美國參議院具有里程碑意義的Stablecoin立法的前進途徑襲擊了一個重大的障礙

主要的民主黨立法者表達了與唐納德·特朗普總統在加密貨幣行業內的個人和財務聯繫直接相關的保留。

The path forward for landmark stablecoin legislation in the US Senate has hit a significant snag, as key Democratic lawmakers are expressing reservations linked directly to President Donald Trump’s growing personal and financial connections within the cryptocurrency industry.

美國參議院具有里程碑意義的Stablecoin立法的前進途徑襲擊了一項重大障礙，因為主要的民主黨立法者正在表達與唐納德·特朗普總統在加密貨幣行業內的個人和財務聯繫直接相關的預訂。

What was recently seen as a bipartisan effort now faces political headwinds, potentially delaying not only stablecoin rules but also broader market structure legislation for the digital asset sector.

最近被視為兩黨的努力現在面臨政治逆風，不僅延遲了穩定規則，而且還延遲了數字資產行業的更廣泛的市場結構立法。

Over the weekend, a group of nine Senate Democrats, signaled by Senator Ruben Gallego of Arizona, said they would oppose advancing the current version of the main stablecoin bill, known as the Guiding and Establishing National Innovation for US Stablecoins of 2025 (GENIUS Act).

在周末，亞利桑那州參議員魯本·加勒戈（Ruben Gallego）表示，一群九名參議院民主黨人表示，他們將反對推進當前版本的主要穩定法案，被稱為指導和建立2025年美國穩定的國家基礎（Genius Act）。

Their unified stance poses immediate procedural hurdles, as Senate rules typically require 60 votes to overcome filibusters and move legislation forward. Gallego, notably elected with substantial backing ($10 million) from the crypto-focused super PAC Fairshake, is now leading the charge expressing concerns over provisions on critical issues like anti-money laundering, national security, and consumer protection.

他們的統一立場構成了立即的程序障礙，因為參議院規則通常需要60票才能克服filibususters並推動立法前進。加勒戈（Gallego）特別受到以加密貨幣為中心的超級PAC Fairshake的大量支持（1000萬美元），目前正在領導指控，對有關關鍵問題（例如反洗錢，國家安全和消費者保護）的規定表示擔憂。

However, sources say these concerns are masking deeper anxieties related to President Trump’s potential personal financial gains from the crypto space, which are spurring Democrats to stall.

但是，消息人士稱，這些擔憂是掩蓋了與特朗普總統在加密貨幣領域的潛在個人財務收益有關的更深層次的焦慮，這些焦慮卻促使民主黨促使民主黨人停滯不前。

In a report by CoinDesk, it was confirmed that Senate Minority Leader Chuck Schumer had privately urged Democrats to withhold support during a caucus meeting last week, preempting Gallego’s public announcement. Axios was first to report this internal division.

在Coindesk的一份報告中，有證實參議院少數黨領袖Chuck Schumer私下敦促民主黨在上週的一次核心小組會議上拒絕支持，從而搶占了加勒戈的公開宣布。 Axios首次報告了這一內部部門。

Trump's crypto ventures raise alarm

特朗普的加密貨幣引起警報

Two recent developments appear to have particularly crystallized Democratic concerns.

最近的兩項進展似乎特別結晶了民主問題。

First, President Trump announced plans for a dinner exclusively for top holders of his own branded memecoin.

首先，特朗普總統宣布計劃為自己的品牌紀念品的頂級持有人提供晚宴。

Second, Abu Dhabi investment firm MGX announced its intention to utilize USD1 – a stablecoin associated with World Liberty Financial, a firm backed by the Trump family – for a significant investment into the cryptocurrency exchange Binance.

其次，阿布扎比投資公司MGX宣布打算利用USD1（這是與特朗普家族支持的一家世界自由金融公司相關的穩定幣，以對加密貨幣交易所二進制進行大量投資。

As USA Today noted, these ventures suggest Trump could personally profit to the tune of hundreds of millions of dollars from activities that would be legitimized or facilitated by the proposed legislation.

正如《今日美國》指出的那樣，這些冒險表明，特朗普可以親自從擬議立法合法化或促進的活動中獲得數億美元的利潤。

President Trump, during a weekend interview on Meet the Press, denied seeking personal profit from his crypto initiatives.

特朗普總統在媒體會議上的周末採訪中否認從他的加密計劃中尋求個人利潤。

“I’m not profiting from anything. All I’m doing is, I started this long before the election. I want crypto. I think crypto’s important because if we don’t do it, China’s going to… But I want crypto because a lot of people, you know millions of people want it.”

“我沒有從任何事情中獲利。我要做的是，我開始在大選之前就開始了。我想要加密貨幣。我認為加密貨幣很重要，因為如果我們不這樣做，中國就會……但是我想要加密貨幣，因為很多人，你知道數百萬人想要它。”

Lawmakers face pressure as Trump touts 'billions' in crypto gains

當特朗普在加密貨幣中吹捧“數十億”時，立法者面臨壓力

This emerging conflict threatens to derail the momentum not only for the stablecoin bill but also for much-anticipated market structure legislation, which industry stakeholders have long sought to provide clarity on how the Securities and Exchange Commission and the Commodity Futures Trading Commission should oversee the broader digital asset market.

這場新興的衝突有可能使不僅為穩定法案的法案，而且對備受期待的市場結構立法的勢頭脫穎而出，這是行業利益相關者長期以來一直試圖闡明證券和交易委員會以及商品期貨貿易委員會如何監督更廣泛的數字資產市場的清晰度。

One individual working closely with lawmakers told CoinDesk that while the stablecoin bill might eventually pass, the current delay could jeopardize its progress, which in turn would almost certainly stall any movement on the more comprehensive market structure legislation.

一個與立法者緊密合作的人告訴Coindesk，儘管該法案最終可能會通過，但目前的延誤可能會危害其進步，這幾乎可以肯定會阻礙更全面的市場結構立法上的任何運動。

Concerns are mounting about how long this legislative slowdown could last and what further concessions might be needed to appease Democrats.

人們擔心這種立法放緩可以持續多長時間，以及為了安撫民主黨人需要什麼進一步的讓步。

Senator Elizabeth Warren, a leading Democrat on the Senate Banking Committee and a prominent crypto skeptic, was blunt in her assessment. Referring to the MGX deal involving the Trump family-linked stablecoin (shared publicly by Eric Trump), she posted on Bluesky that the Senate should reject any bill that would “facilitate this kind of corruption.”

參議院銀行委員會的主要民主黨參議員伊麗莎白·沃倫（Elizabeth Warren）和著名的加密懷疑論者在評估中直率。在談到涉及特朗普與家族鏈接的Stablecoin（由埃里克·特朗普公開共享）的MGX交易時，她在藍軍上張貼，參議院應拒絕任何“促進這種腐敗的法案”。

Senator Elizabeth Warren and Senator Jeffrey Merkley sent a letter on Monday urging the U.S. Office of Government Ethics to probe the reportedly announced investment by Abu Dhabi-based firm MGX into Binance.

參議員伊麗莎白·沃倫（Elizabeth Warren）和參議員杰弗裡·默克利（Jeffrey Merkley）週一發出了一封信，敦促美國政府道德辦公室調查據報導，總部位於阿布扎比的公司MGX宣布了投資，將其投資。

The resistance isn’t confined to the Senate. Representative Maxine Waters, the top Democrat on the House Financial Services Committee, informed the committee’s chair on Monday that she would block efforts to hold a joint hearing with the House Agriculture Committee aimed at addressing market structure legislation.

抵抗不限於參議院。眾議院金融服務委員會的最高民主黨代表Maxine Waters週一通知該委員會主席，她將阻止與眾議院農業委員會共同聽證會的努力，該委員會旨在解決市場結構立法。

Politics vs. policy: industry urges action

政治與政策：行業敦促行動

Financial policy analyst Jaret Seiberg of TD Cowen characterized much of the emerging scenario as "politics."

TD Cowen的財務政策分析師Jaret Seiberg將大部分新興方案描述為“政治”。

In a note to clients, he observed that Trump’s personal stake makes it politically difficult for Democrats to support legislation regulating his family’s interests. However, he predicts that the stablecoin bill will likely still pass the Senate eventually, perhaps not this week, considering the crypto industry’s significant lobbying power and resources.

他在向客戶的一份說明中指出，特朗普的個人利益使民主黨在政治上很難支持規范家庭利益的立法。但是，他預測，考慮到加密貨幣行業的重要遊說能力和資源，穩定法案可能最終仍會通過參議院，也許不是本週。

"It is hard for us to see why the Democrats would take on that fight when they can leverage significant concessions from the GOP on the stablecoin bill."

“我們很難理解為什麼民主黨人能夠利用共和黨在穩定法案上的大量讓步時會進行這場鬥爭。”

However, he highlighted that the optimal scenario for the administration appears to be passing both the stablecoin and market structure bills.

但是，他強調說，政府的最佳情景似乎是通過Stablecoin和市場結構賬單。

"The White House has signaled support for both bills, and passing them would largely align with the optimal outcome preferred by the administration. In addition, the administration signaled that it may veto any bill that does not largely conform with its proposals."

“白宮表明了對這兩項賬單的支持，通過它們將在很大程度上與政府首選的最佳結果保持一致。此外，政府表明，它可以否決任何不符合其建議的法案。”

This emerging scenario appears to be presenting a setback

這種新興方案似乎正在呈現挫折