Source: https://www.abcteach.com/resource/clip-art-white-house-1a-color/
（前言：The Genius Act 的目的是設定穩定幣的遊戲規則，把它納入美國的制度和監管之內。以下文章引述來自美國政界的反對派觀點，認為這條法案的弱點在於沒有監管穩定幣的二手市場交易活動，也難以監管外國發行商在美國境外的活動，以及助長影子銀行系統的出現和便利洗黑錢活動。）
Landmark cryptocurrency legislation passes US
House, to be signed into law by President Trump
Congress advances a series of crypto bills
aimed at creating regulatory frameworks while critics warn of financial risks,
citing gaps in provisions to combat cross-border dirty money flows.
By Brenda Medina and Sam Ellefson
Image: Jessica Rodriguez Rivas via Wikimedia Commons (CC BY-SA-4.0)
ICIJ（July 18, 2025）
Excerpt: As the crypto industry celebrates a cascade of approvals in the House of bills to regulate digital currencies — what Republican lawmakers dubbed “Crypto Week” — financial transparency and consumer advocates are raising alarms that the proposed laws don’t go far enough to prevent the movement of illicit funds across borders.
One of three bills approved by the House, the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act is on its way to President Trump’s desk after passing with bipartisan support last week. The Senate voted to pass the legislation in mid-June.
The new law will set federal standards for stablecoins — cryptocurrencies pegged to another asset, including fiat currencies like the U.S. dollar or the Euro, to maintain a stable price. Under the law, “permitted payment stablecoins issuers” would be required to hold reserves equivalent to every dollar of stablecoins offered. Permitted reserves include insured bank deposits, short-term Treasury bills, central bank reserves and “any other similar government-issued asset approved by regulators.”
Stablecoin holders would also have priority over “all other claims against the issuer in bankruptcy.” The bill codifies that stablecoins are neither commodities nor securities, and exempt from regulation as such. It also says they are not federally insured.
The secondary market is totally unregulated by any of these bills. So it’s a pretty obvious loophole, a pretty obvious map for evading U.S. law.
— Scott Greytak, Transparency International
In a post on X shortly after the House vote, Sen. Bill Hagerty, a Republican from Tennessee, called the proposed legislation the “first step in making America the crypto capital of the world,” a line touted by Republicans in Congress this week.
Last month, President Trump on Truth Social urged lawmakers to move “LIGHTNING FAST” on the bill. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” he wrote. His support for the proposed regulatory framework comes amid growing reports of his family’s investments and returns from various cryptocurrency ventures.
Lawmakers who support the landmark crypto bills, including Republican Rep. Mike Flood of Nebraska, said it would “usher in a new era of digital asset innovation” led by the U.S. But opponents, like Michigan Democratic Rep. Rashida Tlaib, warned that allowing private companies to issue their own stablecoins backed by the dollar would “create a whole new form of shadow banking” that taxpayers would have to bail out in case of failure — a reference to the role lightly regulated financial entities played in the 2008 financial crisis.
Tech giants like Walmart and Amazon have purportedly explored the idea of launching their own stablecoins, a move that some experts told ICIJ may weaken competition among their vendors, while allowing those companies to lower expenditures.
Foreign stablecoins
The GENIUS Act has raised particular concerns among anti-corruption activists who argue the legislation is riddled with loopholes that could facilitate money laundering and sanctions evasion. Critics also point to a lack of clarity on addressing potential money laundering vectors, including stablecoins issued by foreign companies, decentralized cryptocurrency platforms and services known as mixers, which help obfuscate crypto transactions.
Without addressing these loopholes, “American digital assets infrastructure risks becoming a haven for kleptocrats” and other criminals, said Scott Greytak of the anti-corruption group Transparency International.
A key concern is what advocates are calling “the Tether loophole”: what they consider the bill’s failure to adequately regulate stablecoins issued abroad by companies registered outside the U.S., like industry giant Tether. These coins can enter the U.S. market through secondary channels, such as peer-to-peer transfers. Tether, which is registered in the British Virgin Islands, issues the USDT stablecoin.
“If you’re selling a stablecoin through Tether directly to somebody in the United States, they’re going to be covered by this law,” Greytak said. “But what if an American goes to Mexico, or to the [British Virgin Islands], or anywhere outside of U.S. jurisdiction, stocks up on a bunch of crypto and then sells it in the United States? That’s what we call the secondary market, and the secondary market is totally unregulated by any of these bills. So it’s a pretty obvious loophole, a pretty obvious map for evading U.S. law.”
In a letter sent to House leaders this month, Transparency International and other advocacy groups urged lawmakers to amend the bills to broaden the definition of stablecoin issuers to include secondary channels.
“Our idea here is that it’s pretty simple,” Greytak said. ”You should just say: if you are issuing a stablecoin directly or indirectly into somebody in the United States, you should be covered by this [law].”
In a statement to ICIJ after the legislation passed, Tether’s CEO Paolo Ardoino said the GENIUS Act “represents an important step toward establishing a clear regulatory foundation for the digital asset industry in the United States.”
Dante Disparte, chief strategy officer of Circle, the industry player behind the USDC stablecoin, said the legislation’s passage “sends a clear message that the U.S. will lead in the regulation of dollar-backed payment stablecoins.”
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