{"id":8099,"date":"2025-08-27T14:13:33","date_gmt":"2025-08-27T12:13:33","guid":{"rendered":"https:\/\/www.ulclegal.com\/%d0%ba%d0%b0%d0%ba-%d0%b3%d0%b5%d0%bd%d0%b8%d0%b0%d0%bb%d1%8c%d0%bd%d1%8b%d0%b9-%d0%b7%d0%b0%d0%ba%d0%be%d0%bd-%d1%81%d1%88%d0%b0-%d0%be-%d1%80%d0%b5%d0%b3%d1%83%d0%bb%d0%b8%d1%80%d0%be%d0%b2%d0%b0\/"},"modified":"2025-10-21T04:02:22","modified_gmt":"2025-10-21T02:02:22","slug":"%d0%ba%d0%b0%d0%ba-%d0%b3%d0%b5%d0%bd%d0%b8%d0%b0%d0%bb%d1%8c%d0%bd%d1%8b%d0%b9-%d0%b7%d0%b0%d0%ba%d0%be%d0%bd-%d1%81%d1%88%d0%b0-%d0%be-%d1%80%d0%b5%d0%b3%d1%83%d0%bb%d0%b8%d1%80%d0%be%d0%b2%d0%b0","status":"publish","type":"post","link":"https:\/\/www.ulclegal.com\/ru\/%d0%ba%d0%b0%d0%ba-%d0%b3%d0%b5%d0%bd%d0%b8%d0%b0%d0%bb%d1%8c%d0%bd%d1%8b%d0%b9-%d0%b7%d0%b0%d0%ba%d0%be%d0%bd-%d1%81%d1%88%d0%b0-%d0%be-%d1%80%d0%b5%d0%b3%d1%83%d0%bb%d0%b8%d1%80%d0%be%d0%b2%d0%b0\/","title":{"rendered":"\u041a\u0430\u043a \u0413\u0435\u043d\u0438\u0430\u043b\u044c\u043d\u044b\u0439 \u0437\u0430\u043a\u043e\u043d \u0421\u0428\u0410 \u043e \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0438 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442 \u0434\u0435\u0439\u0441\u0442\u0432\u0438\u0442\u0435\u043b\u044c\u043d\u043e \u0433\u0435\u043d\u0438\u0430\u043b\u0435\u043d (\u0430 MiCA &#8212; \u043d\u0435\u0442)"},"content":{"rendered":"<p>V dne\u0161nom svete kryptomien a digit\u00e1lnych financi\u00ed sa objavuj\u00fa z\u00e1kony, ktor\u00e9 menia pravidl\u00e1 hry. Jedn\u00fdm z nich je americk\u00fd Genius Act, ktor\u00fd bol ned\u00e1vno schv\u00e1len\u00fd a podp\u00edsan\u00fd prezidentom Trumpom. Tento z\u00e1kon, ofici\u00e1lne zn\u00e1my ako GENIUS Act (Guiding and Enabling New Innovations for U.S. Stablecoins), je geni\u00e1lny nielen na papieri, ale aj v praxi. Po\u010fme sa pozrie\u0165, pre\u010do je to tak, a ako ovplyv\u0148uje glob\u00e1lny finan\u010dn\u00fd syst\u00e9m.<\/p>\n<p>Najprv si uvedomme, ako Genius Act vytv\u00e1ra dopyt po n\u00e1kupe US Treasuries \u2013 americk\u00fdch \u0161t\u00e1tnych dlhopisov. Z\u00e1kon stanovuje pr\u00edsne pravidl\u00e1 pre emitentov stablecoinov viazan\u00fdch na USD, kde musia by\u0165 tieto digit\u00e1lne meny kryt\u00e9 vysokokvalitn\u00fdmi rezervami, vr\u00e1tane US Treasuries. To znamen\u00e1, \u017ee emitenti ako Tether musia nakupova\u0165 obrovsk\u00e9 mno\u017estv\u00e1 t\u00fdchto dlhopisov, aby udr\u017eali stabilitu svojich tokenov. V\u00fdsledkom je zv\u00fd\u0161en\u00fd dopyt, ktor\u00fd zni\u017euje ich cenu a rob\u00ed po\u017ei\u010diavanie pe\u0148az\u00ed pre americk\u00fa vl\u00e1du lacnej\u0161\u00edm. V podstate Genius Act premie\u0148a kryptomeny na n\u00e1stroj, ktor\u00fd podporuje americk\u00fa ekonomiku t\u00fdm, \u017ee zvy\u0161uje atraktivitu a likviditu US Treasuries.<\/p>\n<p>Teraz sa pozrime na Tether, ktor\u00fd je jedn\u00fdm z najv\u00e4\u010d\u0161\u00edch hr\u00e1\u010dov v tomto priestore. Tether prev\u00e1dzkuje spolo\u010dnos\u0165 Tether Limited, ktor\u00e1 je s\u00fa\u010das\u0165ou skupiny iFinex Inc. (vlastn\u00edka burzy Bitfinex). U\u017e v roku 2024, ak by bol Tether pova\u017eovan\u00fd za samostatn\u00fa krajinu, bol by jedn\u00fdm z najv\u00e4\u010d\u0161\u00edch vlastn\u00edkov US Treasuries, \u010di\u017ee verite\u013eom americk\u00e9ho \u0161t\u00e1tneho dlhu. Pod\u013ea <a href=\"https:\/\/x.com\/paoloardoino\/status\/1902689997766922318\">tweetu CEO Tetheru, Paola Ardoina<\/a>, bol Tether v roku 2024 siedmym najv\u00e4\u010d\u0161\u00edm kupuj\u00facim US Treasuries v porovnan\u00ed s krajinami, s dr\u017ean\u00edm v hodnote pribli\u017ene 33,1 miliardy dol\u00e1rov. V roku 2025 toto dr\u017eanie stablecoinov ako Tether a Circle rastie \u010falej, s celkov\u00fdm objemom USD stablecoinov presahuj\u00facim 236 mili\u00e1rd dol\u00e1rov, \u010do \u010falej zvy\u0161uje ich vplyv na trh Treasuries.<\/p>\n<p>Genius Act v\u0161ak ide e\u0161te \u010falej a vytv\u00e1ra z\u00e1rove\u0148 monopol pre emitentov stablecoinov napojen\u00fdch na USD. Pre\u010do? Preto\u017ee paralelne s n\u00edm bol schv\u00e1len\u00fd in\u00fd americk\u00fd z\u00e1kon \u2013 CBDC Anti-Surveillance State Act, ktor\u00fd zak\u00e1zal Feder\u00e1lnemu rezervn\u00e9mu syst\u00e9mu (FEDu, centr\u00e1lnej banke USA) emitova\u0165 digit\u00e1lne dol\u00e1re, zn\u00e1me ako CBDC (Central Bank Digital Currency). Tento z\u00e1kon br\u00e1ni FEDu v priamom vstupe do sveta digit\u00e1lnych mien, \u010d\u00edm ponech\u00e1va priestor v\u00fdlu\u010dne s\u00fakromn\u00fdm emitentom ako Tether alebo podobn\u00e9 spolo\u010dnosti. V\u00fdsledkom je, \u017ee stablecoiny viazan\u00e9 na USD sa st\u00e1vaj\u00fa dominantn\u00fdmi, bez konkurencie zo strany \u0161t\u00e1tu.<\/p>\n<p>A tu prich\u00e1dza zauj\u00edmav\u00fd n\u00e1sledok: Ka\u017ed\u00fd, kto vlastn\u00ed USDT (Tether) alebo podobn\u00fd stablecoin, ktor\u00fd mus\u00ed by\u0165 odteraz kryt\u00fd US Treasuries pod\u013ea Genius Act, je nepriamo verite\u013eom USA. Va\u0161e digit\u00e1lne dol\u00e1re s\u00fa podlo\u017een\u00e9 americk\u00fdm dlhom, \u010do znamen\u00e1, \u017ee prispievate k financovaniu americkej vl\u00e1dy. Av\u0161ak \u00farokov\u00fd v\u00fdnos z t\u00fdchto dlhopisov, ktor\u00fdmi s\u00fa na\u0161e USDT kryt\u00e9, nedostaneme my ako dr\u017eitelia tokenov. Tento v\u00fdnos putuje priamo prev\u00e1dzkovate\u013eovi Tetheru, respekt\u00edve in\u00e9mu emitentovi stablecoinov kryt\u00fdch US Treasuries. V podstate sme my, be\u017en\u00ed pou\u017e\u00edvatelia, sme t\u00ed, ktor\u00ed poskytuj\u00fa kapit\u00e1l, ale zisky z \u00farokov si ber\u00fa ve\u013ek\u00ed hr\u00e1\u010di &#8212; emitenti stablecoinov.<\/p>\n<h2><strong>Porovnanie s E\u00da a nariaden\u00edm MiCA<\/strong><\/h2>\n<p>Aby sme pochopili genialitu Genius Act v \u0161ir\u0161om kontexte, porovnajme ho s eur\u00f3pskym pr\u00edstupom, konkr\u00e9tne s nariaden\u00edm MiCA (Markets in Crypto-Assets), ktor\u00e9 vst\u00fapilo do platnosti v E\u00da od roku 2024 a plne sa aplikuje na stablecoiny od decembra 2024. MiCA reguluje kryptomeny vr\u00e1tane stablecoinov (naz\u00fdvan\u00fdch aj &#171;tokeny elektronick\u00fdch pe\u0148az\u00ed&#187; alebo EMT), ale s in\u00fdm zameran\u00edm ako Genius Act.<\/p>\n<p>Pod\u013ea nariadenia MiCA musia finan\u010dn\u00e9 prostriedky prijat\u00e9 emitentmi EMT v\u00fdmenou za tokeny by\u0165 zabezpe\u010den\u00e9 takto:<\/p>\n<p>&#8212; Aspo\u0148 30 % t\u00fdchto finan\u010dn\u00fdch prostriedkov je v\u017edy ulo\u017een\u00fdch na osobitn\u00fdch \u00fa\u010dtoch v \u00faverov\u00fdch in\u0161tit\u00faci\u00e1ch.<\/p>\n<p>&#8212; Zvy\u0161n\u00e9 prijat\u00e9 finan\u010dn\u00e9 prostriedky musia by\u0165 investovan\u00e9 do bezpe\u010dn\u00fdch, n\u00edzkorizikov\u00fdch akt\u00edv, ktor\u00e9 sa klasifikuj\u00fa ako vysoko likvidn\u00e9 finan\u010dn\u00e9 n\u00e1stroje s minim\u00e1lnym trhov\u00fdm rizikom, kreditn\u00fdm rizikom a rizikom koncentr\u00e1cie, a ktor\u00e9 s\u00fa denominovan\u00e9 v rovnakej ofici\u00e1lnej mene, ako je mena, na ktor\u00fa je naviazan\u00fd token elektronick\u00fdch pe\u0148az\u00ed.<\/p>\n<p>Na rozdiel od Genius Act, ktor\u00fd explicitne podporuje krytie US Treasuries a t\u00fdm priamo financuje americk\u00fd \u0161t\u00e1tny dlh, MiCA je flexibilnej\u0161\u00ed. Nevy\u017eaduje \u0161pecifick\u00e9 investovanie do \u0161t\u00e1tnych dlhopisov E\u00da alebo \u010dlensk\u00fdch \u0161t\u00e1tov \u2013 sta\u010dia v\u0161eobecne bezpe\u010dn\u00e9 a likvidn\u00e9 akt\u00edva denominovan\u00e9 v eur\u00e1ch, ako bankov\u00e9 vklady, kr\u00e1tkodob\u00e9 dlhopisy alebo in\u00e9 n\u00edzko rizikov\u00e9 n\u00e1stroje. To znamen\u00e1, \u017ee eur\u00f3pski emitenti stablecoinov maj\u00fa viac slobody, ale z\u00e1rove\u0148 to nevedie k tak\u00e9mu systematick\u00e9mu dopytu po eur\u00f3pskych dlhopisoch, ako je to v USA. MiCA sa viac zameriava na ochranu spotrebite\u013eov, transparentnos\u0165 a prevenciu riz\u00edk, vr\u00e1tane po\u017eiadavky na licencie a pravideln\u00e9 reportingy, zatia\u013e \u010do Genius Act ide \u010falej v podpore n\u00e1rodnej meny a ekonomiky cez povinn\u00e9 krytie \u0161t\u00e1tnymi akt\u00edvami.<\/p>\n<p>\u010eal\u0161\u00ed rozdiel je v pr\u00edstupe k CBDC: Zatia\u013e \u010do USA zak\u00e1zali FEDu emitova\u0165 CBDC, E\u00da akt\u00edvne pracuje na digit\u00e1lnom eure (CBDC), ktor\u00e9 by mohlo konkurova\u0165 s\u00fakromn\u00fdm stablecoinom. To vytv\u00e1ra kontrast \u2013 v USA dominuj\u00fa s\u00fakromn\u00e9 USD stablecoiny, v E\u00da m\u00f4\u017ee CBDC posilni\u0165 verejn\u00fa kontrolu nad digit\u00e1lnymi menami, no mo\u017enos\u0165 n\u00e1kupov \u0161t\u00e1tnych dlhopisov cez ECB je ve\u013emi obmedzen\u00e1.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Porovnanie pou\u017eitia EUR stablecoinov a USD stablecoinov na financovanie \u0161t\u00e1tneho dlhu<\/strong><\/h2>\n<table>\n<thead>\n<tr>\n<td><strong>Aspekt<\/strong><\/td>\n<td><strong>USD stablecoiny (pod\u013ea Genius Act)<\/strong><\/td>\n<td><strong>EUR stablecoiny (pod\u013ea MiCA)<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Krytie rezerv<\/strong><\/td>\n<td>Povinn\u00e9 1:1 krytie likvidn\u00fdmi akt\u00edvami, prim\u00e1rne US Treasuries (kr\u00e1tkodob\u00e9 \u0161t\u00e1tne dlhopisy). To priamo zvy\u0161uje dopyt po americk\u00fdch dlhopisoch.<\/td>\n<td>1:1 krytie likvidn\u00fdmi akt\u00edvami, aspo\u0148 30% v bank\u00e1ch, zvy\u0161ok v bezpe\u010dn\u00fdch n\u00edzko rizikov\u00fdch akt\u00edvach denominovan\u00fdch v EUR. Nie je povinn\u00e9 krytie \u0161t\u00e1tnych dlhopisov E\u00da.<\/td>\n<\/tr>\n<tr>\n<td><strong>Vplyv na \u0161t\u00e1tny dlh<\/strong><\/td>\n<td>Priamo financuj\u00fa US \u0161t\u00e1tny dlh \u2013 emitenti ako Tether a Circle dr\u017eia miliardy v Treasuries, \u010do zni\u017euje \u00farokov\u00e9 sadzby pre USA a rob\u00ed po\u017ei\u010diavanie lacnej\u0161\u00edm. V 2025 dr\u017eia stablecoiny viac ako 110 mili\u00e1rd USD v Treasuries, porovnate\u013ene s krajinami ako Nemecko alebo Saudsk\u00e1 Ar\u00e1bia.<\/td>\n<td>Nepriamo alebo volite\u013ene \u2013 emitenti m\u00f4\u017eu investova\u0165 do eur\u00f3pskych \u0161t\u00e1tnych dlhopisov (napr. nemeck\u00fdch Bunds alebo E\u00da bonds), ale nie je to povinn\u00e9. Trh EUR stablecoinov je mal\u00fd (menej ako 1% glob\u00e1lneho trhu stablecoinov), tak\u017ee vplyv na financovanie dlhu E\u00da\/\u010dlensk\u00fdch \u0161t\u00e1tov je minim\u00e1lny.<\/td>\n<\/tr>\n<tr>\n<td><strong>Dominancia a rizik\u00e1<\/strong><\/td>\n<td>Dominuj\u00fa glob\u00e1lne (99% trhu), posil\u0148uj\u00fa dol\u00e1r ako rezervn\u00fa menu, ale zisky z \u00farokov id\u00fa emitentom, nie dr\u017eite\u013eom.<\/td>\n<td>Men\u0161ia dominancia, riziko oslabenia eur\u00f3pskej menovej suverenity kv\u00f4li USD stablecoinom; E\u00da bonds (napr. pre recovery fondy) by mohli profitova\u0165, ak emitenti vyber\u00fa toto krytie, ale bez povinnosti to nie je systematick\u00e9.<\/td>\n<\/tr>\n<tr>\n<td><strong>Celkov\u00fd efekt<\/strong><\/td>\n<td>Geni\u00e1lny pre USA: Stablecoiny sa st\u00e1vaj\u00fa n\u00e1strojom na lacnej\u0161ie financovanie dlhu, zvy\u0161uj\u00fa dopyt po Treasuries a podporuj\u00fa ekonomiku.<\/td>\n<td>Flexibiln\u00fd, ale menej strategick\u00fd pre E\u00da: Bez povinn\u00e9ho krytia \u0161t\u00e1tnych dlhopisov sa financovanie dlhu nedeje tak priamo, \u010do m\u00f4\u017ee vies\u0165 k z\u00e1vislosti od USD stablecoinov a vy\u0161\u0161\u00edm n\u00e1kladom pre Eur\u00f3pu.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p>Genius Act je teda geni\u00e1lny v tom, \u017ee posil\u0148uje dol\u00e1r ako rezervn\u00fa menu sveta, posil\u0148uje n\u00e1rodn\u00fa bezpe\u010dnos\u0165 USA a z\u00e1rove\u0148 zabezpe\u010duje, \u017ee s\u00fakromn\u00fd sektor (a nie \u0161t\u00e1t) ovl\u00e1da digit\u00e1lne dol\u00e1re. Naopak, MiCA pon\u00faka vyv\u00e1\u017eenej\u0161\u00ed, ale menej agres\u00edvny pr\u00edstup, ktor\u00fd priorizuje stabilitu a ochranu, no bez tak\u00e9ho priameho prospechu pre financovanie dlhu. Pre investorov do kryptomien to znamen\u00e1 stabilnej\u0161\u00ed ekosyst\u00e9m, ale aj ot\u00e1zky o transparentnosti a spravodlivosti rozdelenia ziskov.<\/p>\n\n<p>J\u00e1n \u010carnogursk\u00fd<\/p>\n\n<p>Publikovan\u00e9 27.8.2025<\/p>\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" data-src=\"https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min-1024x683.png\" alt=\"\" class=\"wp-image-8089 lazyload\" data-srcset=\"https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min-1024x683.png 1024w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min-300x200.png 300w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min-768x512.png 768w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min-480x320.png 480w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min-992x661.png 992w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min-1200x800.png 1200w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min-272x182.png 272w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2025\/08\/Zakon-GENIUS-a-stabilne-mince-min.png 1536w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/683;\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>V dne\u0161nom svete kryptomien a digit\u00e1lnych financi\u00ed sa objavuj\u00fa z\u00e1kony, ktor\u00e9 menia pravidl\u00e1 hry. Jedn\u00fdm z nich je americk\u00fd Genius Act, ktor\u00fd bol ned\u00e1vno schv\u00e1len\u00fd a podp\u00edsan\u00fd prezidentom Trumpom. Tento z\u00e1kon, ofici\u00e1lne zn\u00e1my ako GENIUS Act (Guiding and Enabling New Innovations for U.S. Stablecoins), je geni\u00e1lny nielen na papieri, ale aj v praxi. Po\u010fme sa [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8099","post","type-post","status-publish","format-standard","hentry","category-uncategorized-sk"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/posts\/8099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/comments?post=8099"}],"version-history":[{"count":0,"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/posts\/8099\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/media?parent=8099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/categories?post=8099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ulclegal.com\/ru\/wp-json\/wp\/v2\/tags?post=8099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}