一文讀懂 GENIUS 法案｜監管大幕拉開，誰能走上合規紅毯？

Understand the GENIUS Act in one article｜Regulatory curtain opens, who can walk on the red carpet of compliance?

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描述：美國首部穩定幣法案通過在即，監管巨變來襲，行業格局如何重塑？

Description: With the passage of the first U.S. stablecoin act looming, how will the industry landscape be reshaped with the coming regulatory sea change?

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引言

Introduction

穩定幣江湖風云再起。隨著穩定幣在加密貨幣市場中的地位日益穩固，主流監管機構紛紛出臺新規，試圖在保護金融穩定與鼓勵創新之間找到平衡。

The stablecoin arena sees renewed turmoil. As stablecoins solidify their position in the cryptocurrency market, mainstream regulatory bodies have rolled out new rules in an effort to strike a balance between safeguarding financial stability and fostering innovation.

本篇中，國楓攜手BlockSec，聚焦美國參議院討論的《指導與建立美國穩定幣國家創新法案》（Guiding and Establishing National Innovation for U.S. Stablecoins Act，簡稱GENIUS法案），深入剖析GENIUS法案背景下Web3項目所面臨的合規挑戰，并針對性地提供切實可行的解決方案。

In this article, Grandway collaborates with BlockSec to focus on the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”) under discussion in the U.S. Senate. We delve into the compliance challenges faced by Web3 projects under the GENIUS Act and offer targeted and practical solutions.

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GENIUS法案：

立法進程與核心內容

The GENIUS Act: Legislative Process and Key Content

1.1 立法進程關鍵節點

1.1 Key Milestones in the Legislative Process

§ 2025年2月4日：提出草案

參議員Bill Hagerty、Tim Scott、Kirsten Gillibrand和Cynthia Lummis聯合在參議院提出GENIUS法案草案。

§ February 4, 2025: Draft Proposal

Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis jointly introduced the draft of the GENIUS Act in the Senate.

§ 2025年3月13日：參議院銀行委員會通過

參議院銀行委員會以18票贊成、6票反對的兩黨支持率通過了GENIUS法案，將該法案正式遞交至參議院。2025年3月起，GENIUS法案經歷多輪修訂。

§ March 13, 2025: Senate Banking Committee Approval

The Senate Banking Committee passed the GENIUS Act with bipartisan support (18 votes in favor, 6 against), formally advancing it to the Senate floor. Starting in March 2025, the GENIUS Act underwent multiple rounds of revisions.

§ 2025年5月8日：參議院首次終止辯論動議投票

在參議院首次終止辯論動議投票中，以48票贊成49票反對失敗，未達60票門檻，民主黨集體反對，爭議焦點包括：

外國發行人監管漏洞（如伊朗、朝鮮規避制裁風險）；

未限制特朗普家族通過USD1穩定幣獲利；

科技巨頭準入規則模糊。

§ May 8, 2025: First Senate Cloture Vote

The first cloture motion in the Senate failed with 48 votes in favor and 49 against, falling short of the 60-vote threshold. Democrats unanimously opposed the GENIUS Act, with key controversies, including:

oRegulatory loopholes for foreign issuers (e.g., risks of sanctions evasion by Iran or North Korea).

oNo restrictions on the Trump family profiting from USD1 stablecoin.

oAmbiguous rules for tech giants’ entry into the market.

§ 2025年5月15日-19日：法案修改

兩黨緊急協商修訂條款，包括但不限于：

刪除針對特朗普加密貨幣項目的直接限制，轉向強化消費者保護；

要求外國發行人具備交易凍結能力。

§ May 15–19, 2025: Act Amendments

Bipartisan negotiations led to urgent revisions, including but not limited to:

oRemoving direct restrictions on Trump-linked cryptocurrency projects, shifting focus to stronger consumer protections.

oRequiring foreign issuers to implement transaction-freezing capabilities.

§ 2025年5月20日：參議院二次終止辯論動議投票

在參議院二次終止辯論動議投票中，以66票支持、32票反對通過。同時，發布了GENIUS法案的修正案。

§ May 20, 2025: Second Senate Cloture Vote

The second cloture motion passed with 66 votes in favor and 32 against. A revised version of the GENIUS Act was released simultaneously.

§ 2025年6月11日：參議院三次終止辯論動議投票

在參議院三次終止辯論動議投票中，針對GENIUS法案及其最新修正案，以68票支持、30票反對通過。這一關鍵進展標志著美國距離建立首個聯邦層面的穩定幣監管框架僅一步之遙，盡管GENIUS法案尚未完成最終立法程序，但此次投票已為其掃清了重要階段性障礙。

§ June 11, 2025: Third Senate Cloture Vote

The third cloture vote on the GENIUS Act and its latest amendments passed with 68 votes in favor and 30 against. This critical milestone brings the U.S. one step closer to establishing its first federal-level stablecoin regulatory framework. Although the GENIUS Act has not yet completed the final legislative process, this vote has cleared a major procedural hurdle.

§ 2025年6月17日：參議院審議通過

法案進入參議院的全體辯論和修正程序，最終以68票支持、30票反對通過最終版本。

§ June 17, 2025: considered and passed by the Senate

The GENIUS ACT proceeded to full Senate debate and amendments, ultimately passing its final version by a vote of 68 for and 30 against.

§ 后續流程：眾議院審議

之后，法案將提交至眾議院審議。在眾議院，法案只需獲得簡單多數（218票）票數即可通過。鑒于當前眾議院由共和黨占微弱多數（220:215），預計GENIUS法案在眾議院獲得通過的可能性較高。

§ Next Steps: House of Representatives Review

After Senate approval, the GENIUS Act will move to the House of Representatives, where it requires a simple majority (218 votes) to pass. Given the current Republican slim majority (220:215), the GENIUS Act is expected to have a high chance of House approval.

§ 后續流程：總統批準

眾議院通過法案后，法案將提交總統簽字批準。考慮到特朗普此前承諾在2025年8月前建立穩定幣監管框架，因此其直接簽署的可能性較高，但如果法案最終版本加入“禁止總統或其直系親屬持有穩定幣發行方股份”條款，則不排除特朗普迫于政治風險或輿論壓力否決或擱置法案的可能。

§ Next Steps: Presidential Approval

Once passed by the House, the GENIUS Act will be sent to the President for signature. Considering Trump’s prior commitment to establishing a stablecoin regulatory framework by August 2025, direct approval is likely. However, if the final version includes a clause that “prohibiting the President or immediate family members from holding stakes in stablecoin issuers”, Trump may face political risks or public pressure, potentially leading to a veto or delay.

1.2 新版本調整要點

1.2 Key Revisions in the New Version

相比2025年2月4日的GENIUS法案草案，最新通過的版本主要調整如下：

Compared to the GENIUS Act draft dated February 4, 2025, the newly adopted version incorporates the following major amendments:

核心要求

Core requirements

具體內容

Specifics

修改儲備資產相關規定

Amendment to reserve assets儲備資產類型的變化：

Changes to Reserve Asset Types：

●回購協議：期限不超過7天的回購協議→隔夜到期的回購協議；Repurchase agreement: Repurchase agreements with a maturity of 7 days or less → Repurchase agreements with an overnight maturity;

●逆回購協議：期限不超過7天的逆回購協議→隔夜到期的逆回購協議；

Reverse repurchase agreements: Reverse repurchase agreements with a maturity of 7 days or less → Reverse repurchase agreements with an overnight maturity;

●貨幣市場基金：投資基礎資產的貨幣市場基金→投資基礎資產的已注冊政府貨幣市場基金（registered Government money market fund）；

Money market funds: Money market funds that invest solely in underlying reserve assets → Registered government money market funds that invest solely in underlying reserve assets

● 央行準備金存款【刪除此類型可作為儲備資產的規定】；

Central Bank reserve deposits [Delete the provision that allows this type to be used as reserve assets];

●新增類型：聯邦儲備銀行賬戶的存款、投資公司發行的證券；Additional types: Money standing to the credit of an account with a Federal Reserve Bank, and Securities issued by an investment company;

●新增兜底規定：任何聯邦政府發行的且經主要聯邦支付穩定幣監管機構批準的其他流動性資產（需與州監管機構協商）；Additional catch-all provision: Any other liquid Federal Government-issued asset approved by the primary Federal payment stablecoin regulator, in consultation with the state payment stablecoin regulator;

●新增代幣化儲存形式：除回購協議、逆回購協議項下的資金外，其他儲備資產允許以代幣化形式儲存。

Additional tokenized custody provision: All reserve assets, excluding money received under repurchase agreements and reverse repurchase agreements, may be held in tokenized form.

僅允許儲備資產進行再抵押以用于贖回穩定幣的流動性需求→新增兩種儲備資產再抵押的例外情形：

Reserves may only be rehypothecated for the purpose of creating liquidity to meet redemption demands for stablecoins→ Two additional exceptional cases for reserve asset rehypothecation are introduced:

●滿足保證金義務：允許再抵押以履行與儲備資產（特指回購協議、逆回購協議）相關的保證金要求；

Satisfying margin obligations: Rehypothecation is permitted for the purpose of satisfying margin obligations in connection with investments in permitted reserves(repurchase agreement and reverse repurchase agreement);

●履行與使用、接收或提供標準托管服務相關的義務。

Satisfying obligations associated with the use, receipt, or provision of standard custodial services.

細化贖回政策

Refinement of redemption policy

●贖回費用：必須以簡明語言公開披露購買或贖回穩定幣的所有費用，費用變更需提前7天通知消費者；

Fees: Disclose in plain language all fees associated with purchasing or redeeming the payment stablecoins, provided that such fees can only be changed upon not less than 7 days’ prior notice to consumers;

●贖回的限制性措施需由監管機構批準。

Any discretionary limitations on timely redemptions can only be imposed by a stablecoin regulator.

新增透明度與審計要求

Additional transparency and audit requirements

●未償付總額（consolidated total outstanding issuance）超過500億美元且不受SEC規定的報告義務約束的支付型穩定幣發行人，需依據公認會計準則編制年度財務報表，在該報表中披露所有關聯方交易，并進行審計；

A permitted payment stablecoin issuer with more than $50,000,000,000 in consolidated total outstanding issuance, that is not subject to the reporting requirements under the Securities and Exchange Act shall prepare an annual financial statement, which shall include the disclosure of any related party transactions, and audit the annual financial statement;

●月度報告需披露發行數量、儲備資產明細→新增要求儲備資產明細的披露包括每類儲備工具的平均期限和地理位置（如托管銀行所在地）。

Monthly reports are required to disclose the total number of outstanding payment stablecoins issued by the issuer, and the breakdown of reserve assets → An additional requirement that the disclosure of the breakdown of reserve assets include the average tenor and geographic location of custody of each category of reserve instruments (e.g., the location of the custodian bank).

新增州與聯邦監管的協調Additional state-federal regulatory harmonization

●市值（market capitalization）→未償付總額（consolidated total outstanding issuance）：低于100億美元的支付型穩定幣發行人可選擇州級監管，超過100億美元的支付型穩定幣發行人則需在360天內轉為聯邦監管，但前提是州級監管制度與聯邦監管框架基本相似；

Market capitalization → Consolidated total outstanding issuance: Payment stablecoin issuers under $10 billion may opt for state regulatory regime, while payment stablecoin issuers over $10 billion are required to switch to federal regulatory framework within 360 days, provided that the state regulatory regime is substantially similar to the federal regulatory framework;

●財政部審核聯邦與州的監管框架是否相似→財政部制定判斷聯邦與州的監管框架相似與否的原則，穩定幣認證審查委員會（Stablecoin Certification Review Committee）審核州監管體系與聯邦的相似性；

The Department of the Treasury (the “Treasury”) reviews federal and state regulatory frameworks for similarity → The Treasury establishes principles for determining whether federal and state regulatory frameworks are similar, and the Stablecoin Certification Review Committee reviews state regulatory systems for similarity to the federal one;

●過渡至聯邦監管層面后的監管機構分工：由聯邦儲備系統的理事會（the Board of Governors of the Federal Reserve System）監管→由州特許存款機構（State chartered depository institution）的州支付型穩定幣監管機構和主要聯邦支付穩定幣監管機構共同管理；

Division of regulators after the transition to the federal supervisory level: Regulated by the Board of Governors of the Federal Reserve System → The state payment stablecoin regulator of the state chartered depository institution and the primary federal payment stablecoin regulator acting jointly administer;

●新增不過渡至聯邦監管的豁免參考因素：①州合格支付型穩定幣發行人所持基本金；②州合格支付型穩定幣發行人的過往運營和審查歷史；③州穩定幣監管機構在監督穩定幣和數字資產活動方面的經驗；④州合格支付型穩定幣發行人關于支付穩定幣和數字資產的監管框架。

Additional waiver criteria for not transitioning to federal regulation: ① The capital maintained by the state qualified payment stablecoin issuer; ② The past operations and examination history of the state qualified payment stablecoin issuer; ③ The experience of the state payment stablecoin regulator in supervising payment stablecoin and digital asset activities; ④ The supervisory framework, including regulations and guidance, of the state qualified payment stablecoin issuer with respect to payment stablecoins and digital assets.

消費者保護Consumer protection

●破產時的優先索賠權：穩定幣持有人在支付型穩定幣發行人破產程序中優先于其他債權人→在支付型穩定幣發行人破產時，穩定幣持有人僅就儲備金的分配優先于支付型穩定幣發行人和其他債權人；

Priority claim in insolvency proceeding: The claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority over any other creditor of the permitted payment stablecoin issuer → The claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority over the claims of the permitted payment stablecoin issuer and any other creditor of the permitted payment stablecoin issuer, with respect to required payment stablecoin reserves;

●新增禁止誤導性宣傳：禁止將穩定幣宣傳為“美國政府擔保”或“法定貨幣”，并對違規營銷行為處以罰款。

Additional prohibition on misleading propaganda: It is prohibited to promote stablecoins as “guaranteed by the U.S. government” or “legal tender”, and fines shall be imposed for illegal marketing practices.

除上述細節外，我們建議重點關注：新增對外國支付型穩定幣發行人的監管、強化反洗錢（AML）監管。

In addition to the aforementioned details, we recommend focusing on: (i) additional regulatory requirements of foreign payment stablecoin issuers, and (ii) strengthened anti-money laundering (AML) regulations.

新增對外國支付型穩定幣發行人的監管

Additional Regulatory Requirements for Foreign Payment Stablecoin Issuers

GENIUS法案為在境外或美國海外屬地（如波多黎各、關島、美屬薩摩亞、美屬維爾京群島等）成立的外國支付型穩定幣發行人設定了監管框架，監管核心在于“注冊制”和“監管等效性認定”。“注冊制”是指外國支付型穩定幣發行人須向貨幣監理署注冊并滿足嚴格合規要求，方可通過美國數字資產服務提供商在美提供或銷售支付穩定幣。“監管等效性認定”是指：外國支付型穩定幣發行人向貨幣監理署提交注冊申請后，貨幣監理署會對該外國支付型穩定幣發行人的注冊申請進行審核，審核因素包括： (i) 財政部對外國支付型穩定幣所在國監管體系與美國是否相當的認定、 (ii)外國支付型穩定幣發行人在美國的財務與管理能力、(iii) 外國支付型穩定幣發行人所提交審核材料的透明度、(iv) 發行行為可能對美國金融穩定性產生的風險以及(v)發行行為涉及非法活動的可能性。

The GENIUS Act establishes a regulatory framework for foreign payment stablecoin issuers in a foreign country or an overseas territory of the U.S. (e.g., Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, etc.), with the core of the regulation being a “Registration System” and a “Determination of Regulatory Equivalence”. “Registration System” means that the foreign payment stablecoin issuer must be registered with the Office of the Comptroller of the Currency (the “Comptroller”) and meet strict compliance requirements before it may offer or sell payment stablecoins in the U.S. through a U.S. digital asset service provider. “Determination of Regulatory Equivalence” means that after a foreign payment stablecoin issuer submits an application for registration to the Comptroller, the Comptroller will review the foreign payment stablecoin issuer’s application for registration based on factors such as (i) the Treasury’s determination of the equivalence of the regulatory system of the country in which the foreign payment stablecoin issuer is located to that of the U.S., (ii) the financial and managerial resources of the U.S. operations of the foreign payment stablecoin issuer, (iii) whether the foreign payment stablecoin issuer will provide adequate information, (iv) whether the foreign payment stablecoin presents a risk to the financial stability of the U.S., and (v) whether the foreign payment stablecoin issuer presents illicit finance risks to the U.S.

此外，外國支付型穩定幣發行人需確保持有充足的儲備金，以應對美國用戶的贖回需求。若其所在國家的監管制度被財政部認定為與美國相當，且其所在國家與美國存在互惠規定，則可豁免在美國的儲備金，但仍需具備監管的技術能力。

In addition, foreign payment stablecoin issuers are required to ensure that they hold sufficient reserves to respond to redemption demands from users in the U.S. Reserves in the U.S. may be exempted if they are located in a country with a regulatory regime that the Treasury determines to be comparable to that of the U.S., and if there are reciprocity provisions between their country and the U.S., but they will still need to have the technical capacity to regulate.

強化反洗錢（AML）監管

Strengthened Anti-Money Laundering (AML) Regulations

GENIUS法案整體上新增反洗錢保護和反洗錢創新兩個條款，強化反洗錢監管。

The GENIUS Act introduces two new sections—AML Protections and AML Innovation—to comprehensively enhance AML regulation.

●反洗錢保護

AML Protections

就反洗錢保護而言，相較于原版本僅簡單提及按照國際互惠原則處理外國支付型穩定幣發行人的反洗錢合規要求，新法案詳細規定了外國支付型穩定幣發行人的反洗錢合規要求，對不合規的發行人進行處罰，同時也規定了豁免機制。

As far as AML Protections is concerned, compared to the original version, which only briefly mentioned the AML compliance requirements for foreign payment stablecoin issuers in accordance with the principle of international reciprocity, the new act sets out in detail the AML compliance requirements for foreign payment stablecoin issuers, penalizes those who do not comply, and also provides for the waiver mechanism.

o外國支付型穩定幣發行人的合規要求

Compliance Requirements for Foreign Payment Stablecoin Issuers

外國支付型穩定幣發行人若想在美國公開提供、銷售或交易其穩定幣，必須證明其具備技術能力并愿意遵守美國的“合法命令”（lawful order）。這些合法命令可能包括凍結、扣押或阻止特定穩定幣的轉移。

The payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered, sold, or otherwise made available for trading in the U.S. unless the foreign payment stablecoin issuer has the technological capability to comply and complies with the terms of any “lawful orders”. These lawful orders may include freezing, seizing, or blocking the transfer of specific stablecoins.

不合規的認定與處罰

Determination of Noncompliance and Penalties

財政部有權將不符合合規要求的外國支付型穩定幣發行人列入違法名單中并公布名單，并禁止數字資產服務提供商為不合規外國支付型穩定幣發行人的穩定幣交易提供二級市場交易服務。違反此規定的數字資產服務提供商將面臨每天最高10萬美元的罰款，而外國支付型穩定幣發行人則可能面臨每天最高100萬美元的罰款，甚至被禁止在美國從事金融交易。此外，GENIUS法案還賦予財政部對不合規外國支付型穩定幣發行人提起民事訴訟的權利，以追繳前述罰款、申請禁令禁止外國支付型穩定幣發行人參與涉美金融交易，及要求數字資產服務商下架該發行人的支付穩定幣。

The Treasury has the authority to place foreign payment stablecoin issuers that do not meet the compliance requirements on a list of violators and publish the list, and to prohibit digital asset service providers from facilitating secondary trading of payment stablecoins issued by the non-compliant foreign payment stablecoin issuer in the U.S. Digital asset service providers that violate this provision shall be subject to a civil monetary penalty of not more than $100,000 per violation per day, while foreign payment stablecoin issuers shall be subject to a civil monetary penalty of not more than $1,000,000 per violation per day, or even be prohibited from engaging in financial transactions in the U.S. In addition, the GENIUS Act gives the Treasury the right to bring a civil action against a non-compliant foreign payment stablecoin issuer to recover the aforementioned fines, to seek an injunction to prohibit the foreign payment stablecoin issuer from engaging in U.S.-related financial transactions and to require digital asset service providers to take down the issuer's payment stablecoin.

外國支付型穩定幣發行人需投入更多資源以滿足美國的技術和合規要求，可能導致部分小型發行人退出美國市場，否則可能面臨高額罰款，這可能促使行業整合，只有大型合規平臺能夠生存。

The foreign payment stablecoin issuers need to invest more resources in meeting U.S. technical and compliance requirements. This may lead some small issuers to withdraw from the U.S. market. Otherwise, they may face high fines, which may prompt industry consolidation, and only large compliant platforms can survive.

豁免與例外

Waiver

美國財政部可以根據特殊情況豁免某些實體或交易。該等豁免情形可能涉及以下因素：國家安全、情報和執法活動需求、外國發行人正在采取實質措施補救不合規行為。

The Treasury may exempt certain entities or transactions based on special circumstances. Such exemptions may relate to factors such as national security, the need for intelligence and law enforcement activities, and the fact that the foreign issuer is taking tangible steps to remedy the noncompliance.

●反洗錢創新

AML Innovation

反洗錢創新部分則聚焦于利用創新技術提升檢測與規避包括反洗錢在內的數字資產非法活動的能力，具體措施包括：

The AML Innovation section focuses on the use of innovative technologies to enhance the ability to detect and circumvent illicit activity such as money laundering, involving digital assets. The measures are as follows:

o公眾意見征集與研究

Public Comment

財政部將在GENIUS法案生效后30天內啟動為期60天的公眾意見征集，以識別受監管金融機構正在使用或可能采用的創新方法、技術或策略，用于檢測并規避包括洗錢在內的涉及數字資產的非法活動。這些方法可能涉及應用程序接口（API）、人工智能（AI）、數字身份驗證和區塊鏈監控技術。

Beginning on the date that is 30 days after the date of enactment of the GENIUS Act, and for a period of 60 days thereafter, the Treasury shall seek public comment to identify innovative or novel methods, techniques, or strategies that regulated financial institutions use, or have the potential to use, to detect illicit activity, such as money laundering, involving digital assets. These comments may involve application program interfaces (APIs), artificial intelligence (AI), digital identity verification, and use of blockchain technology and monitoring.

采用API、AI和區塊鏈監控技術將推動監管機構從傳統人工審查向自動化監管過渡，提高反洗錢審查與監管效率。

The adoption of API, AI and blockchain technology and monitoring will drive regulators to transition from traditional manual review to automated regulation, improving the efficiency of AML review and regulation.

研究與評估

Research and Evaluation

上述公眾意見征集期結束后，財政部將根據公眾意見開展研究。金融犯罪執法局（FinCEN）將評估公眾意見所提及的創新方法，將之與現有方法比較，以判斷其在監管有效性、成本、隱私風險、操作效率和網絡安全影響等方面的進步。經過評估，FinCEN將制定受監管金融機構采用創新方法檢測數字資產非法活動的具體要求，支付型穩定幣發行人識別并報告涉及其支付穩定幣的非法活動的操作規范，以及支付型穩定幣發行人監測區塊鏈交易系統與實踐的操作規范。

Following the close of the public comment period described above, the Treasury shall conduct a study based on the public comments. the Financial Crimes Enforcement Network (“FinCEN”) will evaluate the innovative approaches mentioned in the public comments, comparing them to existing approaches to determine their advancement in terms of regulatory effectiveness, cost, privacy risk, operational efficiency, and cybersecurity impact. As a result of the evaluation, FinCEN will develop specific guidance for regulated financial institutions to use the innovative methods to detect illicit activity in digital assets, operational specifications for payment stablecoin issuers to identify and report illicit activity involving their payment stablecoins, and operational specifications for payment stablecoin issuers to monitor blockchain trading systems and practices.

風險評估與國家戰略

Risk Assessment and National Strategy

財政部需將《通過制裁打擊美國對手法案》（Countering America’s Adversaries Through Sanctions Act）要求的國家反恐和非法融資戰略納入數字資產非法活動監管中，關注數字資產在洗錢和制裁規避中的使用情況和外國司法管轄區內存在的通過使用數字資產獲取法定貨幣來促進非法活動的高風險行為。

The Treasury needs to incorporate the national strategy for combating terrorist and other illicit financing required under the Countering America’s Adversaries Through Sanctions Act into the regulation of illicit activities with digital assets, focusing on the use of digital assets in money laundering and sanctions evasion and high-risk behavior in foreign jurisdictions that facilitates illicit activity through the use of digital assets to acquire legal tender.

國會報告

Congressional Reports

財政部將定期向國會提交報告，匯報對創新檢測技術的研究成果和技術實施進展、提出立法建議。

The Treasury will submit periodic reports to Congress on the results of research on innovative testing technologies, progress in technology implementation, and submit legislative and regulatory proposals.

2

不同類型項目面臨的合規挑戰

Compliance Challenges Faced by Different Types of Projects

GENIUS法案的影響范圍廣泛，但不同類型的Web3項目面臨的合規挑戰嚴重程度存在顯著差異。以下按照影響程度從重到輕的順序，分析各類項目方面臨的具體挑戰。

The GENIUS Act has a broad scope of impact, but the severity of compliance challenges faced by different types of Web3 projects varies significantly. The following analyzes the specific challenges faced by various project categories, ordered from most to least severe impact.

2.1 直接影響：穩定幣發行方

2.1 Direct Impact: Stablecoin Issuers

主流穩定幣發行方作為GENIUS法案的核心監管對象，面臨最嚴格的合規要求和最高的實施成本。這些項目必須在120天內獲得聯邦或州許可，建立100%儲備支持體系，實施月度公開披露，并具備實時凍結資產的技術能力。對于市值超過500億美元的大型發行方，還需要接受年度審計和增強報告要求。合規成本預計在800萬至2000萬美元的初始投資，以及每年300萬至1000萬美元的持續運營成本。

Mainstream stablecoin issuers, as the core regulatory targets of the GENIUS Act, face the strictest compliance requirements and highest implementation costs. These projects must obtain federal or state licenses within 120 days, establish 100% reserve backing systems, implement monthly public disclosures, and possess technical capabilities for real-time asset freezing. For large issuers with market capitalizations exceeding $50 billion, additional annual audits and enhanced reporting requirements apply. Compliance costs are estimated at $8-20 million in initial investment, plus $3-10 million in annual ongoing operational costs.

算法和去中心化穩定幣項目雖然可能不直接受到傳統儲備要求約束，但面臨監管分類的不確定性。這些項目需要重新評估其治理結構、技術架構和合規策略，以確定是否需要調整現有模式來適應監管要求。特別是涉及收益生成的穩定幣機制可能被歸類為證券，面臨SEC監管。

Algorithmic and decentralized stablecoin projects, while potentially not directly subject to traditional reserve requirements, face uncertainty in regulatory classification. These projects need to reassess their governance structures, technical architectures, and compliance strategies to determine whether adjustments to existing models are necessary to meet regulatory requirements. Particularly, stablecoin mechanisms involving yield generation may be classified as securities, subjecting them to SEC oversight.

2.2 重度影響：DeFi核心協議

2.2 Heavy Impact: Core DeFi Protocols

DeFi借貸協議面臨業務模式的根本性調整，特別是禁止收益型穩定幣將迫使這些協議重新設計其產品架構。協議需要移除或重構基于收益型穩定幣的策略，調整利率模型，并確保所有集成的穩定幣都來自合規發行方。這類項目還需要實施增強的交易監控和報告機制，以符合AML要求。

DeFi lending protocols face fundamental adjustments to their business models, particularly as the prohibition on yield-bearing stablecoins will force these protocols to redesign their product architectures. Protocols need to remove or restructure strategies based on yield-bearing stablecoins, adjust interest rate models, and ensure all integrated stablecoins come from compliant issuers. These projects also need to implement enhanced transaction monitoring and reporting mechanisms to comply with AML requirements.

DeFi收益協議受到的沖擊最為直接，因為其核心業務模式——為穩定幣提供收益——可能被歸類為證券發行。這些協議需要徹底重新設計其產品組合，移除基于非合規穩定幣的策略，或者尋求在監管框架內運營的新模式。

DeFi yield protocols face the most direct impact, as their core business model—providing yield on stablecoins—may be classified as securities issuance. These protocols need to completely redesign their product portfolios, remove strategies based on non-compliant stablecoins, or seek new models for operating within the regulatory framework.

2.3 中度影響：去中心化交易所和國際交易所

2.3 Moderate Impact: Decentralized Exchanges and International Exchanges

去中心化交易所（DEX）相對受益于監管的不對稱性，因為GENIUS主要針對發行方而非交易平臺。然而，這些平臺仍需要調整其前端接口以標識合規穩定幣，可能需要實施合規穩定幣優先策略，并在路由算法中考慮合規因素。專注于穩定幣交易的DEX（如Curve）面臨更直接的影響，需要重新配置流動性池結構。

Decentralized exchanges (DEXs) relatively benefit from regulatory asymmetry, as GENIUS primarily targets issuers rather than trading platforms. However, these platforms still need to adjust their front-end interfaces to identify compliant stablecoins, may need to implement compliant stablecoin prioritization strategies, and consider compliance factors in routing algorithms. DEXs focused on stablecoin trading (such as Curve) face more direct impact, requiring reconfiguration of liquidity pool structures.

國際交易所面臨二元選擇：要么建立全面的美國合規框架，要么退出美國市場。這些平臺需要重新配置穩定幣交易對，優先推廣合規穩定幣，并可能需要限制對美國用戶的服務。合規成本和復雜性將推動這些平臺重新評估其全球市場策略。

International exchanges face a binary choice: either establish comprehensive US compliance frameworks or exit the US market. These platforms need to reconfigure stablecoin trading pairs, prioritize compliant stablecoins, and may need to restrict services to US users. Compliance costs and complexity will drive these platforms to reassess their global market strategies.

2.4 中度影響：錢包服務提供商

2.4 Moderate Impact: Wallet Service Providers

托管錢包提供商面臨類似貨幣傳輸商的監管要求，需要實施資金分離措施和增強的消費者保護。這些公司必須將客戶資金與運營資產分離，建立在發行方破產情況下的用戶保護機制，并可能需要獲得相應的金融服務許可。

Custodial wallet providers face regulatory requirements similar to money transmitters, needing to implement fund segregation measures and enhanced consumer protection. These companies must segregate customer funds from operational assets, establish user protection mechanisms in case of issuer bankruptcy, and may need to obtain appropriate financial services licenses.

自托管錢包提供商保持相對獨立，但需要在用戶界面中實施穩定幣合規狀態顯示功能，提供用戶教育，并可能需要就合規與非合規穩定幣的處理做出戰略決策。這類影響主要體現在產品功能調整而非監管合規要求。

Self-custodial wallet providers maintain relative independence but need to implement stablecoin compliance status display functions in user interfaces, provide user education, and may need to make strategic decisions regarding the handling of compliant versus non-compliant stablecoins. This impact is primarily reflected in product feature adjustments rather than regulatory compliance requirements.

2.5 輕度影響但從法案中獲益：支付基礎設施和合規服務商

2.5 Light Impact but Benefiting from the Act: Payment Infrastructure and Compliance Service Providers

支付基礎設施提供商實際上是GENIUS法案的受益者，因為監管明確性將促進傳統金融機構的合作和企業市場的采用。這些公司需要調整其產品以優先支持合規穩定幣，但總體而言將從增強的市場信心和擴大的客戶基礎中受益。

Payment infrastructure providers are actually beneficiaries of the GENIUS Act, as regulatory clarity will promote cooperation with traditional financial institutions and adoption in enterprise markets. These companies need to adjust their products to prioritize support for compliant stablecoins, but overall will benefit from enhanced market confidence and an expanded customer base.

合規基礎設施服務商面臨巨大的市場機會，因為整個Web3行業對區塊鏈分析、交易監控、托管服務和合規咨詢的需求將急劇增加。這些公司需要快速擴展其服務能力以滿足市場需求。

Compliance infrastructure service providers face tremendous market opportunities, as the entire Web3 industry's demand for blockchain analytics, transaction monitoring, custody services, and compliance consulting will increase dramatically. These companies need to rapidly expand their service capabilities to meet market demand.

2.6 合規挑戰的共性特征

2.6 Common Characteristics of Compliance Challenges

通過對以上各類Web3項目的分析，我們總結出GENIUS法案帶來的幾個共性合規挑戰：

Through analysis of the above Web3 project categories, we summarize several common compliance challenges brought by the GENIUS Act:

2.6.1 技術架構調整需求

2.6.1 Technical Architecture Adjustment Requirements

幾乎所有涉及美國市場穩定幣的Web3項目都需要進行技術架構調整。穩定幣發行方需要建立實時交易監控系統和資產凍結能力；DeFi協議需要重新設計智能合約以區分合規與非合規穩定幣；DEX平臺需要在前端界面中集成合規狀態顯示；錢包提供商需要實施用戶教育和風險提示功能。這些技術調整的復雜程度和成本因項目類型而異，但都需要大量的開發資源投入。

Almost all Web3 projects involving US market stablecoins need to make technical architecture adjustments. Stablecoin issuers need to establish real-time transaction monitoring systems and asset freezing capabilities; DeFi protocols need to redesign smart contracts to distinguish between compliant and non-compliant stablecoins; DEX platforms need to integrate compliance status displays in front-end interfaces; wallet providers need to implement user education and risk warning functions. The complexity and cost of these technical adjustments vary by project type, but all require substantial development resource investment.

2.6.2 監管關系建立壓力

2.6.2 Regulatory Relationship Building Pressure

對于大多數Web3項目而言，建立和維護監管關系是一個全新的挑戰。直接受監管的實體（如穩定幣發行方和托管錢包提供商）需要建立與OCC、州監管機構和FinCEN的直接聯系；間接受影響的實體（如DeFi協議和DEX）需要通過法律顧問建立監管合規框架；國際項目需要評估是否建立美國子公司或尋求監管豁免。監管關系的建立不僅需要大量的法律和合規的介入，還需要長期的維護投入。

For most Web3 projects, establishing and maintaining regulatory relationships is an entirely new challenge. Directly regulated entities (such as stablecoin issuers and custodial wallet providers) need to establish direct connections with OCC, state regulators, and FinCEN; indirectly affected entities (such as DeFi protocols and DEXs) need to establish regulatory compliance frameworks through legal advisors; international projects need to assess whether to establish US subsidiaries or seek regulatory exemptions. Establishing regulatory relationships requires not only substantial legal and compliance involvement but also long-term maintenance investment.

2.6.3 運營模式重構要求

2.6.3 Operational Model Restructuring Requirements

GENIUS法案將是一個很好的契機促進更多Web3項目重新思考其基本運營模式。收益型穩定幣項目需要徹底重構其價值主張；去中心化項目需要在保持去中心化特性與滿足合規要求之間尋找平衡；跨鏈項目需要處理多個司法管轄區的合規復雜性；算法驅動的項目需要引入更多的人工監督和干預機制。這種運營模式的重構可能需要項目方重新思考項目的核心競爭力和市場定位。

The GENIUS Act will serve as an excellent opportunity to encourage more Web3 projects to reconsider their fundamental operational models. Yield-bearing stablecoin projects need to completely restructure their value propositions; decentralized projects need to find balance between maintaining decentralized characteristics and meeting compliance requirements; cross-chain projects need to handle compliance complexities across multiple jurisdictions; algorithm-driven projects need to introduce more human oversight and intervention mechanisms. This operational model restructuring may require project teams to reconsider their core competitiveness and market positioning.

3

BlockSec的合規解決方案

BlockSec’s Compliance Solution

GUNIUS法案為美國穩定幣發行提供了明確的監管框架。更加清晰的合規要求有助于降低行業風險，吸引更多用戶參與，并為行業帶來新的發展機遇。越來越多的機構也不再將監管視為障礙，而是積極擁抱合規，通過實施KYC、識別并記錄與洗錢及恐怖融資相關的可疑行為、追蹤受制裁實體、針對大額交易開展盡職調查、及時報告疑似違法違規的交易，以及采取措施阻止、凍結或拒絕相關交易，不斷提升自身的合規能力。

The GENIUS Act establishes a clear regulatory framework for stablecoin issuance in the United States. With more defined compliance requirements, industry risks are reduced, user participation is encouraged, and new opportunities emerge. As a result, institutions increasingly view regulation not as a hurdle, but as an opportunity to embrace compliance. By implementing KYC procedures, identifying and recording suspicious activities linked to money laundering or terrorist financing, monitoring sanctioned entities, conducting due diligence on large transfers, promptly reporting suspected illicit activities, and blocking, freezing, or rejecting relevant transactions, organizations are continually strengthening their compliance capabilities.

然而，區塊鏈的匿名性和鏈上交互行為（尤其是跨鏈交易）的復雜性，為機構在風險評估、團隊協作和應對合規審查等方面帶來了巨大挑戰。為此，BlockSec與國楓律師事務所建立深度合作，通過技術與法律的結合，為機構提供全面的合規支持。

However, the anonymity of blockchain and the complexity of on-chain interactions—particularly cross-chain transactions—present significant challenges for institutions when it comes to risk assessment, team collaboration, and responding to compliance requirements. To address these challenges, BlockSec has partnered closely with Grandway Law Offices, bringing together technology and legal expertise to deliver comprehensive compliance support.

3.1 Phalcon Compliance APP: 輕松識別和管理合規風險

3.1 Phalcon Compliance APP: Identify and Manage Compliance Risks Effortlessly

為應對日益增長的全球合規需求，BlockSec推出Phalcon Compliance APP，為VASP提供符合反洗錢（AML）、反恐怖融資（CFT）監管標準的高效工具，助力機構精準識別和管理與地址/資金相關的風險。

To meet the growing compliance needs, BlockSec has launched the Phalcon Compliance APP. This solution equips Virtual Asset Service Providers (VASPs) with an efficient tool designed to satisfy anti-money laundering (AML) and countering the financing of terrorism (CFT) regulatory requirements, enabling organizations to accurately identify and manage risks associated with addresses and funds.

3.1.1 精準識別非法活動

3.1.1 Accurate Identification of Illegal Activities

●風險敞口追蹤：通過涵蓋4億+地址標簽并實時更新的海量數據庫，精準定位高風險實體（如制裁名單），支持無限跳交易追蹤，快速識別與高風險實體有交集的可疑地址。

●Risk Exposure Tracking: With a massive and continuously updated database containing over 400 million address labels, the APP accurately locates high-risk entities (such as those on sanction lists) and supports unlimited transaction tracing hops, quickly identifying suspicious addresses connected to high-risk entities.

●交易行為分析：實時監控鏈上交易，結合基于AI的智能行為分析引擎，每秒并行處理500+筆交易，綜合分析行為特征，精準識別洗錢、資金拆分等可疑活動。

●Transaction Behavior Analysis: The APP monitors on-chain transactions in real-time and utilizes an AI-based intelligent behavior analysis engine to process 500+ transactions per second in parallel, comprehensively analyzing behavioral characteristics to accurately detect suspicious activities such as money laundering and fund splitting.

3.1.2 預設+自定義風險引擎

3.1.2 Preset & Custom Risk Engines

●預設風險引擎：內置符合FATF標準的風險引擎，涵蓋實體風險、交互風險、高頻轉賬、大額轉賬、中轉地址等主要風險類型，幫助機構輕松對標國際合規要求。

●Preset Risk Engines: The built-in risk engines are designed in alignment with FATF standards and address major risk types such as entity risk, interaction risk, high-frequency transfers, large transfers, and transit addresses. This framework allows institutions to assess and compare their practices with international compliance requirements.

●自定義風險引擎：同時，機構可根據所屬管轄區和業務類型自定義風險規則，滿足個性化合規需求。

●Custom Risk Engines: Institutions can customize risk rules based on their specific jurisdiction and business needs, meeting tailored compliance needs.

3.1.3 持續篩查和風險告警

3.1.3 Continuous Screening and Risk Alerts

用戶可選擇定期篩查地址/交易風險，或一鍵觸發全局篩查，實時掌握地址/交易風險狀態。一旦發現風險隱患或風險等級發生變化，系統將通過Telegram、郵件、Lark等7種通知渠道及時推送告警，幫助機構迅速獲知相關風險。

Users can choose to perform periodic risk screenings or initiate a global screening with a single click to stay informed about the latest address/transaction risk statuses. If any risk is detected or risk level changes, the system promptly sends alerts through seven notification channels—including Telegram, email, and Lark—ensuring that organizations are immediately aware of relevant risks.

3.1.4 客戶檔案管理

3.1.4 Customer Profile Management

用戶可以查看地址/交易的風險等級和歷史警報記錄，了解總體風險情況。系統還支持將多個地址/交易關聯至一個實體，實現對客戶的綜合風險分析，從而更全面地了解客戶的風險特征，采取更有效的風險管理措施。

Users can view the risk level and historical alert records for addresses or transactions to understand overall risk exposure. The system also allows multiple addresses or transactions to be linked to a single entity, achieving comprehensive risk analysis at the customer level. This enables a more thorough understanding of customer risk profiles and helps implement more effective risk management practices.

系統內置資金追蹤調查工具

MetaSleuth

Integrated tool for fund flow visualization and investigation—MetaSleuth

3.1.5 團隊高效協作

3.1.5 Efficient Team Collaboration

系統支持任務委派、添加評論、設置黑名單等功能，不同角色可以通過系統進行高效協作，及時處理風險警報。此外，BlockSec還引入國楓作為外部顧問，就特定合規問題提供法律支持和咨詢建議。

The system supports task delegation, commenting, blacklist management, and more, enabling efficient collaboration across roles to promptly handle risk alerts. Additionally, BlockSec brings in Grandway Law Offices as an external advisor to provide legal support and consulting on specific compliance issues.

3.1.6 一鍵導出STR/SAR報告

3.1.6 One-Click Export of STR/SAR Reports

用戶可根據自身需求選擇美國、香港、新加坡等國家或地區，一鍵導出相應的STR/SAR報告。通過與國楓的深度合作，BlockSec確保報告的合規性和規范性符合相應國家或地區的監管要求，讓機構在復雜監管環境中更加從容應對。

Users can easily select their jurisdiction—such as the United States, Hong Kong, Singapore, or others—and export the corresponding STR/SAR reports with just one click. Through close collaboration with Grandway Law Offices, BlockSec ensures that all reports are compliant and standardized to meet the regulatory requirements of each country or region. This enables institutions to confidently and efficiently navigate complex regulatory environments.

面對復雜監管與黑產升級，Phalcon Compliance APP為VASP提供從實時監控到報告生成的全流程合規解決方案，構筑動態風控屏障，精準防范洗錢、恐怖融資等風險，讓監管合規高效落地。

VASPs are confronted with ever-more complex regulatory requirements and rapidly evolving illicit activities. The Phalcon Compliance APP meets these challenges with a comprehensive, end-to-end compliance solution—from real-time monitoring to automated report generation. This dynamic risk control framework empowers institutions to efficiently and effectively prevent money laundering, terrorist financing, and other compliance risks.

3.2 立即體驗

3.2 Try It Now

Compliance APP的推出，標志著BlockSec Phalcon從攻擊監控自動阻斷平臺，升級為涵蓋安全威脅防御（Security APP）與合規風險管理（Compliance APP）兩大核心模塊，為用戶提供“攻防一體、監管無憂”的一站式解決方案。

The launch of the Compliance APP marks BlockSec Phalcon’s evolution from an attack monitoring and automatic blocking platform into a comprehensive, one-stop solution that now encompasses both security threat defense (Security APP) and compliance risk management (Compliance APP). This upgrade provides users with integrated assurance for both security and regulatory compliance.

該平臺現已支持Ethereum、BSC、Solana、Base、Tron、Arbitrum、Avalanche、Optimism、Manta、Merlin、Mantle、Sei、Bitlayer、Core、BoB、Story、Sonic、Gnosis、Berachain等30+主流區塊鏈網絡。

The platform now supports over 30 mainstream blockchain networks, including Ethereum, BSC, Solana, Base, Tron, Arbitrum, Avalanche, Optimism, Manta, Merlin, Mantle, Sei, Bitlayer, Core, BoB, Story, Sonic, Gnosis, Berachain, and more.

歡迎訪問官網了解更多信息，或直接預約產品演示，深入體驗產品功能。

Visit our website for more information or to schedule a product demo and experience the features in depth.

Phalcon Compliance APP官網: https://blocksec.com/phalcon/compliance

Learn about Phalcon Compliance APP: https://blocksec.com/phalcon/compliance

Phalcon Security APP官網：https://blocksec.com/phalcon/security

Learn about Phalcon Security APP: https://blocksec.com/phalcon/security

預約產品演示： https://blocksec.com/book-demo

Book a Demo: https://blocksec.com/book-demo

結語

Conclusion

穩定幣江湖的每一次風起云涌，都是行業走向成熟的必經之路。GENIUS法案的推進、香港《穩定幣條例草案》的公布，以及英國FCA的穩定幣及加密資產監管提案，無不預示著行業格局正在被全面重塑。盡管短期內行業將面臨合規成本激增、市場格局洗牌、創新空間受限、全球監管摩擦增多等陣痛，但從長遠看，監管措施落地為Web3行業構建了可持續發展的制度基礎。

Every wave of change in the stablecoin sector is a vital step in the industry’s journey toward maturity. Initiatives such as the advancement of the GENIUS Act, the introduction of Hong Kong’s Stablecoin Bill, and the FCA’s proposal for stablecoin issuance and crypto asset custody all signal a comprehensive reshaping of the industry landscape. While the sector will face short-term challenges—including rising compliance costs, market realignment, reduced room for innovation, and heightened global regulatory friction—regulatory implementation ultimately lays a sustainable institutional foundation for Web3’s long-term development.

在市場和規則的雙重洗牌下，唯有主動適應、積極求變，才能抓住新一輪競爭中的機遇。BlockSec與國楓也會始終與大家攜手同行，助力每一個志在合規、敢于創新的Web3團隊，在新的格局中乘風破浪。

Amidst ongoing market and regulatory transformation, only those who proactively adapt and embrace change will be well-positioned to seize new opportunities in the next wave of competition. BlockSec and Grandway will remain steadfast partners to the world’s most innovative and compliance-driven Web3 teams, empowering the industry to navigate new frontiers and thrive in an evolving landscape.

關于國楓

About Grandway

國楓Web3團隊在Web3項目境外架構搭建、Web3項目投融資、Web3基金設立與運營、Web3境內外合規等業務領域積累了豐富的經驗。該團隊是國內最早從事Web3法律服務的團隊之一，從2013年起持續參與了一系列圍繞產業區塊鏈應用、區塊鏈基礎設施項目、加密資產管理、證券化交易合規、DeFi（去中心化金融）、RWA（現實世界資產）、GameFi（區塊鏈游戲）及NFT（數字藏品）等賽道的法律業務，在合規的框架下為項目發展助力，為不同賽道的領先參與者提供法律解決方案。同時，該團隊也始終對區塊鏈技術與Web3產業充滿熱情，緊跟產業的發展與需求，關注監管趨勢的變化和挑戰，不斷探索業務發展的機遇。

Grandway Web3 team has accumulated rich experience in overseas structure establishment for Web3 projects, Web3 project investment and financing, Web3 fund establishment and operation, as well as domestic and international compliance for Web3 projects. As one of the first domestic teams to engage in Web3 legal services, Grandway Web3 team has continuously participated in a series of legal affairs since 2013, covering industrial blockchain applications, blockchain infrastructure projects, crypto asset management, securitized transaction compliance, DeFi (Decentralized Finance), RWA (Real World Assets), GameFi (Blockchain Gaming), NFT (Digital Collectibles), and other sectors. Grandway Web3 team project development within regulatory frameworks and provides legal solutions for leading participants in different sectors. Meanwhile, Grandway Web3 team remains passionate about blockchain technology and the Web3 industry, keeps pace with industry development and needs, pays attention to changes and challenges in regulatory trends, and continuously explores business development opportunities.

官網：https://www.grandwaylaw.com/

Website: https://www.grandwaylaw.com/

關于BlockSec

About BlockSec

BlockSec是全球領先的區塊鏈安全公司，于2021年由多位業內知名專家聯合創立。BlockSec致力于提升Web3世界的安全性和易用性，并提供一站式安全服務，包括安全審計服務、安全與合規管理平臺BlockSec Phalcon、資金追蹤調查平臺MetaSleuth等。

BlockSec is a globally leading blockchain security company, founded in 2021 by a team of renowned security experts. Committed to advancing the security and usability of the Web3 ecosystem, BlockSec offers comprehensive solutions—including code auditing, the Phalcon security and compliance management platform, and the MetaSleuth fund investigation and tracking platform.

目前，BlockSec已服務全球逾500家客戶，既涵蓋Web3知名公司Coinbase、Cobo、Uniswap、Compound、MetaMask、Bybit、Mantle、Puffer、FBTC、Manta、Merlin、PancakeSwap等，也包括了權威監管機構及咨詢機構，如聯合國、FBI、SFC、PwC、FTI Consulting等。

To date, BlockSec has served over 500 distinguished clients worldwide. The client roster includes leading Web3 companies such as Coinbase, Cobo, Uniswap, Compound, MetaMask, Bybit, Mantle, Puffer, FBTC, Manta, Merlin, and PancakeSwap, as well as prominent regulatory and consulting institutions, including the United Nations, FBI, SFC, PwC, and FTI Consulting.

官網：https://blocksec.com/

Website: https://blocksec.com

推特: https://x.com/BlockSecTeam

X: https://x.com/BlockSecTeam

作者：施忞旻（北京國楓（上海）律師事務所）

來源：局政治處、局律工科、局普法科

編輯：張夢媛