我們不能錯過這個機會來調節stabablecoins

在眾議院金融服務委員會的幾年中，我致力於保護消費者並加強我們的金融體系。

During my years on the House Financial Services Committee, I worked to protect consumers and strengthen our financial system. I’ve seen firsthand what happens when Washington drags its feet on common-sense reforms, and that’s exactly what’s happening right now with cryptocurrency regulation.

在眾議院金融服務委員會的幾年中，我致力於保護消費者並加強我們的金融體系。我親眼目睹了華盛頓在常識性改革上拖延腳步時發生了什麼，這正是加密貨幣調節現在正在發生的事情。

This month marks three years since the collapse of the Terra Luna stablecoin, a meltdown that wiped out billions of dollars and devastated everyday U.S. investors. It should have been a wake-up call.

本月是Terra Luna Stablecoin倒閉以來的三年，這是一次崩潰，消除了數十億美元，並摧毀了美國日常投資者。這應該是一個叫醒電話。

Stablecoins aren’t like Bitcoin. You don’t buy them hoping their value will go up. In fact, they’re designed to do the opposite—remain stable, usually pegged one-to-one with the U.S. dollar. That’s what makes them useful. They act as a bridge between the traditional financial system and the digital one.

Stablecoins不像比特幣。您不會購買它們，希望它們的價值會上升。實際上，它們旨在做相反的事情 - 將穩定，通常與美元一對一地固定。這就是使它們有用的原因。它們充當傳統金融體係與數字金融系統之間的橋樑。

Because they’re faster and cheaper to send than wire transfers or credit card payments, stablecoins are becoming a go-to tool for global payments. Americans use them to send remittances, pay international contractors, and move money on crypto platforms. In many ways, they function like a modern version of the digital dollar—easy to move, instantly settled, and able to operate across borders.

由於它們的發送速度比電匯或信用卡付款更便宜，因此StableCoins已成為全球付款的首選工具。美國人使用它們來發送匯款，支付國際承包商並在加密平台上搬錢。在許多方面，它們的功能就像是現代版本的數字美元，可以移動，立即定居並能夠在邊界上運行。

But even though stablecoins are meant to be, well, stable, Terra Luna wasn’t. It crashed because it operated without meaningful oversight—no clear rules, meaningful or reserve requirements, or consumer protections. That collapse helped set off a broader chain reaction across the crypto industry, including the implosion of FTX. Investors lost money and trust evaporated, but Congress failed to act.

但是，即使Stablecoins本來應該是穩定的，但Terra Luna卻不是。它崩潰了，因為它在沒有有意義的監督的情況下進行操作 - 沒有明確的規則，有意義的或保留的要求或消費者保護。這種崩潰有助於在整個加密貨幣行業中引發了更廣泛的鏈反應，包括FTX的內爆。投資者損失了金錢，信任蒸發，但國會未能採取行動。

Both parties have had chances to lead on this issue, but the most recent failure hurts the most.

雙方都有機會在這個問題上領導，但最近的失敗最為痛苦。

Earlier this month, the Senate failed to advance the bipartisan GENIUS Act, the most comprehensive stablecoin legislation introduced to date. It includes strong consumer protections and tough standards for how stablecoin issuers must operate. Yet, despite its merits, some Democrats blocked it.

本月早些時候，參議院未能推進《兩黨天才法》，這是迄今為止介紹的最全面的穩定立法。它包括強大的消費者保護和艱難的標準，以實現Stablecoin發行人的運作方式。然而，儘管有優點，但一些民主黨人仍被阻止。

Their reasons varied: some felt the bill didn’s go far enough. Others raised concerns about former President Trump’s crypto ties. But if I learned anything during my time in Congress, it’s that you can’t let the perfect be the enemy of the good. In a body with 100 senators and more than 400 House members, you rarely get 100% of what you want, and that’s OK. Progress means taking the wins you can, especially when consumer protection is on the line.

他們的原因有所不同：有些人認為該法案還不夠遠。其他人則對特朗普前總統的加密聯繫提出了擔憂。但是，如果我在國會期間學到了任何東西，那就是您不能讓完美成為善良的敵人。在有100名參議員和400多名眾議院議員的屍體中，您很少獲得所需的100％，這沒關係。進步意味著取得勝利，尤其是在消費者保護的情況下。

Doing nothing doesn’t make the risks go away. It makes them worse. It lets bad actors continue unchecked. And it cedes leadership in financial innovation to other countries.

無所事事不會使風險消失。這使他們變得更糟。它使壞演員繼續不受限制。它使其他國家的財務創新領導能力。

Senator Ruben Gallego said it best: “If we don’t pass any stablecoin legislation, [Trump’s] still going to do everything he’s going to do right now. The most important thing we can do is get a strong, strong bill.” I couldn’t agree more.

參議員魯本·加列戈（Ruben Gallego）說：“如果我們不通過任何穩定立法，那麼[特朗普]仍將做他現在要做的一切。我們能做的最重要的事情就是得到一個強大，強大的賬單。”我不同意。

Democrats have long stood for protecting consumers and ensuring fair, accountable markets. That’s exactly what the GENIUS Act aims to do. This isn’t about endorsing crypto—it’s about bringing stability and oversight to a growing part of our economy.

民主黨長期以來一直代表保護消費者並確保公平，負責的市場。這正是《天才法》旨在做的事情。這並不是要認可加密貨幣，而是將穩定和監督帶入我們經濟中不斷增長的部分。

The alternative is letting the wild west continue while other countries pass us by—and letting American families bear the consequences.

另一種選擇是讓野外西部繼續，而其他國家通過我們經過，並讓美國家庭承擔後果。

Democrats missed a critical opportunity this time. Let’s make sure we don’t miss the next one. Ron Klink served as a Democratic member of the U.S. House of Representatives from Pennsylvania's 4th district. He served on the House Financial Services Committee.

這次民主黨錯過了一個關鍵的機會。讓我們確保我們不會錯過下一個。羅恩·克林克（Ron Klink）曾擔任賓夕法尼亞州第四區美國眾議院的民主黨成員。他曾在眾議院金融服務委員會任職。