參議院對Stablecoin立法的進票（Genius Act）的崩潰

這強調了保持加密貨幣政策兩黨的挑戰。一旦準備好平穩通過，該法案就出軌了

The collapse of a procedural Senate vote on stablecoin legislation (GENIUS Act) Thursday underscores the challenges of keeping cryptocurrency policy bipartisan.

週四對Stablecoin立法的程序投票（GENIUS法）的崩潰強調了保持加密貨幣政策兩黨的挑戰。

Once poised for smooth passage, the bill was derailed after last-minute Democratic objections and a lack of time to review final text — despite ongoing negotiations with Republican leadership.

一旦有了平穩的通行，該法案在最後一刻的民主反對意見和缺乏時間來審查最終文本的情況下出軌，儘管與共和黨領導人進行了持續的談判。

The 48–49 vote, with two Republicans joining Democrats in opposition, highlights deepening divisions over process and trust. While both parties publicly support regulating digital assets, the vote raises questions about whether crypto can remain a nonpartisan issue in a polarized Senate.

48-49票，兩名共和黨人加入民主黨人反對，強調了對流程和信任的加深。儘管雙方都公開支持監管數字資產，但投票提出了有關加密貨幣是否可以在兩極分化的參議院中仍然是無黨派問題的疑問。

In March, blockchain and digital asset attorney Marta Belcher confidently told crypto.news that support of crypto is nonpartisan:

3月，區塊鍊和數字資產律師Marta Belcher自信地告訴Crypto.news，對加密貨幣的支持是無黨派的：

“I think it’s a misconception that crypto has become partisan. Many people on both sides of the aisle support crypto. I don’t think crypto is a partisan issue, just like ‘the Internet’ isn’t a partisan issue. I don’t think, in 2025, either party can be ‘anti’ an entire technology if they’re thinking seriously about America’s future.”

“我認為這是一個誤解，認為加密貨幣已經成為黨派。過道雙方支持加密貨幣的許多人。我不認為加密貨幣是一個黨派問題，就像“互聯網”不是黨派的問題一樣。我認為，在2025年，如果他們認真對待了美國的未來，那麼在2025年，任何一方都可以成為整個技術。”

If Belcher is right, then Democrats see support for crypto much differently than Republicans. If we look at what Democrats say about crypto regulations and topics they are concerned about in the sector, most of the time, we will find out they are not on the same page as Republicans.

如果貝爾徹（Belcher）是正確的，那麼民主黨人就會看到對加密貨幣的支持與共和黨人大不相同。如果我們看看民主黨人對他們在該行業中關注的加密法規和主題的看法，大多數時候，我們會發現他們與共和黨人不在同一頁面上。

Take, for example, President Trump’s memecoin, Official Trump (TRUMP). The profits he and his family members generate from their DeFi business are becoming a major sticking point in bipartisan negotiations over stablecoin legislation.

以特朗普總統的成人，特朗普的官方（特朗普）為例。他和他的家人從defi業務中獲得的利潤正成為兩黨關於穩定立法的兩黨談判的主要點。

As Scott Galloway, a New York University Stern School of Business professor and co-host of the Raging Moderates podcast, recently told CNN, “The potential here for grift is just unprecedented.”

正如紐約大學斯特恩商學院教授兼Raging Raging Willates Podcast的聯合主持人Scott Galloway最近對CNN說：“ Grift的潛力只是前所未有的。”

Democratic Senators felt their Republican colleagues didn’t address the issue. Sen. Elizabeth Warren even encouraged the bill to ban sitting presidents from profiting off crypto ventures—an effort directly targeting Trump, who offered exclusive interactions with its top holders.

民主黨參議員認為他們的共和黨同事沒有解決這個問題。參議員伊麗莎白·沃倫（Elizabeth Warren）甚至鼓勵該法案禁止現任總統獲得加密貨幣風險的利潤，這是針對特朗普的努力，特朗普（Trump）與最高持有人進行了獨家互動。

Crypto in the Biden era

拜登時代的加密

During President Joe Biden’s term, the cryptocurrency sector achieved several milestones. For example, Coinbase successfully became a NASDAQ-traded company. The outrightly crypto-skeptical Securities and Exchange Commission, then chaired by Gary Gensler, greenlighted Bitcoin exchange-traded funds.

在喬·拜登（Joe Biden）總統任期期間，加密貨幣部門取得了幾個里程碑。例如，Coinbase成功成為了納斯達克貿易公司。直到格里·蓋斯勒（Gary Gensler）主持的綠色加密證券和交易委員會，綠燈幣交易所交易資金。

That wasn’t enough for the industry’s top bulls. SEC official Hester Peirce said on May 8 that the approval process for Bitcoin ETFs was “mismanaged” and told Bloomberg News that the delays alienated innovators.

對於行業的頂級公牛來說，這還不夠。 SEC官員Hester Peirce在5月8日表示，比特幣ETF的批准過程“不牢固”，並告訴彭博新聞社，這些延遲疏遠了創新者。

The crypto community also griped about alleged efforts to debank clients using digital assets, which they claimed was carried out by the FDIC and Department of Justice.

加密社區還掌握了據稱使用數字資產撤銷客戶的努力，他們聲稱這是FDIC和司法部進行的。

The situation, colloquially known as Operation Choke Point 2.0, was scrutinized for being an overreach on the part of the former administration by Trump, Republican Sen. Cynthia Lummis and the Fed Chair, Jerome Powell.

這種情況被稱為“扼流圈” 2.0行動，因特朗普，共和黨參議員辛西婭·盧米斯（Cynthia Lummis）和美聯儲主席杰羅姆·鮑威爾（Jerome Powell）而被審查。

Gensler, a Democrat, filed numerous lawsuits against the cryptocurrency space during his term as SEC chair. The list includes Binance, Coinbase, Gemini, and Genesis, among others. One of the basic problems was the fact that Gensler insisted that most cryptocurrencies were nothing more than unregistered securities. This status was deemed prohibitive for innovation and current SEC officials prefer to view them as collectibles or commodities.

民主黨人Gensler在擔任SEC主席期間針對加密貨幣空間提起了許多訴訟。該列表包括Binance，Coinbase，Gemini和Genesis等。基本問題之一是，Gensler堅持認為大多數加密貨幣不過是未註冊的證券。這種地位被認為對創新而言是過分的，而現任SEC官員則希望將其視為收藏品或商品。

Under Trump, the SEC dropped many of the charges filed initially under Gensler.

在特朗普的領導下，美國證券交易委員會（SEC）放棄了最初在Gensler領導下提出的許多指控。

Democrats seemingly decided to continue being cautious about crypto. Instead of fostering a free-breathing crypto experiment, they tried to play it slow to ensure no one was at risk.

民主黨似乎決定繼續對加密貨幣持謹慎態度。他們沒有培養自由呼吸的加密實驗，而是試圖發揮速度，以確保沒有人有危險。

However, this cautious approach can cost Democrats votes. A writer and CNN host, Van Jones, said that Democrats run people out of their party, noting that there are 50 million people in the U.S. who own crypto and going against them is “not smart.”

但是，這種謹慎的做法可以使民主黨的投票代價。一位作家和CNN主持人范·瓊斯（Van Jones）說，民主黨人將人們趕出了黨，並指出，在美國有5000萬人擁有加密貨幣並反對他們是“不聰明的”。

Democrats and crypto today

今天的民主黨人和加密

After tense negotiations that spanned one week, the GENIUS ACT, which would have regulated stablecoins in the U.S., ultimately failed in the Senate.

經過一周的緊張談判，《天才法》（Genius Act）將在美國監管穩定的人，最終在參議院失敗了。

Most Republicans, brimming with confidence in their victory, attempted to persuade their colleagues to accept the bill as soon as possible and disregarded the Democrats’ request for an extra week to prepare.

大多數共和黨人充滿信心地充滿信心，試圖說服同事盡快接受該法案，並忽略了民主黨人要求額外準備的一周的要求。

People commenting on the news blamed Democrats for dedicating all their energy to blocking Republicans.

人們評論這一消息的人們指責民主黨人將全部精力獻給阻止共和黨人。

The reality is that the genius act is actually not even a crypto bill if you really boil it down (must be non-yield bearing, BSA compliance etc), and the democrats still hate it—You really begin to wonder what they stand for

現實情況是，如果您真的將其歸結為（必須是非收產軸承，BSA遵守等），那麼天才行為實際上甚至不是加密法案），民主黨人仍然討厭它 - 您真的開始懷疑他們的意思是什麼

Jeff Park of Bitwise stressed that the bill wasn’t that radical and had high requirements for the stablecoin issuers.

Bitwise的傑夫·帕克（Jeff Park）強調，該法案不是那麼激進，並且對Stablecoin發行人有很高的要求。

According to Axios, Warren argued that the GENIUS Act lacked basic guardrails against corruption. She and other Democratic leaders reportedly looked at the numbers. Per the New York Times, Trump’s family members could profit from the $2 billion

根據阿克西奧斯（Axios）的說法，沃倫（Warren）辯稱，《天才法》（Genius Act）缺乏針對腐敗的基本護欄。據報導，她和其他民主黨領導人研究了這一數字。根據《紐約時報》，特朗普的家庭成員可以從20億美元中獲利