美国财政部根据GENIUS法案发布稳定币监管规则

cryptonews.ruPubblicato 2026-08-19Pubblicato ultima volta 2026-08-19

Introduzione

美国财政部于2026年8月17日发布了根据《GENIUS法案》制定的稳定币监管规则草案。该草案规定，自2027年1月18日起，在美国发行支付稳定币需持有联邦或州级许可证。外国发行方若要进入美国市场，必须满足遵守美国执法命令、其本国监管制度获美方认可等严格条件。从2028年7月18日起，将全面禁止向美国人提供或销售未经许可发行方发行的稳定币，但个人间点对点转账等操作除外。财政部部长斯科特·贝森特表示，新规旨在为企业提供监管确定性，促进创新和经济增长，并巩固美元地位。规则草案已进入为期60天的公众评议期，将于2026年10月19日结束。分析认为，美国此举效仿了欧盟MiCA框架的路径，但严格的跨境监管要求可能导致部分全球流动性转向监管更宽松的地区，而非完全纳入美元体系。外国发行方需在技术上允许美国监管机构冻结交易，这可能引发协议架构调整，并可能造成市场分裂为“美国”和“非美国”两个板块。

美国财政部发布了针对美国市场支付稳定币发行和流通的监管规则草案，确立了发行方的强制许可制度以及对代币的严格要求。这份关于执行《$GENIUS法案》第3节的拟议规则制定通知（NPRM）于2026年8月17日出现在该部门的官方网站上，并为美国司法管辖区内的整个数字资产行业定义了新的框架。

关键日期与许可要求

该文件已于2026年8月18日正式提交至《联邦公报》，这启动了为期60天的公众评议期，将于2026年10月19日结束。根据草案文本，从2027年1月18日起，只有发行方拥有相应的联邦或州级许可证，才能在美国发行支付稳定币。该日期是法律规定的，如果主要监管机构未更早通过最终实施规则，该制度开始生效的最后期限。

《$GENIUS法案》于2025年7月18日签署，规定条款在法案通过后18个月或最终规则发布后120天（以较早发生者为准）开始生效。拟议法规的完整文本%20Section%203%20NPRM.pdf" rel="noopener" target="_blank">已发布在财政部网站上，并包含对关键术语的详细定义，包括“发行”的概念，即发行方首次转让代币，从而使他人获得使用、转让或赎回该资产的权利。

对外国发行方的监管与禁令

为外国供应商进入美国市场制定了单独的条件。如果发行方不具备执行美国当局合法命令的技术能力，或不遵守司法管辖区之间的相互协议条件，数字资产服务提供商将不能向美国客户提供或销售外国稳定币。如果财政部认为来源国的监管制度与美国相当，且发行方在货币监理署（OCC）注册，外国公司也可能获准进入。

从2028年7月18日起，将全面禁止数字资产服务提供商向美国境内人士提供或销售任何由无执照发行方发行的支付稳定币。该日期直接源于法案规定，并在部门对草案的说明中列出。同时，该法规包含了对个人之间无需中介的直接数字资产转移以及用户自有钱包的某些操作的例外规定，这为去中心化交易保留了空间。

财政部领导层的立场

美国财政部部长斯科特·贝森特（Scott Bessent）表示，新规则旨在为企业提供监管确定性，刺激国内创新和经济增长，并巩固美元作为全球储备货币的角色。他表示，政府致力于保持美国作为世界加密货币之都的地位，并正迅速着手实施国会创建的框架体系。他在社交媒体X上发表了类似声明，强调了利益相关方对最终标准制定过程的贡献的重要性。

提出的草案为稳定币市场构建了清晰的法律架构，以具体的许可程序和适应期限取代了先前的不确定性。所确立的要求为数字美元资产融入传统金融体系奠定了基础，同时保留了国家控制和保护本国货币的机制。

AI观点

从机器数据分析的角度看，美国财政部的举措重复了欧盟已经走过的轨迹：该地区在2024年根据MiCA法规引入了对稳定币发行方储备和许可的强制性要求，实践表明，即使是市场上最大的参与者Tether也选择不注册，而不愿走许可流程。类似的场景也可能在美国发生：对外国发行方的严格要求可能会将部分全球流动性推向监管更宽松的司法管辖区，而不是将整个市场纳入美元的控制之下。文章中未提及的技术方面是，外国发行方需要确保美国监管机构拥有技术能力来阻止或冻结交易，这需要对代币协议本身进行架构性改变。稳定币的结构是否足够灵活以整合这种要求，或者市场是否会分裂为“美国”和“其他”两个圈层？

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Domande pertinenti

Q美国财政部发布的稳定币监管规则草案是基于哪部法律制定的？

A该规则草案是基于《GENIUS法案》制定的，具体是为了实施该法案第3条。

Q根据新规草案，在美国发行支付稳定币何时开始需要许可证？

A根据草案，从2027年1月18日起，在美国发行支付稳定币将必须持有相应的联邦或州级许可证。

Q对于外国发行的稳定币进入美国市场，新规草案设定了哪些主要条件？

A主要条件包括：发行方必须有能力执行美国当局的合法命令、必须遵守美国与其司法管辖区之间的互惠协议条款，并且需要美国财政部认定其所在国的监管制度与美国相当，同时还需要在美国货币监理署（OCC）进行注册。

Q根据文章内容，哪一天起将完全禁止向美国用户提供或销售由无证发行人发行的支付稳定币？

A从2028年7月18日起，将完全禁止数字资产服务提供商向美国境内人员提供或销售任何由未获许可的发行方发行的支付稳定币。

Q文章中的“AI观点”部分，对稳定币新规的未来影响提出了什么主要担忧？

A“AI观点”部分担忧，严格的监管要求，特别是对外国发行方的技术合规要求（如必须允许美国监管机构冻结交易），可能导致全球流动性流向监管更宽松的司法管辖区，而非完全被纳入美元体系。这可能造成市场分裂为“美国”和“其他”两个不同的监管体系。

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