《天才法案》（指導和建立創新為美國穩定者）未能在參議院前進

5月8日，星期四，參議院投票決定阻止《天才法》的進步，《天才法》的進步是一項旨在鞏固穩定劑的監管框架的首個法案。

The Senate procedural vote on the GENIUS Act, a bipartisan bill to create a federal regulatory framework for stablecoins, has failed to reach the 60 votes needed for advancement. The vote, which was held on Thursday, May 8, saw 49 senators vote to proceed with the bill, while 11 senators voted against it.

參議院對《天才法》的程序投票，這是一項針對Stablecoins創建聯邦監管框架的兩黨法案，未能達到晉升所需的60票。 5月8日星期四舉行的投票看到49名參議員投票通過該法案進行，而11名參議員投票反對。

The bill, which is sponsored by Senate Majority Leader John Thune (R-S.D.) and had the support of Senate Minority Leader Charles Schumer (D-N.Y.), faced opposition from several Democrats, who had concerns about the bill's provisions on foreign-issued stablecoins and the lack of measures to prevent corruption.

該法案是由參議院多數黨領袖約翰·圖恩（Rs.D.）贊助的，並得到了參議院少數黨領袖查爾斯·舒默（Charles Schumer）（DN.Y.）的支持，他面臨著幾位民主黨的反對，他們擔心該法案對外交施B，並缺乏措施來防止腐敗。

Several Democrats, including Senators Elizabeth Warren (D-Mass.) and Cynthia Lummis (R-Wyo.), had been working to add amendments to the bill, but they were unable to reach an agreement with Republicans.

包括參議員伊麗莎白·沃倫（D-Mass。）和辛西婭·盧米斯（Cynthia Lummis）（R-Wyo。）在內的幾位民主黨人一直在努力為該法案增加修正案，但他們無法與共和黨達成協議。

The vote came as a blow to Republicans, who had hoped to pass the bill as their first major piece of legislation in the 118th Congress. The bill is also a priority for the Biden administration, which has been urging lawmakers to create a clear regulatory framework for stablecoins.

投票是對共和黨人的打擊，共和黨人希望將該法案作為第118屆國會中的第一個主要立法。該法案也是拜登政府的優先事項，該法案一直在敦促立法者為Stablecoins創建明確的監管框架。

"We’ve had an open process on this bill so far, so why stop now?" Thune said on the Senate floor. "If senators would like the opportunity to make further modifications to the bill, I encourage them to vote for cloture. Once we’re on the bill, we can discuss changes here on the floor."

“到目前為止，我們已經在這項法案上開了一個公開的過程，所以為什麼現在停止呢？”圖恩在參議院的地板上說。 “如果參議員希望有機會對該法案進行進一步的修改，我鼓勵他們投票贊成Cloture。一旦我們掌握了法案，我們就可以在地板上討論更改。”

Cloture would have advanced the bill to a vote, avoiding any potential filibuster. But the vote failed, capping off a week of frenetic negotiations held in secret where Lummis and Senator Bill Hagerty (R-Tenn.) trundled all over the Hill to coax nine Democratic holdouts.

Cloture會將該法案提出投票，以避免任何潛在的敗訴。但是投票失敗了，封鎖了一周的秘密進行瘋狂的談判，盧米斯和參議員比爾·哈格蒂（R-Tenn。）在整個山丘上徘徊，哄騙了九個民主持有。

"We need time," one Democrat, Senator Ruben Gallego (D-Ariz.), told Politico.

一位民主黨人魯本·加勒戈（Ruben Gallego）（D-Ariz。）告訴Politico：“我們需要時間。”

Later, expressing Democrats’ apparent frustration with the process, Gallego used more colorful language.

後來，加勒戈（Gallego）表達了民主黨人對這一過程的挫敗感，使用了更豐富多彩的語言。

"You can't try to f*** us and then say, hey, deal with it," he said. "That's just not going to work, especially when you still need our votes."

他說：“你不能試圖讓我們說，然後說，嘿，處理它。” “這只是行不通的，尤其是當您仍然需要我們的選票時。”

At least one Democrat, Senator Tammy Baldwin (D-Wis.), ultimately decided not to vote for the bill.

至少有一名民主黨人塔米·鮑德溫（Tammy Baldwin）（D-Wis。）最終決定不投票給該法案。

In a statement to Jewish Insider, Baldwin said she was "disappointed that we were unable to complete work on a bipartisan bill to regulate stablecoins."

鮑德溫在給猶太人內部人士的聲明中說，她“失望的是，我們無法完成兩黨法案來規範穩定的法案。”

"I hope that in the coming weeks, we can continue to collaborate in a way that respects the time and contributions of all senators," her statement concluded.

她的聲明總結說：“我希望在接下來的幾週內，我們可以繼續以尊重所有參議員的時間和貢獻的方式進行合作。”

The House Financial Services Committee on April 3rd passed its own stablecoin bill, called The Stable Act (Stablecoin Transparency and A Better Ledger Economy). While the Stable Act and the Genius Act share many similarities, they are not identical.

眾議院金融服務委員會於4月3日通過了自己的Stablecoin法案，稱為《穩定法》（Stablecoin透明度和更好的賬本經濟）。儘管穩定的行為和天才法案具有許多相似之處，但它們並不相同。

One notable difference is the way each respective bill addresses foreign-issued stablecoins.

一個值得注意的區別是每個法案涉及外國發行的穩定幣的方式。

One of the main criticisms leveled at the Genius Act is the ostensible carve-outs for foreign-issued stablecoins. While there are imperatives for foreign-issued stablecoins to cooperate with law enforcement, regulations as a whole do not appear as strident as those applied to U.S.-based companies.

《天才法案》中提出的主要批評之一是外國發行的穩定穩定的雕刻。儘管外國發行的穩定幣必須與執法部門合作，但整個法規似乎並不像適用於美國公司的法規那樣嚴格。

The language of the Stable Act is slightly more ambiguous. It maintains a more loose regulatory framework, allowing 18 months for foreign-issued stablecoins to adhere to U.S. law or a comparable jurisdiction.

穩定行為的語言稍微模棱兩可。它保持了一個更鬆散的監管框架，使外國發行的穩定幣可以遵守美國法律或可比的管轄權。

The elephant in the room of course, is Tether. The El Salvador-based company issues USDT, which commands between 60% to 70% of all trading volume and earned Tether over $13 billion in profit last year.

當然，房間裡的大像是繫繩。總部位於埃爾薩爾瓦多公司（El Salvador）的公司發表了USDT，該公司的命令佔所有交易量的60％至70％，去年贏得了超過130億美元的利潤。

Having run afoul of regulators over the years, Tether has remained resilient. In the past year, the company has actively courted Washington. Its strongest business ally is the investment bank Cantor Fitzgerald, which until recently was run by Commerce Secretary Howard Lutnick.

多年來，Tether一直在監管機構競選後保持韌性。在過去的一年中，該公司積極向華盛頓求婚。它最強大的業務盟友是投資銀行Cantor Fitzgerald，直到最近由商務部長霍華德·盧特尼克（Howard Lutnick）經營。

While the perceived foreign-issued stablecoin loophole of the Genius Act provokes the ire of Democrats, the reality of Tether’s outsized chunk of the market demands attention. If Tether were cut off from the U.S., major liquidity problems could quickly arise.

儘管《天才法》的外國發行的stablecoin漏洞引起了民主黨的憤怒，但特etherof tether的市場大部分市場的現實需要關注。如果繫繩與美國切斷，則可能很快出現主要的流動性問題。

That said, CEO Paolo Ardoino spoke recently of issuing a new U.S.-based stablecoin in the near future.

話雖如此，首席執行官保羅·阿多伊諾（Paolo Ardoino）最近談到，在不久的將來發布了美國新的Stablecoin。

A majority of Democratic Senators were never on board with the Genius Act. Those who soured on the bill recently seem to have done so at least partially, swayed by the timing of $2 billion flowing into Trump’s World Liberty Financial’s stablecoin.

大多數民主黨參議員從來沒有參加過《天才法》。那些最近在該法案中感到酸痛的人似乎至少部分地做到了，這是20億美元流入特朗普世界自由金融的穩定的時機。

Senator Josh Hawley (R-Mo.) voted no on the Genius Act because he fears it gives big tech too much power to create their own currencies. However, prior to casting his vote, he made comments that suggested his position was malleable.

參議員喬什·霍利（Josh Hawley）（R-Mo。）對《天才法案》（Genius Act）投票不滿，因為他擔心這會賦予高科技的力量，無法創造自己的貨幣。但是，在投票之前，他發表了評論，表明他的立場是可延展的。

Enough Democrats, in the next vote, might prove to be equally malleable. Recently

在下一次投票中，足夠多的民主黨人可能同樣具有延展性。最近