美联储推进GENIUS法案，完善稳定币监管

环球市场播报09-25

美国联邦储备委员会（Federal Reserve）周四提出两项监管规则，以完成《指导并建立美国稳定币国家创新法案》（Guiding and Establishing National Innovation for U.S． Stablecoins，简称GENIUS Act）要求的稳定币发行机构监管体系建设工作。这两项提案目前进入为期60天的公众意见征集期。相关规则将为稳定币发行提供法律监管框架，...

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href=https://finance.sina.com.cn/stock/usstock/c/2026-09-25/doc-iniszmmz7806078.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美国联邦储备委员会（Federal Reserve）周四提出两项监管规则，以完成《指导并建立美国稳定币国家创新法案》（Guiding and Establishing National Innovation for U.S． Stablecoins，简称GENIUS Act）要求的稳定币发行机构监管体系建设工作。这两项提案目前进入为期60天的公众意见征集期。相关规则将为稳定币发行提供法律监管框架，...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-09-25/doc-iniszmmz7806078.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CRCL","symbol_name":"Circle Internet 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Reserve）周四提出两项监管规则，以完成《指导并建立美国稳定币国家创新法案》（Guiding and Establishing National Innovation for U.S． Stablecoins，简称GENIUS Act）要求的稳定币发行机构监管体系建设工作。这两项提案目前进入为期60天的公众意见征集期。相关规则将为稳定币发行提供法律监管框架，并建立受美联储监管的银行发行稳定币的具体程序。去年通过的GENIUS法案要求美国银行监管机构和财政部在2026年7月之前制定相关监管规则。这意味着，目前各监管机构已经超过法定期限，但近几个月来相关部门已经取得了较大进展。稳定币收益限制美联储此次监管方案，也呼应了美国货币监理署（Office of the Comptroller of the Currency，简称OCC）此前提出的相关规则。OCC的方案重点涉及GENIUS法案中的一项规定：禁止稳定币发行方向持有稳定币的用户支付利息或收益。美联储在提案中表示：“根据该提案，某些涉及第三方的安排，将被推定为属于禁止支付利息或收益的行为。”美联储称，其监管方式与OCC保持一致。虽然最终规则尚未确定，但目前来看，监管机构似乎正在允许加密平台采取非常有限的方式，为稳定币用户提供类似信用卡奖励计划的激励。例如，用户可能因为使用某项服务获得奖励，但不能简单按照持有稳定币的规模获得类似存款利息的收益。稳定币收益问题，也是近期未能通过的《数字资产市场清晰法案》（Digital Asset Market Clarity Act，简称CLARITY Act）谈判中的核心争议之一。其中一个争议点是，像Coinbase这样的企业究竟能够向稳定币用户提供多少奖励。目前，由于CLARITY法案未能修改相关规定，GENIUS法案仍然是稳定币收益监管的主要法律依据。美联储周四提出的规则仍需经过公众反馈阶段。监管机构通常会根据意见调整规则，然后发布最终版本。这一过程通常需要数个月，有时甚至更长时间。美联储第一项提案：资本与储备要求美联储周四提出的第一项规则，主要涉及稳定币发行机构的资本要求和储备要求。其目标是确保稳定币发行量能够由高流动性资产充分支持；发行机构在市场压力时期仍具备稳健运营能力。该提案同时规定了受美联储监管银行可以开展的稳定币相关活动，并包含有关稳定币奖励机制的规定。美联储第二项提案：银行发行稳定币程序第二项规则则规定了受监管银行发行自身稳定币需要遵循的流程。银行需要提交包括：商业计划；财务信息；相关政策；操作流程以及其他必要文件。美联储理事迈克尔·巴尔（Michael Barr）表示：“只有当稳定币能够在各种情况下被可靠、及时地按照面值赎回时，它们才真正具备稳定性。”他补充说：“这包括市场压力时期——即使原本流动性较高的政府债券价值受到压力时；也包括单个发行机构或其关联实体面临经营压力的时候。”多部门推进GENIUS法案实施上个月，美国财政部提出了实施GENIUS法案的相关方案，主要明确：什么行为构成发行美国稳定币；哪些机构需要遵守该法律规定。美国联邦存款保险公司（Federal Deposit Insurance 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