《天才法案》为稳定币打开了大门，但监管机构希望缩小大门

Stablecoin issuers spent years asking Washington for clear rules, and now those rules are becoming the industry’s biggest barrier to entry. The GENIUS Act gave dollar-backed tokens something crypto had wanted since stablecoins became a serious part of the market: a legal home in the US. It defined payment stablecoins, set reserve expectations, created a federal framework for issuers, and moved the sector out of the gray zone that shaped much of its early growth. That was an undisputed victory for an industry used to enforcement risk, state-by-state licensing, offshore structures, and years of policy drift. But once the law moved from Congress to the agencies, the hard part began. Treasury, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) are now turning GENIUS into an operating manual. That manual will decide whether stablecoin issuance stays close to its crypto roots or becomes a financial-infrastructure business run by firms with the compliance staff, legal budget, banking relationships, and supervisory experience to survive inside a federal rulebook. CryptoSlate has already covered the bank-lobby push for a 60-day pause , the fight over stablecoin rewards , and the broader consequences of Congress making digital dollars easier to use . The latest GENIUS scoop now is how its implementation could make bank-grade infrastructure the price of admission. Washington will turn digital dollars into a supervised business Treasury’s role sits closest to the part of crypto Washington worries about most: illicit finance. Its proposed rule focuses on anti-money laundering programs, sanctions compliance, counter-terror financing, and Bank Secrecy Act obligations. Treasury said its April proposal is designed to implement the GENIUS Act’s AML and sanctions program requirements while creating a tailored regime for payment stablecoins. A serious issuer will need customer-risk systems, sanctions screening, suspicious activity