system of the United States; and
(II) 美国金融系统的稳定性；以及(iii) the systems of the Comptroller-regulated entity for monitoring and controlling the risks described in clause (ii).
(iii) “受监理署监管实体”用于监测和控制第(ii)款中所述风险的系统。(C) REQUIREMENTS FOR EFFICIENCY.—
(C) 效率要求。—(i) USE OF EXISTING REPORTS.—In supervising and examining a COMPTROLLER-regulated entity, the Comptroller shall, to the fullest extent possible, use existing reports and other supervisory information.
(i) 使用现有报告。—在监督和检查“受监理署监管实体”时，“货币监理署”应尽可能充分利用现有的报告和其他监督信息。(ii) AVOIDANCE OF DUPLICATION.—the Comptroller shall, to the fullest extent possible, avoid duplication of examination activities, reporting requirements, and requests for information in carrying out this Act with respect to a COMPTROLLER-regulated entity.
(ii) 避免重复。—在根据本法案对“受监理署监管实体”进行监管时，“货币监理署”应在最大程度上避免重复审查活动、报告要求以及信息请求。(iii) CONSIDERATION OF BURDEN.—the Comptroller shall, with respect to any examination or request for the submission of a report under this paragraph, only request examinations and reports at a cadence and in a format that is similar to those required for similarly situated Comptroller-regulated entities.
(iii) 考虑负担。—对于根据本款进行的任何审查或提交报告的要求，“货币监理署”应仅以与其相类似“受监理署监管实体”所要求的频率和格式进行检查和报告。(b) Enforcement.— (b) 执行。—
(1) SUSPENSION OR REVOCATION OF REGISTRATION.—The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR may prohibit a permitted payment stablecoin issuer from issuing payment stablecoins, if the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR determines that such permitted payment stablecoin issuer, or an institution-affiliated party of the permitted payment stablecoin issuer, is-
(1) 注册的暂停或撤销。—若“主要联邦支付型稳定币监管机构”认定“获准支付型稳定币发行方”或其“机构关联方”存在以下情况，该监管机构可禁止该获准发行方发行支付稳定币：—(A) materially violating or has materially violated this Act or any regulation or order issued under this Act; or
(A) 严重违反或已严重违反本法或根据本法发布的任何法规或命令；或者(B) materially violating or has materially violated any condition imposed in writing by the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR in connection with a written agreement entered into between the permitted payment stablecoin issuer and the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR.
(B) 严重违反或已严重违反“主要联邦支付型稳定币监管机构”根据其与“获准支付型稳定币发行方”所签订的书面协议而书面规定的任何条件。(2) CEASE-AND-DESIST PROCEEDINGS.—If the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR has reasonable cause to believe that a permitted payment stablecoin issuer or any institution-affiliated party of a permitted payment stablecoin issuer is violating, has violated, or is attempting to violate this Act, any regulation or order issued under this Act, or any written agreement entered into with the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR or condition imposed in writing by the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR in connection with any application or other request, the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR may, by provisions that are mandatory or otherwise, order the permitted payment stablecoin issuer or institution-affiliated party of the permitted payment stablecoin issuer to一
(2) 停止与终止程序。—若“主要联邦支付型稳定币监管机构”有合理理由认为“获准支付型稳定币发行方”或“获准支付型稳定币发行方”的任何“机构关联方”违反、曾经违反或企图违反本法案、根据本法案发布的任何法规或命令，或与“主要联邦支付型稳定币监管机构”签订的任何书面协议，或“主要联邦支付型稳定币监管机构”在处理任何申请或其他请求时以书面形式施加的任何条件，“主要联邦支付型稳定币监管机构”可发布具有强制性或其他效力的规定，责令“获准支付型稳定币发行方”或“获准支付型稳定币发行方”的任何“机构关联方”停止相应行为一(A) cease and desist from such violation or practice; or
(A) 停止并禁止此类违规行为或做法；或者(B) take affirmative action to correct the conditions resulting from any such violation or practice.
(B) 采取积极措施纠正因任何此类违规行为或做法而产生的状况。(3) REMOVAL AND PROHIBITION AUTHORITY.—The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR may remove an institution-affiliated party of a permitted payment stablecoin issuer from their position or office or prohibit further participation in the affairs of the permitted payment stablecoin issuer or all permitted payment stablecoin issuers by such institution-affiliated party, if the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR determines that -
(3) 撤销与禁止权限。—若“主要联邦支付型稳定币监管机构”作出如下认定，其可将“获准支付型稳定币发行方”的“机构关联方”从其职位或职务上移除，或禁止该“机构关联方”进一步参与“获准支付型稳定币发行方”或所有“获准支付型稳定币发行方”的事务。—(A) the institution-affiliated party has, directly or indirectly, committed a violation or attempted violation of this Act or any regulation or order issued under this Act; or
(A) “机构关联方”直接或间接违反了本法案或根据本法案发布的任何规章或命令；或者(B) the institution-affiliated party has committed a violation of any provision of subchapter II of chapter 53 of title 31, United States Code.
(B) “机构关联方”违反了《美国法典》第31编第53章第II分章的任何条款。(4) PROCEDURES.—
(4) 程序。—(A) IN GENERAL.-If the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR identifies a violation or attempted violation of this Act or makes a determination under paragraph (1), (2), or (3), the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR shall comply with the procedures set forth in subsections (b) and (e) of sections 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818).
(A) 一般规定。—若“主要联邦支付型稳定币监管机构”发现本法案的违规行为或企图违规行为，或根据第(1)、(2)或(3)款作出决定，“主要联邦支付型稳定币监管机构”应遵守《联邦存款保险法》第8条(b)和(e)款规定的程序。(B) JUDICIAL REVIEW.—A person aggrieved by a final action under this subsection may obtain judicial review of such action exclusively as provided in section 8(h) of the Federal Deposit Insurance Act (12 U.S.C. 1818(h)).
(B) 司法审查。—因本款最终决定而受到损害的任何“人”，可依据《联邦存款保险法》第(8(h))节(12 U.S.C. 1818(h))中的规定，对有关决定申请司法审查。(C) INJUNCTION.—The primary Federal payment stablecoin regulator may, in the discretion of the regulator, follow the procedures provided in section 8(i)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(i)(1)) for judicial enforcement of any effective and outstanding notice or order issued under this subsection.
(C) 禁令。—“主要联邦支付型稳定币监管机构”可自行决定，依照《联邦存款保险法》第(8(i)(1))节(12 U.S.C. 1818(i)(1))中规定的程序，对根据本款发出的任何有效且未撤销的通知或命令进行司法强制执行。(D) TEMPORARY CEASE-AND-DESIST PROCEEDINGS.—If the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR determines that a violation or attempted violation of this Act or an action with respect to which a determination was made under paragraph (1), (2), or (3), or the continuation thereof, is likely to cause insolvency or significant dissipation of assets or earnings of a permitted payment stablecoin issuer, or is likely to weaken the condition of the permitted payment stablecoin issuer or otherwise prejudice the interests of the customers of the permitted payment stablecoin issuer prior to the completion the proceedings conducted under this paragraph, the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR may follow the procedures provided in section 8(c) of the Federal Deposit Insurance Act (12 U.S.C. 1818(c)) to issue a temporary cease-and-desist order.
(D) 暂时停止与终止程序。—若“主要联邦支付型稳定币监管机构”认定，本法案的违规行为或企图违规行为，或根据第(1)、(2)或(3)款作出的决定，或继续该行为，可能会导致“获准支付型稳定币发行方”的破产或资产或收益的重大流失，或者可能削弱“获准支付型稳定币发行方”的状况，或以其他方式损害“获准支付型稳定币发行方”的客户利益，在本款规定的程序完成之前，“主要联邦支付型稳定币监管机构”可以依照《联邦存款保险法》第8(c)条(12 U.S.C. 1818(c))中提供的程序发出临时停止与终止令。(5) CIVIL MONEY PENALTIES.—
(5) 民事罚款。—(A) FAILURE TO BE APPROVED.—Any person who issues a United States dollar-denominated payment stablecoin and who is not a permitted payment stablecoin issuer, and any institution-affiliated party of such a person who knowingly participates is issuing such a payment stablecoin, shall be liable for a civil penalty of not more than $100,000 for each day during which such payment stablecoins are issued.
(A) 未经批准的发行。—任何发行以美元计价的支付型稳定币且非“获准支付型稳定币发行方”的“人”，以及明知参与此类支付型稳定币发行的该“人”所属的“机构关联方”，对于其发行支付型稳定币的每一天，应承担不超过$100,000（10 万美元）的民事罚款。(B) FIRST TIER.—Except as provided in subparagraph (A), a permitted payment stablecoin issuer or institution-affiliated party of such permitted payment stablecoin issuer that materially violates this Act or any regulation or order issued under this Act, or that materially violates any condition imposed in writing by the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR in connection with a written agreement entered into between the permitted payment stablecoin issuer and the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR, shall be liable for a civil penalty of up to $100,000 for each day during which the violation continues.
(B) 第一级。—除上述(A)款规定的情况外，“获准支付型稳定币发行方”或其“机构关联方”，若严重违反本法案或根据本法案发布的任何法规或命令，或严重违反“主要联邦支付型稳定币监管机构”与“获准支付型稳定币发行方”书面协议中所规定的任何条件，应就持续违规的每一天，承担民事罚款责任，罚款金额为每日最高$100,000（10 万美元）。(C) SECOND TIER.-Except as provided in subparagraph (A), and in addition to the penalties described under subparagraph (B), a permitted payment stablecoin issuer or institution-affiliated party of such permitted payment stablecoin issuer who knowingly participates in a violation of any provision of this Act, or any regulation or order issued thereunder, is liable for a civil penalty of up to an additional $100,000 for each day during which the violation continues.
(C) 第二级。—除 上述(A)款规定的情况外，并且除了上述(B)款中描述的罚款外，“获准支付型稳定币发行方”或其“机构关联方”，若明知参与违反本法案任何条款或根据本法案发布的任何法规或命令，应就持续违规的每一天，承担民事罚款责任，罚款金额为每日最高$100,000（10 万美元）。(D) PROCEDURE.—Any penalty imposed under this paragraph may be assessed and collected by the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR pursuant to the procedures set forth in section 8(i)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1818(i)(2)).
(D) 程序。—根据本款实施的任何罚款，可由“主要联邦支付型稳定币监管机构”根据《联邦存款保险法》第8(i)(2)条(12 U.S.C. 1818(i)(2))中规定的程序进行评估和收取。(E) NOTICE AND ORDERS AFTER SEPARATION FROM SERVICE.—The resignation, termination of employment or participation, or separation of an institution-affiliated party (including a separation caused by the closing of a permitted payment stablecoin issuer) shall not affect the jurisdiction and authority of the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR to issue any notice or order and proceed under this subsection against any such party, if such notice or order is served before the end of the 6-year period beginning on the date such party ceased to be an institution-affiliated party with respect to such permitted payment stablecoin issuer.
(E) 服务终止后的通知和命令。—“机构关联方”（包括因“获准支付型稳定币发行方”关闭而离职的人员）的辞职、终止雇佣关系或参与，或与“获准支付型稳定币发行方”解除关联，均不影响“主要联邦支付型稳定币监管机构”在该关联方停止成为“获准支付型稳定币发行方”的“机构关联方”之日起 6 年期限届满前发出任何通知或指令，并依据本款对任何此类关联方采取行动。(6) NON-APPLICABILITY TO A STATE QUALIFIED PAYMENT STABLECOIN ISSUER.—This subsection shall not apply to a State qualified payment stablecoin issuer.
(6) 不适用于州合格支付稳定币发行者。—本分项不适用于“州合格支付型稳定币发行方”。SEC.7. STATE QUALIFIED PAYMENT STABLECOIN ISSUERS. 第7节. 州合格支付稳定币发行者。
(a) In GENERAL.- (a) 一般规定—
A STATE PAYMENT STABLECOIN REGULATOR shall have supervisory, examination, and enforcement authority over a STATE QUALIFIED PAYMENT STABLECOIN ISSUER of such State.
“州支付型稳定币监管机构”应对该州的“州合格支付型稳定币发行方”拥有监督、检查和执行的权力。(b) Authority To Enter Into Agreements Withthe Board.-(b) 与联邦储备委员会签订协议的权力—
A STATE PAYMENT STABLECOIN REGULATOR may enter into a memorandum of understanding with the Board, by mutual agreement, under which the Board may carry out the supervision, examination, and enforcement authority with respect to the STATE QUALIFIED PAYMENT STABLECOIN ISSUERs of such State.
“州支付型稳定币监管机构”可以经双方同意，与“联邦储备委员会”签订一份备忘录，根据该备忘录，“联邦储备委员会”可以对该州的“州合格支付型稳定币发行方”行使监督、检查和执行的权力。(c) Sharing Of Information.—(c) 信息共享—
A STATE PAYMENT STABLECOIN REGULATOR and the Board shall share information on an ongoing basis with respect to a STATE QUALIFIED PAYMENT STABLECOIN ISSUER of such State, including a copy of the initial application and any accompanying documents.
“州支付型稳定币监管机构”和“联邦储备委员会”应就该州的“州合格支付型稳定币发行方”持续地相互分享信息，包括初次申请及任何相关文件的副本。(d) Rulemaking.-(d) 规则制定—
A STATE PAYMENT STABLECOIN REGULATOR may issue orders and rules under section 4 applicable to STATE QUALIFIED PAYMENT STABLECOIN ISSUERs to the same extent as the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs issue orders and rules under section 4 applicable to permitted payment stablecoin issuers that are not a STATE QUALIFIED PAYMENT STABLECOIN ISSUERs.
“州支付型稳定币监管机构”可根据第4节对“州合格支付型稳定币发行方”发布命令和规则，其适用范围与“主要联邦支付型稳定币监管机构”根据第4节对非“州合格支付型稳定币发行方”发布的命令和规则相同。(e) Enforcement Authority In Exigent Circumstances.—(e) 紧急情况下的执法权力—
(1) BOARD.—
(1) “联邦储备委员会”—(A) IN GENERAL.-Subject to subparagraph (C), in exigent circumstances, the Board may, after not less than 5 days prior written notice to the applicable STATE PAYMENT STABLECOIN REGULATOR, take an enforcement action against a STATE QUALIFIED PAYMENT STABLECOIN ISSUER or an institution-affiliated party of such issuer for violations of this Act that are exigent in nature.
(A) 一般规定。—在紧急情况下，“联邦储备委员会”在至少提前5天书面通知相关“州支付型稳定币监管机构”后，可对“州合格支付型稳定币发行方”或该发行方的“机构关联方”采取执法行动，以应对本法中性质紧急的违规行为。(B) RULEMAKING.—Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Board shall issue rules to set forth those exigent circumstances in which the Board may act under this paragraph.
(B) 规则制定。—本法生效之日起 180 日内，“联邦储备委员会”应发布规则，明确“联邦储备委员会”可依据本款采取行动的紧急情况。(C) LIMITATIONS.—If the Board determines that there is reasonable cause to believe that the continuation by a STATE QUALIFIED PAYMENT STABLECOIN ISSUER of any activity constitutes a serious risk to the financial safety, soundness, or stability of the stablecoin issuer, the Board may impose such restrictions as the Board determines to be necessary to address such risk. Such restrictions shall be issued in the form of a directive, with the effect of a cease and desist order that has become final, to the STATE QUALIFIED PAYMENT STABLECOIN ISSUER and any of its affiliates, limiting—
(C) 限制。—若“联邦储备委员会”有合理理由认定，某一“州合格支付型稳定币发行方”继续从事任何活动会对该稳定币发行方的财务安全、稳健或稳定构成严重风险，“联邦储备委员会”可施加其认为必要的限制措施以应对该风险。此类限制应以指令形式发布，具有已生效的停止令的效力，针对“州合格支付型稳定币发行方”及其任何关联方，限制以下内容：—(i) the payment of dividends by the STATE QUALIFIED PAYMENT STABLECOIN ISSUER;
(i) “州合格支付型稳定币发行方”支付股息；(ii) transactions between the STATE QUALIFIED PAYMENT STABLECOIN ISSUER, a holding company, and the subsidiaries or affiliates of either the STATE QUALIFIED PAYMENT STABLECOIN ISSUER or the holding company; and
(ii) “州合格支付型稳定币发行方”、控股公司以及“州合格支付型稳定币发行方”或控股公司的子公司或关联公司之间的交易；以及(iii) any activities of the STATE QUALIFIED PAYMENT STABLECOIN ISSUER that might create a serious risk that the liabilities of a holding company and the affiliates of the holding company may be imposed on the STATE QUALIFIED PAYMENT STABLECOIN ISSUER.
(iii) 任何可能造成严重风险，致使“州合格支付型稳定币发行方”控股公司及其关联公司的债务转嫁给“州合格支付型稳定币发行方”的活动。(D) REVIEW OF DIRECTIVE.—
(D) 指令审查。—(i) ADMINISTRATIVE REVIEW.—
(i)行政审查。—(I) IN GENERAL.-After a directive described in subparagraph (C) is issued, the STATE QUALIFIED PAYMENT STABLECOIN ISSUER, or any affiliate of the STATE QUALIFIED PAYMENT STABLECOIN ISSUER subject to the directive, may object and present to the Board, in writing, the reasons why the directive should be modified or rescinded.
(I)一般规定。—在发布第(C)款所述指令后，“州合格支付型稳定币发行方”，或受该指令约束的“州合格支付型稳定币发行方”的任何关联方，可以书面形式向“联邦储备委员会”提出异议，并说明为何该指令应被修改或撤销的理由。(II) AUTOMATIC LAPSE OF DIRECTIVE.—If, after 10 days after the receipt of a response described in subclause (I), the Board does not affirm, modify, or rescind the directive, the directive shall automatically lapse.
(II)指令自动失效。—在收到第(I)款所述回应后的10日后，如果“联邦储备委员会”未确认、修改或撤销该指令，则该指令将自动失效。(ii) JUDICIAL REVIEW.—
(ii)司法审查。—(I) IN GENERAL.-If the Board affirms or modifies a directive pursuant to clause (i), any affected party may immediately thereafter petition the United States district court for the district in which the main office of the affected party is located or in the United States District Court for the District of Columbia to stay, modify, terminate, or set aside the directive.
(I)一般规定。—若“联邦储备委员会”根据上述第(i)款确认或修改了某项指令，任何受影响的当事方均可随后立即向其主要办公地点所在地区的美国地方法院或哥伦比亚特区的美国地方法院申请暂缓执行、修改、终止或撤销该指令。(II) RELIEF FOR EXTRAORDINARY CAUSE.—Upon a showing of extraordinary cause, an affected party may petition for relief under subclause (I) without first pursuing or exhausting the administrative remedies under clause (i).
(II)特殊原因救济。—在证明存在特殊原因的情况下，受影响的当事方可以在不先寻求或用尽第(i)款规定的行政救济措施的前提下，根据第(I)款申请救济。(2) COMPTROLLER.—
(2) “货币监理署”—(A) IN GENERAL.-Subject to subparagraph (C), in exigent circumstances, the Comptroller shall, after not less than 5 days prior written notice to the applicable STATE PAYMENT STABLECOIN REGULATOR, take an enforcement action against a COMPTROLLER-regulated entity or an institution-affiliated party of such entity for violations of this Act.
(A)一般规定。—在紧急情况下，“货币监理署”应在至少提前5天书面通知相关“州支付型稳定币监管机构”后，对“受监理署监管实体”或该实体的“机构关联方”采取执法行动，以应对违反本法案的行为。(B) RULEMAKING.—Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Comptroller shall issue rules to set forth those exigent circumstances in which the Comptroller may act under this paragraph.
(B)规则制定。—本法生效之日起180 日内，“货币监理署”应发布规则，明确“货币监理署”可依据本款采取行动的紧急情况。(C) LIMITATIONS.—If the Comptroller determines that there is reasonable cause to believe that the continuation by a COMPTROLLER-regulated entity of any activity constitutes a serious risk to the financial safety, soundness, or stability of the stablecoin issuer, the Comptroller shall impose such restrictions as the Comptroller determines to be necessary to address such risk. Such restrictions shall be issued in the form of a directive, with the effect of a cease and desist order that has become final, to the STATE QUALIFIED PAYMENT STABLECOIN ISSUER and any of its affiliates, limiting-
(C)限制。—若“货币监理署”有合理理由认定，某一“受监理署监管实体”继续从事任何活动会对稳定币发行人的财务安全、稳健或稳定构成严重风险，“货币监理署”应施加其认为必要的限制措施以应对该风险。此类限制措施应以指令形式发布，具有已生效的停止令的效力，针对“州合格支付型稳定币发行方”及其任何关联方，限制以下内容：(i) the payment of dividends by the Comptroller-regulated entity;
(i)“受监理署监管实体”支付股息；(ii) transactions between the Comptroller-regulated entity, a holding company, and the subsidiaries or affiliates of either the Comptroller-regulated entity or the holding company; and
(ii))“受监理署监管实体”、控股公司以及“受监理署监管实体”或控股公司的子公司或关联公司之间的交易；以及(iii) any activities of the Comptroller-regulated entity that might create a serious risk that the liabilities of a holding company and the affiliates of the holding company may be imposed on the Comptroller-regulated entity.
(iii)任何可能造成严重风险，致使“受监理署监管实体”控股公司及其关联公司的债务转嫁给“受监理署监管实体”的活动。(D) REVIEW OF DIRECTIVE.—
(D)指令审查。—(i) ADMINISTRATIVE REVIEW.—
(i)行政审查。—(I) IN GENERAL.-After a directive described in subparagraph (C) is issued, the Comptroller-regulated entity, or any affiliate of the Comptroller-regulated entity subject to the directive, may object and present to the Comptroller, in writing, the reasons why the directive should be modified or rescinded.
(I) 一般规定。—在发布第(C)款所述指令后，“受监理署监管实体”，或受该指令约束的“受监理署监管实体”的任何关联方，可以书面形式向“货币监理署”提出异议，并说明为何该指令应被修改或撤销的理由。(II) AUTOMATIC LAPSE OF DIRECTIVE.—If, after 10 days after the receipt of a response described in subclause (I), the Comptroller does not affirm, modify, or rescind the directive, the directive shall automatically lapse.
(II) 指令自动失效。—在收到第(I)款所述回应后的10日后，如果“货币监理署”未确认、修改或撤销该指令，则该指令将自动失效。(ii) JUDICIAL REVIEW.—
(ii) 司法审查。—(I) IN GENERAL.-If the Comptroller affirms or modifies a directive pursuant to clause (i), any affected party may immediately thereafter petition the United States district court for the district in which the main office of the affected party is located or in the United States District Court for the District of Columbia to stay, modify, terminate, or set aside the directive.
(I) 一般规定。—若“货币监理署”根据上述第(i)款确认或修改了某项指令，任何受影响的当事方均可随后立即向其主要办公地点所在地区的美国地方法院或哥伦比亚特区的美国地方法院申请暂缓执行、修改、终止或撤销该指令。(II) RELIEF FOR EXTRAORDINARY CAUSE.—Upon a showing of extraordinary cause, an affected party may petition for relief under subclause (I) without first pursuing or exhausting the administrative remedies under clause (i).
(II) 特殊原因救济。—在证明存在特殊原因的情况下，受影响的当事方可以在不先寻求或用尽第(i)款规定的行政救济措施的前提下，根据第(I)款申请救济。(f) Gramm-Leach-Bliley Act. -(f) 格拉姆-里奇-布莱利法案(Gramm-Leach-Bliley Act)—
For purposes of title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.) a STATE QUALIFIED PAYMENT STABLECOIN ISSUER is deemed a financial institution.
为了适用于《格拉姆-里奇-布莱利法案》第五章(15 U.S.C. 6801 et seq.)，“州合格支付型稳定币发行方”被视为金融机构。(g) Effect On State Law.—(g) 对州法律的影响—
(1) HOST STATE LAW.—The consumer protection laws that generally apply to the operation of a payment stablecoin issuer of the Host State apply to the activities conducted in the Host State by an out-of-State STATE QUALIFIED PAYMENT STABLECOIN ISSUER to the same extent as those requirements apply to the activities conducted in the Host State by an out-of-State FEDERAL QUALIFIED NONBANK PAYMENT STABLECOIN ISSUER.
(1) 经营州法。—支付型稳定币发行方实际运营地所在州的消费者保护法律，同样适用于外州“州合格支付型稳定币发行方”在实际运营地所在州开展活动，其适用程度与外州的“联邦合格非银行支付型稳定币方”在实际运营地所在州开展活动的程度相同。(2) HOME STATE LAW.—If any Host State law is determined not to apply under paragraph (1), the laws of the Home State of the payment stablecoin issuer shall govern the activities of the payment stablecoin issuer conducted in the Host State.
(2) 注册州法。—若根据第(1)款认定实际运营地所在州法律不适用，则该支付型稳定币发行方的注册所在州应管辖其在实际运营地所在州开展的活动。SEC.8. CUSTOMER PROTECTION. 第8节. 客户保护。
(a) In GENERAL.-(a) 一般规定—
A person may only engage in the business of providing custodial or safekeeping services for permitted payment stablecoins or private keys of permitted payment stablecoins, if the person-
任何“人”只有在满足以下条件的情况下，方可从事提供获准支付型稳定币或获准支付型稳定币私钥的保管或托管服务的业务：该“人”——(1) is subject to一
(1) 受到——(A) supervision or regulation by a PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR or a primary financial regulatory agency described under subparagraph (B) or (C) of section 2(12) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301(12)); or
“主要联邦支付型稳定币监管机构”或根据《多德-弗兰克华尔街改革与消费者保护法案》第2(12)条(B)或(C)项描述的主要金融监管机构的监督或监管；或者(B) supervision by a State bank supervisor, as defined under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) or a State credit union supervisor, as defined under section 6003 of the Anti-Money Laundering Act of 2020, and such state bank supervisor or state credit union supervisor makes available to the Board such information as the Board determines necessary and relevant to the categories of information under subsection (d); and
(B) 受州银行监管机构(根据《联邦存款保险法》第3条定义)或州信用社监管机构(根据《2020年反洗钱法案》第6003条定义)的监管，并且该州银行监管机构或州信用社监管机构向“联邦储备委员会”提供“联邦储备委员会”认为对于第(d)条所述信息类别相关且必要的信息；以及(2) complies with the segregation requirements under subsection (b), unless such person complies with similar requirements as required by a PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR, the Securities and Exchange Commission, or the Commodity Futures Trading Commission.
(2) 遵守第(b)条中的隔离要求，除非该人遵守由“主要联邦支付型稳定币监管机构”、证券交易委员会或商品期货交易委员会要求的类似要求。(b) SEGREGATION REQUIREMENT.—(b) 隔离要求—
A person described in subsection (a) shall-
根据第(a)条描述的“人”应当:(1) treat and deal with the payment stablecoins, private keys, cash, and other property of a person for whom or on whose behalf the person receives, acquires, or holds payment stablecoins, private keys, cash, and other property (hereinafter in this section referred to as the "customer") as belonging to such customer; and
(1) 将为他人或代表他人接收、获取或持有的支付型稳定币、私钥、现金及其他财产（在本节中以下统称“客户”）视为属于该客户；以及(2) take such steps as are appropriate to protect the payment stablecoins, private keys, cash, and other property of a customer from the claims of creditors of the person.
(2) 采取适当措施，保护客户的支付型稳定币、私钥、现金及其他财产免受该“人”债权人的追索。(c) Comminshing Prohibited.—(c)禁止混存—
(1) IN GENERAL.-Payment stablecoins, cash, and other property of a customer shall be separately accounted for by a person described in subsection (a) and shall not be commingled with the funds of the person.
(1) 一般规定。—客户支付型稳定币、现金和其他财产应由第(a)条所述“人”分别记账，不得与该“人”的资金混同。(2) EXCEPTION.—Notwithstanding paragraph (1)—
(2)例外。—尽管有第(1)款的规定—(A) the payment stablecoins, cash, and other property of a customer may, for convenience, be commingled and deposited in an omnibus account holding the payment stablecoins, cash, and other property of more than 1 customer at an insured depository institution or trust company;
(A) 客户的支付型稳定币、现金和其他财产可以方便地与其他客户的支付型稳定币、现金和其他财产合并，并存入一个汇总账户，该账户由“受保存款机构”或信托公司持有超过1名客户的支付型稳定币、现金和其他财产；(B) such share of the payment stablecoins, cash, and other property of the customer that shall be necessary to transfer, adjust, or settle a transaction or transfer of assets may be withdrawn and applied to such purposes, including the payment of commissions, taxes, storage, and other charges lawfully accruing in connection with the provision of services by a person described in subsection (a); and
(B) 客户的支付型稳定币、现金和其他财产中，为进行交易或资产转移所需提取、调整或结算的部分可以被提取并用于此类用途，包括支付佣金、税款、存储费和其他与根据第(a)条所述“人”提供服务合法产生的费用；以及(C) in accordance with such terms and conditions as the Board may prescribe by rule, regulation, or order, any customer payment stablecoin, cash, and other property described in this subsection may be commingled and deposited in customer accounts with payment stablecoins, cash, and other property received by the person and required by the Board to be separately accounted for, treated, and dealt with as belonging to customers.
(C) 根据“联邦储备委员会”可能通过规则、规章或命令规定的条款和条件，本小节中描述的任何客户支付型稳定币、现金和其他财产可以与由该“人”收到的支付稳定币、现金和其他财产混同，并存入客户账户，这些财产根据“联邦储备委员会”的要求需要单独记账、处理和视为属于客户的财产。(d) REGULATORY INFORMATION.—(d) 监管信息—
A person described under subsection (a) shall submit to the applicable primary regulator information concerning the persons business operations and processes to protect customer assets, in such form and manner as the primary regulator shall determine.
符合第(a)条所述的“人”应向适用的主要监管机构提交有关其业务运营和保护客户资产流程的信息，提交形式和方式由主要监管机构确定。(e) Exclusion.-(e) 排除条款。-
The requirements of this section shall not apply to any person solely on the basis that such person engages in the business of providing hardware or software to facilitate a customers own custody or safekeeping of the customers payment stablecoins or private keys.
本节的要求不得仅因某“人”从事提供硬件或软件以便利客户自行保管或安全保存其支付型稳定币或私钥的业务而适用于该“人”。SEC.9. TREATMENT OF INSOLVENT PAYMENT STABLECOIN ISSUERS. 第9节. 对无力偿债的支付型稳定币发行方的处理。
(a) In General.-(a) 一般规定—
In any insolvency proceeding, including any proceeding under title 11, United States Code, or any insolvency proceeding by a PRIMARY FEDERAL PAYMENT STABLECOIN REGULATOR or a State banking supervisor with respect to a payment stablecoin issuer, the claim of a person holding payment stablecoins issued by the payment stablecoin issuer shall have priority over all other claims against the payment stablecoin issuer.
在任何破产程序中，包括根据《美国法典》第 11 编进行的任何程序，或者由“主要联邦支付型稳定币监管机构”或州银行监管机构针对支付型稳定币发行方启动的任何破产程序中，持有该支付型稳定币发行方所发行支付型稳定币的人的债权应优先于针对该支付型稳定币发行方的所有其他债权。(b) Priority In Bankruptcy Proceedings.—(b) 破产程序中的优先权—
Section 507 of title 11, United States Code, is amended-
《美国法典》第11编第507条修改为-(1) in subsection (a), by striking "The following" and inserting "Subject to subsection (e), the following" ; and
(1) 在第(a)款中，删除“以下”并插入“根据第(e)款，以下”；以及(2) by adding at the end the following:
(2) 在末尾添加以下内容:"(e) Notwithstanding subsection (a), any claim of a person holding payment stablecoins, as defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025, issued by a debtor shall have first priority over any other claim against the debtor under this title.".
"(e)尽管有第(a)条的规定，根据《2025年指导和建立美国稳定币国家创新法案》第2节定义的持有支付型稳定币的人提出的任何主张，由债务人发行的稳定币在本法案下对该债务人的任何其他索偿享有优先权。"。(c) DEBTOR.-(c) 债务人—
A payment stablecoin issuer that is not a depository institution (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) may be considered a debtor under title 11, United States Code.
根据《联邦存款保险法》第3条(12 U.S.C. 1813)定义的非存款机构的支付型稳定币发行方，可能根据《美国法典》第11章被视为债务人。SEC.10. INTEROPERABILITY STANDARDS. 第10节. 互操作性标准。
The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs, in consultation with the National Institute of Standards and Technology, other relevant standard setting organizations, and State governments, shall assess and, if necessary, may, pursuant to section 553 of title 5 and in a manner consistent with the National Technology Transfer and Advancement Act of 1995 (Public Law 104-113), prescribe standards for payment stablecoin issuers to promote compatibility and interoperability.
“主要联邦支付型稳定币监管机构”，应与国家标准与技术研究院、其他相关标准制定组织以及各州政府协商，评估并视必要情况，根据《美国法典》第5编第553条的规定，并以符合1995年《国家技术转让与促进法》（公法 104-113）的方式，制定支付型稳定币发行人标准，以促进兼容性和互操作性。
SEC.11. STUDY ON ENDOGENOUSLY COLLATERALIZED STABLECOINS. 第11节. 关于内生抵押稳定币的研究。
(a) Study By Treasury.—(a)财政部的研究—
(1) STUDY.—The Secretary of the Treasury, in consultation with the Board, the Comptroller, the CORPORATION, and the Securities and Exchange Commission, shall carry out a study of endogenously collateralized stablecoins.
(1)研究。—财政部长应与“联邦储备委员会”、“货币监理署”、“联邦存款保险公司”以及证券交易委员会协商，对内生抵押稳定币进行研究。(2) REPORT.-Not later than 365 days after the date of the enactment of this Act, the Secretary shall provide to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that contains all findings made in carrying out the study under paragraph (1), including an analysis of一
(2)报告.—在本法案颁布之日起 365 日内，财政部长应向众议院金融服务委员会和参议院银行、住房和城市事务委员会提交一份报告，其中应包含根据第(1)款开展研究所得出的所有结论，包括对以下内容的分析：(A) the categories of non-payment stablecoins, including the benefits and risks of technological design features;
(A)非支付型稳定币的类别，包括技术设计特点的优缺点；(B) the participants in non-payment stablecoin arrangements;
(B)非支付型稳定币安排的参与者；(C) utilization and potential utilization of non-payment stablecoins;
(C)非支付型稳定币的使用情况和潜在使用情况；(D) nature of reserve compositions;
(D)储备构成的性质；(E) types of algorithms being employed;
(E)所采用的算法类型；(F) governance structure, including aspects of decentralization;
(F)治理结构，包括去中心化的各个方面；(G) nature of public promotion and advertising; and
(G)公众推广和广告的性质；以及(H) clarity and availability of consumer notices disclosures.
(H)消费者通知披露的清晰度和可用性。(b) Endogenously Collateralized Stablecoin Defined.—(b)内生抵押稳定币的定义—
In this section, the term "endogenously collateralized stablecoin" means any digital asset-
本节中，“内生抵押稳定币”是指以下任何“数字资产”—(1) in which its originator has represented will be converted, redeemed, or repurchased for a fixed amount of monetary value; and
(1)其发行方声明该资产可按固定价值法币进行兑换、赎回或回购；且(2) that relies solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price.
(2)该资产完全依赖由同一发行方创建或维护的另一数字资产的价值来维持其固定价格。SEC.12. REPORTS. 第12节. 报告。
(a) Rulemaking Status.-(a) 规则制定状态-
Not later than 6 months after the date of enactment of this Act, the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs shall provide a status update on the development of the rulemaking under this Act to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.
在本法颁布日期后6个月内，“主要联邦支付型稳定币监管机构”应向众议院金融服务委员会和参议院银行、住房和城市事务委员会提供关于本法下规则制定进展情况的报告。(b) ANNUAL REPORTING REQUIREMENT.—(b) 年度报告要求-
Beginning on the date that is 1 year after the date of enactment of this Act, and annually thereafter, the Board and Comptroller shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Director of the Office of Financial Research a report on the status of the payment stablecoin industry, including-
自本法颁布日期起1年后，此后每年，“联邦储备委员会”和“货币监理署”应向参议院银行、住房及城市事务委员会、众议院金融服务委员会以及金融研究办公室主任提交一份关于支付型稳定币行业的状况报告，包括-(1) an overview of trends in payment stablecoin activities;
(1) 支付型稳定币活动的趋势概述;(2) a summary of the number of applications for permitted payment stablecoin issuer under section 5 , including aggregate approvals and rejections of applications; and
(2) 根据第5节“获准发行支付型稳定币发行方”的申请数量总结，包括申请的总体批准和拒绝情况；以及(3) a description of the potential financial stability risks posed to the safety and soundness of the broader financial system by payment stablecoin activities.
(3) 对支付型稳定币活动可能给更广泛的金融体系的安全与稳健带来的潜在金融稳定风险的描述。(c) FSOC REPORT.-(c) 金融稳定监督委员会报告-
The Financial Stability Oversight Council shall incorporate the findings in the report under subsection (b) into the annual report of the Council required under section 112(a)(2)(N) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5322).
金融稳定监督委员会应将第(b)条所作报告中的调查结果纳入《多德-弗兰克华尔街改革与消费者保护法案》(12 U.S.C. 5322)第112(a)(2)(N)条要求的委员会年度报告中。SEC.13. AUTHORITY OF BANKING INSTITUTIONS. 第13条. 银行的权限。
(a) RULE OF CONSTRUCTION.—(a) 解释规则-
Nothing in this Act may be construed to limit the authority of a depository institution, Federal credit union, State credit union, or trust company to engage in activities permissible pursuant to applicable State and Federal law, including-
本法中的任何内容均不得被解释为限制存款机构、联邦信用社、州立信用社或信托公司从事依据适用的州和联邦法律所允许的活动，包括-(1) accepting or receiving deposits and issuing digital assets that represent deposits;
(1) 接受或接收存款并发行代表存款的“数字资产”;(2) utilizing a distributed ledger for the books and records of the entity and to affect intrabank transfers; and
(2) 利用“分布式账本”作为实体的账簿和记录，并用于银行内部转账；以及(3) providing custodial services for payment stablecoins, private keys of payment stablecoins, or reserves backing payment stablecoins.
(3) 为支付型稳定币、支付型稳定币的私钥或支撑支付型稳定币的储备提供托管服务。(b) TREATMENT OF CUSTODY ACTIVITIES.—(b) 托管活动的处理-
The appropriate Federal banking agency (as defined under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)), the National Credit Union Administration (in the case of a credit union), and the Securities and Exchange Commission may not require a depository institution, national bank, Federal credit union, State credit union, or trust company, or any affiliate thereof-
适当的联邦银行业监管机构(根据《联邦存款保险法》第3条定义(12 U.S.C. 1813))、国家信用社管理局(在信用社情况下)和证券交易委员会不得要求存款机构、国家银行、联邦信用社、州信用社或信托公司，或其任何关联公司-(1) to include assets held in custody as a liability on any financial statement or balance sheet, including payment stablecoin custody or safekeeping activities;
(1) 将托管持有的资产作为任何财务报表或资产负债表上的负债，包括支付型稳定币的托管或保管活动；(2) to hold additional regulatory capital against assets in custody or safekeeping, except as necessary to mitigate against operational risks inherent with the custody or safekeeping services, as determined by-
(2) 对托管或保管资产持有额外的监管资本，除非为了缓解托管或保管服务固有的操作风险所必需，由以下机构确定-(A) the appropriate Federal banking agency;
(A) 适当的联邦银行监管机构；(B) the National Credit Union Administration (in the case of a credit union);
(B) 国家信用社管理局(在信用社情况下)；(C) a State bank supervisor (as defined under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)); or
(C) 州银行监管机构(根据《联邦存款保险法》第3条定义(12 U.S.C. 1813))；或(D) a State credit union supervisor (as defined under section 6003 of the Anti-Money Laundering Act of 2020);
(D) 州信用社监管机构(根据《2020年反洗钱法案》第6003条定义)；(3) to recognize a liability for any obligations related to activities or services performed for digital assets that the entity does not own if that liability would exceed the expense recognized in the income statement as a result of the corresponding obligation.
(3) 对于实体不拥有的“数字资产”相关活动或服务产生的任何义务，如果该义务超过因相应义务在损益表中确认的费用，则应确认该负债。(c) DEFINITIONS.—(c) 定义—
In this section:
在本节中:(1) DEPOSITORY INSTITUTION.—The term “depository institution" has the meaning given that term under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(1) 存款机构。—“存款机构”一词的含义依照《联邦存款保险法》第3条(12 U.S.C. 1813)所给予的定义。(2) CREDIT UNION TERMS.—The terms “Federal credit union" and "State credit union" have the meaning given those terms, respectively, under section 101 of the Federal Credit Union Act.
(2) 信用社条款。—“联邦信用社”和“州信用社”一词分别依照《联邦信用社法》第101条所给予的定义。SEC.14. AMENDMENTS TO CLARIFY THAT PAYMENT STABLECOINS ARE NOT SECURITIES OR COMMODITIES. 第14条. 为明确支付稳定币并非证券或商品而作的修正案
(a) INVESTMENT ADVISERS ACT OF 1940.-(a) 1940年投资顾问法—
Section 202(a)(18) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(18)) is amended by adding at the end the following: "The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the Clarity for Payment Stablecoins Act of 2023.".
对1940年《投资顾问法》第202(a)(18)条(15 U.S.C. 80b-2(a)(18))进行修订，在末尾添加以下内容:“‘证券’一词不包括获准发行支付型稳定币发行人发行的支付型稳定币，这些术语分别在《2023年支付型稳定币清晰法案》第2条中定义。”。(b) Investment Company Act Of 1940.-(b) 1940年投资公司法—
Section 2(a)(36) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(36)) is amended by adding at the end the following: "The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the Clarity for Payment Stablecoins Act of 2023.".
对1940年《投资公司法》第2(a)(36)条(15 U.S.C. 80a-2(a)(36))进行修订，在末尾添加以下内容:“‘证券’一词不包括由获准发行支付型稳定币发行人发行的支付型稳定币，这些术语分别在《2023年支付稳定币清晰法案》第2条中定义。”。(c) SECURITIES ACT OF 1933.-(c) 1933年证券法—
Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1)) is amended by adding at the end the following: "The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the Clarity for Payment Stablecoins Act of 2023.".
对1933年《证券法》第2(a)(1)条(15 U.S.C. 77b(a)(1))进行修订，在末尾添加以下内容:“‘证券’一词不包括由获准发行支付型稳定币发行人发行的支付型稳定币，这些术语分别在《2023年支付稳定币清晰法案》第2条中定义。”。(d) SECURITIES EXCHANGE ACT OF 1934.-(d) 1934年证券交易法—
Section 3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(10)) is amended by adding at the end the following: "The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the Clarity for Payment Stablecoins Act of 2023.".
对1934年《证券交易法》第3(a)(10)条(15 U.S.C. 78c(a)(10))进行修订，在末尾添加以下内容:“‘证券’一词不包括由获准发行支付型稳定币发行人发行的支付型稳定币，这些术语分别在《2023年支付稳定币清晰法案》第2条中定义。”。(e) Securities Investor Protection Act Of 1970.-(e) 1970年证券投资者保护法—
Section 16(14) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(14)) is amended by adding at the end the following: "The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the Clarity for Payment Stablecoins Act of 2023.".
对1970年《证券投资者保护法》第16(14)条(15 U.S.C. 78lll(14))进行修订，在末尾添加以下内容:“‘证券’一词不包括由获准发行支付型稳定币发行人发行的支付型稳定币，这些术语分别在《2023年支付稳定币清晰法案》第2条中定义。”。SEC.15. RECIPROCITY FOR STABLECOINS ISSUED IN OVERSEAS JURISDICTIONS. 第15条. 境外司法管辖区发行的稳定币的互惠安排。
The Federal Reserve, in collaboration with the Secretary of the Treasury, shall create and implement reciprocal arrangements or other bilateral agreements between the United States and jurisdictions with substantially similar payment stablecoin regulatory regimes to facilitate international transactions and interoperability with United States dollar-denominated stablecoins issued overseas.
联邦储备委员会应与财政部长合作，与具有实质上相似支付型稳定币监管制度的司法管辖区建立互惠安排或其他双边协议，以促进国际交易以及与境外发行的美元计价稳定币的互操作性。
SEC.16. EFFECTIVE DATE. 第16条. 生效日期。
(a) In General.-(a) 一般规定—
This Act shall take effect on the earlier of-
本法案应在下列较早日期生效:(1) 18 months after the date of enactment of this Act; or
(1) 本法案颁布之日后的18个月；或(2) the date that is 120 days after the date on which the PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs issue any final regulations implementing this Act.
(2) “主要联邦支付型稳定币监管机构”发布实施本法案的任何最终法规之日起 120 天后的日期。(b) Notice To Congress.-(b) 致国会的通知-
The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs shall notify Congress upon beginning to process applications under this Act.
“主要联邦支付型稳定币监管机构”应在根据本法案开始处理申请时通知国会。(c) SAFE HARBOR FOR PENDING APPLICATIONS.—(c) 对待审申请的豁免条款-
The PRIMARY FEDERAL PAYMENT STABLECOIN REGULATORs may waive the application of the requirements of this Act for a period not to exceed 12 months beginning on the effective date described under subsection (a), with respect to一
“主要联邦支付型稳定币监管机构”可以在本法案第(a)条所述生效日期起，在不超过 12 个月的期限内，对本法案的要求予以豁免，针对的是一(1) a subsidiary of an insured depository institution, if the insured depository institution has an application pending for the subsidiary to become a permitted payment stablecoin issuer on that effective date; or
(1) 受保存款机构的子公司，如果该“受保存款机构”在该生效日期之前已提交申请，拟让该子公司成为“获准发行支付型稳定币发行方”；或者(2) a nonbank entity with an application pending to become a COMPTROLLER-regulated entity on that effective date.
(2) 在该生效日期，其申请成为“受货币监理署监管实体”的申请尚待审批的“非银行实体”。