In 2025, the U.S. "Genius Act" (Guiding and Establishing National Innovation for U.S. Stablecoins) attracted global attention. This act not only showcases the United States' ambitions in the field of stablecoin regulation but also provides practical provisions that guide the fintech industry. From the perspective of a former SEC executive, this article will delve into the five key highlights of the act, revealing how it balances innovation and regulation to promote national financial innovation.
Highlight 1: Clear Definition of Payment Stablecoins, Clarifying Regulatory Boundaries
The act begins by defining stablecoins, explicitly categorizing them as "Payment Stablecoins," effectively distinguishing them from asset classes such as commodities and securities. This precise classification not only avoids regulatory overlap but also establishes the characteristics of stablecoins as having a net value of 1 and no interest. This clear legal positioning lays a solid foundation for subsequent regulation and market operations, ensuring that stablecoins focus on payment functions and avoid the regulatory risks associated with complex financial derivatives.
Highlight 2: Empowering Issuers with Freezing, Seizing, and Burning Rights, Strengthening Compliance Capabilities
The act grants stablecoin issuers the rights to freeze, seize, and burn stablecoins, making these rights a prerequisite for obtaining a license. This provision is significant in practice, especially when dealing with cases of fraud and money laundering, allowing issuers to act swiftly to protect the interests of victims. The clause clarifies the legal responsibilities and capabilities of issuers, enhancing the compliance and credibility of the stablecoin ecosystem, and providing a safer trading environment for investors and users.
Highlight 3: Focusing on Centralized Institutions While Accommodating Decentralized Spirit
When selling stablecoins to Americans, the act excludes decentralized finance (DeFi) practitioners from the regulatory scope, targeting only centralized venues such as exchanges and custodial institutions for management. This design aligns closely with the U.S. spirit of supporting decentralized finance, avoiding excessive constraints on DeFi innovation while ensuring market order and consumer protection through strict regulation of centralized institutions.
Highlight 4: Reciprocal Arrangements, Opening Up International Cooperation
The act introduces reciprocal arrangements, allowing stablecoins that have not obtained issuance licenses in the U.S. (such as Tether) to enter the U.S. market through compliant pathways after obtaining corresponding licenses in other countries or regions. This flexible mechanism reflects the U.S. open attitude towards the global stablecoin market, promoting international regulatory cooperation while providing overseas issuers with opportunities to enter the U.S. market, enhancing the interconnectedness of the global financial system.
Highlight 5: Exemption for Individual Peer-to-Peer Activities, Encouraging Free Use
The act explicitly excludes individual peer-to-peer (P2P) activities involving stablecoins from regulation, eliminating previous market doubts about the legality of personal use of stablecoins. This provision encourages individuals to freely use stablecoins in daily transactions, lowering the barriers to use, promoting the adoption of stablecoins in retail payment scenarios, and avoiding excessive intervention in personal behavior, reflecting the inclusiveness of regulation.
From a regulatory perspective, the "Genius Act" is drafted by a team of experts well-versed in practical operations, with comprehensive provisions and tight logic, balancing the innovative potential of stablecoins with regulatory needs. Its full name, "National Innovation Act for Stablecoins," highlights the U.S. strategic ambition to leverage stablecoins to drive national fintech innovation. This act not only provides a clear compliance pathway for the stablecoin industry but also sets a benchmark for global fintech regulation, making it highly anticipated by the industry.
How will the implementation of the U.S. "Genius Act" reshape the stablecoin ecosystem? Let us wait and see!
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