OCC敲定GENIUS法案稳定币规则，奖励争议未决
OCC Finalizes GENIUS Act Stablecoin Rules, Leaves Rewards Fight Open
这是美国首个落地的联邦稳定币监管细则，直接决定合规发行方的储备管理与运营成本结构。关注其2027年生效后的实际执行细节及对交易所奖励模式的后续影响。
Bitcoin Magazine
OCC Finalizes GENIUS Act Stablecoin Rules, Leaves Rewards Fight Open
OCC 最终确定 GENIUS 法案稳定币规则，保留奖励之争的开放性
The Office of the Comptroller of the Currency on Wednesday finalized its rules implementing the GENIUS Act, becoming the first federal regulator to complete the stablecoin framework Congress passed in July 2025. The rule takes effect January 18, 2027.
货币监理署（OCC）周三 finalized 其实施 GENIUS 法案的规则，成为首个完成国会于 2025 年 7 月通过的稳定币框架的联邦监管机构。该规则将于 2027 年 1 月 18 日生效。
The rules set federal standards for payment stablecoin issuers covering reserve backing, redemptions, capital, custody, audits and risk management. It establishes a licensing and supervisory regime for national banks, their subsidiaries, nonbank companies and foreign issuers that fall under OCC jurisdiction.
这些规则为支付型稳定币发行人设定了联邦标准，涵盖储备支持、赎回、资本、托管、审计和风险管理。它为国家银行、其子公司、非银行公司以及处于 OCC 管辖范围内的外国发行人建立了许可和监管制度。
“We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management,” Comptroller Jonathan Gould said in a statement. He described the rule as advancing “President Trump and Secretary Bessent’s vision for American leadership in digital assets.”
“我们正在为支付型稳定币创新提供一个清晰、实用的框架，并制定了强有力的储备支持、赎回和风险管理标准，”货币监理署 Jonathan Gould 在一份声明中表示。他将该规则描述为推动“特朗普总统和贝森特秘书关于美国在数字资产领域领导地位的愿景”。
The GENIUS Act, passed and signed into law last year, was the first federal statute to govern stablecoins, the dollar-pegged tokens that serve as the main trading pair for bitcoin on most exchanges.
GENIUS 法案于去年通过并由总统签署成为法律，是首部规范稳定币的联邦法规。稳定币是与美元挂钩的代币，在大多数交易所中作为比特币的主要交易对。
The law required one-to-one reserve backing and annual audits and directed bank regulators to write the implementing rules. The Federal Reserve and FDIC have issued proposals. Treasury is drafting its own.
该法律要求一比一的储备支持及年度审计，并指示银行监管机构制定实施细则。美联储和联邦存款保险公司（FDIC）已发布提案。财政部正在起草自己的方案。
Rewards fight left unresolved
奖励之争悬而未决
The most consequential change from an earlier February proposal is what the agency took out.
从早先的二月提案来看，最具影响力的变化是该机构删除的内容。
The GENIUS Act bans issuers from paying interest or yield to stablecoin holders. It does not address exchanges and other third parties that offer rewards on stablecoin balances. Banking groups have labeled this the “stablecoin loophole” and lobbied for months to close it, arguing that yield on tokens could drain deposits and weaken lending.
GENIUS 法案禁止发行人向稳定币持有者支付利息或收益。它未涉及为稳定币余额提供奖励的交易所和其他第三方。银行业团体将此称为“稳定币漏洞”，并游说数月以关闭此漏洞，认为代币上的收益可能会抽走银行存款并削弱放贷能力。
The proposed rule would have treated certain arrangements between issuers and third parties as presumed violations of the ban. The final rule drops that presumption in favor of case-by-case review.
拟议的规则本会将发行人与第三方之间的某些安排视为推定违反禁令。最终规则放弃了这种推定，转而采取逐案审查的方式。
“We will just let the market develop and address it as it comes,” an OCC official told reporters, declining to say whether existing exchange rewards programs comply with the rule while noting the agency has authority to pursue clear evasions of the ban, according to Crypto in America.
“我们将让市场发展，并在问题出现时加以解决，”一位 OCC 官员告诉记者。据《Crypto in America》报道，该官员拒绝说明现有的交易所奖励计划是否符合该规则，同时指出该机构有权追究明显规避禁令的行为。
The decision is a setback for banks, which had turned to the OCC after the Clarity Act, the broader crypto market structure bill, failed a Senate procedural vote in September. Stablecoin yield was one of the central sticking points in those negotiations.
这一决定对银行来说是一个挫折。在《Clarity法案》（更广泛的加密市场结构法案）于9月未能在参议院程序性投票中通过后，银行曾转向货币监理署（OCC）。稳定币收益是这些谈判中的核心争议点之一。
Stablecoin issuers get some flexibility on reserves
稳定币发行商在储备管理方面获得一定灵活性
The final rule eases several proposed restrictions on reserve management. It scraps a 20-day weighted-average maturity limit on reserve assets, allowing issuers to hold longer-dated Treasuries. Issuers may withdraw surplus reserves at any time rather than once a month, provided outstanding stablecoins remain backed one-to-one.
最终规则放宽了多项关于储备管理的拟议限制。它取消了储备资产20天加权平均到期日的限制，允许发行商持有期限更长的国债。只要未偿还的稳定币保持一对一的足额支持，发行商可以随时提取超额储备，而非每月一次。
On redemptions, the agency removed a provision that would have extended deadlines during a surge in withdrawal requests. Issuers must instead notify the OCC within 24 hours if redemption requests exceed 10% of a stablecoin’s outstanding value in a single day, according to Crypto in America.
关于赎回，监管机构删除了一项规定，该规定原本会在提款请求激增时延长截止日期。据Crypto in America报道，如果单日赎回请求超过稳定币未偿价值总额的10%，发行商必须在24小时内通知货币监理署。
The OCC has yet to announce when it will accept applications from prospective issuers. Anti-money laundering and sanctions rules will come in a separate rulemaking with the Treasury.
货币监理署尚未宣布何时开始接受潜在发行商的申请。反洗钱和制裁规则将通过与财政部联合进行的单独规则制定程序出台。
This post OCC Finalizes GENIUS Act Stablecoin Rules, Leaves Rewards Fight Open first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
本文《货币监理署最终确定GENIUS法案稳定币规则，奖励之争仍未解决》最初发表于Bitcoin Magazine，由Micah Zimmerman撰写。
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