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美国2025年出台的三项核心加密货币法案共同构建了一套全面的数字金融监管体系。《GENIUS法案》为稳定币建立了联邦层面的发行许可制度，要求以高质量流动资产1∶1支撑并履行严格披露义务，旨在将美元稳定币纳入合规轨道并巩固其全球主导地位。《CLARITY法案》通过创设“数字商品”法律类别厘清加密货币属性，将比特币、以太坊等去中心化资产划归商品期货交易委员会监管，并设置从证券到商品的属性过渡机制，意在解决长期存在的监管冲突问题。《反CBDC法案》则明确禁止美联储未经国会授权发行零售型央行数字货币，强调保护金融隐私和防止政府监控，目标是维护商业银行体系稳定并为私人稳定币发展保留空间。三者共同形成了合规路径锚定—属性争议厘定—货币权力约束的三维监管体系，体现了美国在金融创新与风险防控、市场主导与制度规范之间的平衡策略。
Abstract：The three core cryptocurrency bills enacted by the United States in 2025 together construct a comprehensive digital financial regulatory framework. The GENIUS Act establishes a federal-level issuance licensing system for stablecoins, requiring them to be backed 1:1 by high-quality liquid assets and to adhere to strict disclosure obligations. It aims to bring USD stablecoins into compliance and solidify their global dominance. The CLARITY Act clarifies the attributes of cryptocurrencies by creating a legal category of "digital commodities," assigning decentralized assets like Bitcoin and Ethereum to the Commodity Futures Trading Commission(CFTC) for regulation, and establishing a transition mechanism from securities to commodities, intending to resolve long-standing regulatory conflicts. The Anti-CBDC Act explicitly prohibits the Federal Reserve from issuing retail central bank digital currencies(CBDCs) without Congressional authorization, emphasizing the protection of financial privacy and the prevention of government surveillance. Its goal is to maintain the stability of the commercial banking system and leave space for the development of private stablecoins. Together, the three bills form a three-dimensional regulatory system of compliance pathway anchoring, attribute dispute clarification, and monetary power constraints, reflecting the U.S. strategy of balancing financial innovation and risk control, market leadership, and institutional regulation.
(1)2022年，算法稳定币TerraUSD及其配套代币因锚定机制失效而迅速崩溃，引发价格脱钩和连锁抛售，暴露出此类稳定币在缺乏资产支撑情况下对市场信心和激励结构的高度依赖，并由此触发了加密市场范围内的剧烈震荡，成为各国强化稳定币监管的重要转折点。
(1)特朗普于2024年12月宣布提名Paul Atkins（曾任SEC委员）为SEC主席，该人被认为是对加密货币较为友好的政策推动者，并在2025年4月21日正式就任SEC主席。具体详见：“Trump to Nominate Paul Atkins, A Cryptocurrency Advocate, for SEC Chair”, CBS News, Dec 4, 2024, www.cbsnews.com/news/trump-nominates-cryptocurrency-advocate-paul-atkins-as-sec-chair-3/。
(2)2025年3月6日，特朗普签署行政命令，正式建立“战略比特币储备（Strategic Bitcoin Reserve）”和“美国数字资产储备（U.S. Digital Asset Stockpile）”，将其定位为政府层面的战略资产储备，资金来源于财政部通过没收获得的比特币。根据命令，这些比特币可能不会出售，同时政府还将探索通过预算中立的方式获取更多数字资产，而无需增加额外的财政负担。
(3)《稳定币信托法案》（Stablecoin TRUST Act, 2022）：该法案（S. 5340）旨在确立“支付稳定币”（Payment Stablecoins）的联邦监管框架。仅允许特定机构发行此类稳定币，包括：经州银行监管部门授权的“汇款业务”（Money Transmitting Business）、非存款信托公司、获得美国代币监理署（OCC）颁发联邦许可的国家性限额支付稳定币发行人、存款机构或国家信托银行。法案要求发行人维持充足储备、公开披露储备资产、赎回政策，并提供注册会计师证明。它还明确稳定币不属于证券，并为稳定币持有者在发行人破产时提供优先权保护。具体详见：Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022. S. 5340, 117th Cong., 2nd sess., U.S. Senate,Introduced Dec 21, 2022, Congress.gov。
(1)《支付稳定币明晰法案》（Clarity for Payment Stablecoins Act, 2023）：该法案（H.R. 4766）规定，除获许可的支付稳定币发行人外，任何人不得在美国发行“支付稳定币”。符合资格的发行人包括：受监管的存款机构子公司、联邦资格非银行发行实体、或州监管认可的发行人。法案要求这些发行人具备受监管身份，并遵守相应联邦或州监管要求，以确保支付稳定币发行在法律与安全框架内运作。具体详见：H.R. 4766—Clarity for Payment Stablecoins Act of 2023. Introduced in House, 118th Cong., July 20, 2023, Congress.gov。
(2)《稳定币透明法案》（Stablecoin Transparency Act）：该法案（2021–2022年）要求发行法币支持（fiat-backed）稳定币的稳定币发行人，对每一枚稳定币的储备资产必须保持在以下几类：政府证券、完全抵押的回购协议、以及美元或其他非数字货币。这一规定旨在确保储备资产的透明度与安全性，保护持币人的利益。具体详见：H.R. 7328—Stablecoin Transparency Act. Introduced in House, 117th Cong., Mar 31, 2022, Congress.gov。
(1)Li, C. From GENIUS to“Make It Big”:Is the U.S. using stablecoin policy to solve its Treasury crisis? IPP Review., July 27, 2025, http：//sohu.com/a/912668973_121948389.
(2)Guiding and Establishing National Innovation for U. S. Stablecoins Act(GENIUS Act), S.1582, 119th Cong.，§1(b). Congress.gov, introduced May 1, 2025, enacted July 18, 2025.
(3)Guiding and Establishing National Innovation for U.S. Stablecoins Act(GENIUS Act), S. 1582,119th Cong.，§2(a).
(4)Guiding and Establishing National Innovation for U.S. Stablecoins Act(GENIUS Act), S. 1582,119th Cong.，§2(c).
(1)Guiding and Establishing National Innovation for U.S. Stablecoins Act(GENIUS Act). S. 1582,119th Cong.，§4(a).
(2)Pillsbury Winthrop Shaw Pittman LLP.“Congress Passes GENIUS Act:Framework for Stablecoin and Digital Asset Regulation in the U.S.” Pillsbury Law, July 22, 2025, www.pillsburylaw.com/en/news-and-insights/congress-genius-act-framework-stablecoin-digital-asset-regulation-us.html.
(3)Guiding and Establishing National Innovation for U. S. Stablecoins Act(GENIUS Act), S.1582, 119th Cong.，§§6.
(4)Guiding and Establishing National Innovation for U. S. Stablecoins Act(GENIUS Act), S.1582, 119th Cong.，§§6.
(1)Eric L. Kintner, Chris M. Fahrendorf, and Caitlin Vanderkarr.“GENIUS Act and a New Digital Asset Era.” SNW Law, July 29, 2025, www.swlaw.com/publication/genius-act-and-a-new-digitalasset-era.
(2)“Stablecoins in the Senate:The Latest on the GENIUS Act.” Galaxy Insights, May 5, 2025,www.galaxy.com/insights/research/genius-act-stablecoin-regulation.
(1)“豪威测试”（Howey Test）用于判断某项交易是否构成“投资合同”，从而被认定为证券。该测试包含四个关键要素：存在实质性投资、投资于一个企业、投资者目的是获益且利润主要依赖于他人运营。若一项交易满足这四项条件，即被视为证券，须遵守美国联邦证券法的注册和披露要求。
(2)在美国现行监管体系中，商品期货交易委员会（CFTC）长期将比特币等去中心化加密资产纳入商品监管逻辑之下。其核心判断依据在于，这类加密资产并非由特定主体发行或控制，价格形成不依赖单一企业的经营表现，也不以向投资者承诺收益为前提，不符合证券法中关于“投资合同”的构成要件。
(1)Financial Stability Oversight Council. 2024 Annual Report. U.S. Department of the Treasury,Dec 6, 2024, FSOC Annual Report.
(2)美国共和党在数字资产监管议题上普遍主张弱化证券交易委员会（SEC）的权力，理由是SEC过度执法会给创新企业带来不确定性和沉重合规成本。他们倾向于将比特币、以太坊等大部分加密货币界定为“商品”，交由商品期货交易委员会（CFTC）监管，以确保监管框架更注重市场透明和防止欺诈，而非严格的证券法管制。这种立场旨在减少对区块链和金融科技创新的束缚，保持美国在全球数字金融竞争中的领先地位。具体详见：“Republicans Introduce Crypto Bill to Shift Power from SEC to CFTC”, Reuters, June 10, 2022, www.reuters.com/technology/republicansenators-introduce-crypto-bill-to-shift-power-from-sec-to-cftc-2022-06-10/。
(3)美国民主党在加密货币监管上普遍更强调金融稳定与投资者保护，认为大量代币的发行和交易模式与证券相似，因此应纳入证券法框架进行严格监管。他们支持证券交易委员会（SEC）在执法与监督中的核心角色，主张通过披露义务、反欺诈措施和投资者保护制度来降低市场风险，防止欺诈与操纵行为。相比共和党的“放松管制”，民主党倾向于以SEC为中心的监管模式，强调审慎监管对维护金融体系稳定和投资者权益的必要性。具体详见：Kruppa, Miles, and Hannah Lang.“Democrats Push for SEC Oversight of Crypto to Protect Investors”, Financial Times, July 19,2023, www.ft.com/content/crypto-sec-oversight-democrats。
(1)U.S. Legislative Clarity Could Force Global Crypto Alignment. Sygnum Crypto Week CIO Briefing, July 22, 2025, www. sygnum. com/wp-content/uploads/2025/07/Crypto-Week-CIO-Briefing-FInal-23.07.25.pdf.
(2)“Congress Set to Bring Clarity to Digital Asset Market Structure”, WilmerHale Client Alert,July 14, 2025, www. wilmerhale. com/en/insights/client-alerts/20250714-congress-set-to-bring-clarityto-digital-asset-market-structure.
(3)U.S. Congress. Digital Asset Market Clarity Act of 2025(CLARITY Act). H.R. 3633, 119th Cong.，§104；§202. Congress.gov, introduced May 29, 2025, text of bill.
(1)U.S. Congress. Digital Asset Market Clarity Act of 2025(CLARITY Act). H.R. 3633, 119th Cong.，§§201-203.
(2)U.S. Congress. Digital Asset Market Clarity Act of 2025(CLARITY Act). H.R. 3633, 119th Cong.，§§104, 301-302.
(1)U.S. Congress. Digital Asset Market Clarity Act of 2025(CLARITY Act). H.R. 3633, 119th Cong.，§§104, 401.
(2)U.S. Congress. Digital Asset Market Clarity Act of 2025(CLARITY Act). H.R. 3633, 119th Cong.，§§201-203.
(3)U.S. Congress. Digital Asset Market Clarity Act of 2025(CLARITY Act). H.R. 3633, 119th Cong.，§§201-203.
(4)U.S. Congress. Digital Asset Market Clarity Act of 2025(CLARITY Act). H.R. 3633, 119th Cong.，§§301-302.
(1)The Federal Reserve Weighs Risks and Benefits of a U.S. CBDC. Skadden Research Brief, Feb4, 2022, www.skadden.com/insights/publications/2022/02/the-federal-reserve-weighs-risks.
(2)ibid.
(3)The Ideas at the Heart of U.S. Government. Khan Academy, www.khanacademy.org/humanities/us-government-and-civics/us-gov-foundations/us-gov-ideals-of-democracy/a/the-ideas-at-the-heartof-us-government.
(1)U.S. Banks Lobby to Block Stablecoin Interest Over Fears of Deposit Flight. Financial Times,Aug 25, 2025, www.ft.com/content/7c4746d7-02e8-4c60-a96c-b51eb21a7bf1.
(1)“Central Banks Face Dilemma over Rise of Dollar-Backed Stablecoins”, Financial Times, July16, 2025, www.ft.com/content/d882e2dc-add6-4dc5-bf63-9e34732d56b3.
(2)U.S. Congress. Anti-CBDC Surveillance State Act. H.R. 1919, 119th Cong.，§§2-4, amended Federal Reserve Act, section 16. Congress.gov, introduced Mar 6, 2025, text of bill. Accessed Aug 26, 2025.
(3)U.S. Congress. Anti-CBDC Surveillance State Act. H.R. 1919, 119th Cong.，§4(C), amended Federal Reserve Act.
(1)U.S. Congress. Anti-CBDC Surveillance State Act. H.R. 1919, 119th Cong.，§§2-3, amended Fed. Res. Act§16.
(2)U.S. Congress. Anti-CBDC Surveillance State Act. H.R. 1919, 119th Cong.，§2, amended Fed. Res. Act§16.
基本信息:
DOI：
中图分类号:F827.12;F49;D971.2;DD912.28
引用信息:
[1]胡子南,张雪领.合规路径锚定、属性争议厘定与货币权力约束——美国加密货币三大核心法案的体系化建构与战略协同[J].战略决策研究,2026,17(01):31-51+121-122.
基金信息:
教育部人文社会科学基金项目“欧盟重塑外商投资规则带来的影响及对策建议”（项目编号：23YJCGJW002）的阶段性成果