2024 年支付穩定幣法案：深入探討全面的新法律

參議員 Lummis 和 Gillibrand 提出了《2024 年支付穩定幣法案》，提出了穩定幣監管框架，以加強快速成長產業的監管和透明度。該法案區分了存款類和非存款類發行人，較大的發行人受到聯準會更嚴格的監管。它還禁止演算法穩定幣，旨在遏制與美元支持的代幣相關的非法活動，並推翻 SAB 121 的會計影響，促進銀行參與數位資產託管。這項立法很有可能成為法律，因為它解決了監管機構和市場參與者提出的關鍵問題。

Payment Stablecoin Act of 2024: A Comprehensive Analysis

2024 年支付穩定幣法案：綜合分析

Introduction

介紹

The cryptocurrency industry has been eagerly anticipating the introduction of a comprehensive regulatory framework for digital tokens. This anticipation has now been fulfilled with the introduction of the Payment Stablecoin Act of 2024, a bipartisan legislation sponsored by Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.).

加密貨幣產業一直熱切期待針對數位代幣引入全面的監管框架。這項預期現已隨著《2024 年支付穩定幣法案》的出台而實現，該法案是一項由參議員辛西婭·魯米斯（懷俄明州共和黨）和克爾斯滕·吉利布蘭德（紐約州民主黨）發起的兩黨立法。

Key Provisions

主要規定

The Payment Stablecoin Act of 2024 seeks to address the regulatory uncertainty surrounding stablecoins, digital tokens designed to maintain a stable value, typically pegged to the US dollar. The legislation proposes a clear framework for the issuance and operation of stablecoins, with a view to protecting consumers, fostering innovation, and maintaining US dollar dominance.

2024 年支付穩定幣法案旨在解決穩定幣的監管不確定性，穩定幣是旨在保持穩定價值（通常與美元掛鉤）的數位代幣。該法案為穩定幣的發行和營運提出了明確的框架，以保護消費者、促進創新和維持美元主導地位。

The bill outlines two pathways for the issuance of stablecoins:

該法案概述了穩定幣發行的兩種途徑：

1. Nondepository Trust Companies: Companies that currently issue stablecoins with a nominal value of less than $10 billion can continue to operate as nondepository trust companies.
2. Depository Institutions: Issuers with a nominal value exceeding $10 billion must be authorized as national payment stablecoin issuers by a federal depository institution.

To ensure the safety and reliability of stablecoins, the legislation requires issuers to maintain a high level of capital adequacy and undergo regular audits. Additionally, stablecoins must be fully backed by high-quality liquid assets, such as cash or short-term US treasuries.

非存款信託公司：目前發行面額低於100 億美元的穩定幣的公司可以繼續作為非存款信託公司運作。人為了確保穩定幣的安全性和可靠性，立法要求發行人保持高水準的資本充足率並接受定期審計。此外，穩定幣必須得到優質流動資產的充分支持，例如現金或短期美國國債。

Extraterritorial Application

域外申請

The Payment Stablecoin Act of 2024 extends its jurisdiction beyond the United States through an "extraterritorial clause." This provision ensures that companies operating outside the US, including the controversial stablecoin industry leader Tether, will also be subject to the legislation's requirements.

2024 年《支付穩定幣法案》透過「治外法權條款」將其管轄範圍擴展到美國以外。這項規定確保在美國境外運營的公司，包括備受爭議的穩定幣行業領導者 Tether，也將遵守該立法的要求。

Overturning SAB 121

顛覆SAB 121

The bill includes a provision that effectively overturns the implications of the Securities and Exchange Commission's Staff Accounting Bulletin (SAB 121). SAB 121 requires banks to hold cash in reserve for the total value of their digital asset holdings, which has been criticized for being overly burdensome.

該法案包括一項有效推翻美國證券交易委員會《員工會計公告》(SAB 121) 影響的條款。 SAB 121 要求銀行根據其持有的數位資產總價值持有現金儲備，這被批評為過於繁重。

Outlook and Implications

展望與影響

The Payment Stablecoin Act of 2024 has a strong chance of becoming law, as it represents the culmination of months-long negotiations involving the White House, Treasury Department, Federal Reserve, and state regulators.

2024 年《支付穩定幣法案》很有可能成為法律，因為它代表了白宮、財政部、聯準會和各州監管機構長達數月談判的成果。

Potential Impact on the Stablecoin Industry

對穩定幣產業的潛在影響

The legislation could transform the stablecoin industry by establishing a clear regulatory framework and providing a path to legitimacy for issuers. It could also lead to a consolidation of the market, with smaller issuers potentially exiting or merging with larger, better-capitalized entities.

該立法可以透過建立明確的監管框架並為發行人提供合法性途徑來改變穩定幣產業。它也可能導致市場整合，規模較小的發行人可能退出或與規模更大、資本更雄厚的實體合併。

Impact on Crypto Exchanges and Market Participants

對加密貨幣交易所和市場參與者的影響

The new legislation could benefit crypto exchanges and market participants who have been awaiting regulatory clarity. It could also provide a boost to the stock prices of companies like Coinbase and Circle, which are major issuers of USDC, the second-largest stablecoin.

新立法可能有利於加密貨幣交易所和一直在等待監管明確的市場參與者。它還可能提振 Coinbase 和 Circle 等公司的股價，這些公司是第二大穩定幣 USDC 的主要發行者。

Implications for Algorithmic Stablecoins

對演算法穩定幣的影響

The Payment Stablecoin Act of 2024 effectively bans algorithmic stablecoins, such as TerraUSD, which rely on complex trading strategies rather than physical collateral to maintain their peg. This could lead to a rapid decline in the market capitalization of such assets.

2024 年《支付穩定幣法案》有效禁止了 TerraUSD 等演算法穩定幣，這些穩定幣依靠複雜的交易策略而不是實體抵押品來維持其掛鉤。這可能導致此類資產的市值迅速下降。

Decision Points

決策點

The passage of the Payment Stablecoin Act of 2024 will depend on the level of support it receives in the Senate and the House of Representatives. The role of key committee chairs, such as Senator Sherrod Brown (D-Ohio) and Representative Patrick McHenry (R-N.C.), will be crucial in determining the legislation's fate.

2024 年《支付穩定幣法案》的通過將取決於該法案在參議院和眾議院獲得的支持程度。參議員謝羅德·布朗（俄亥俄州民主黨人）和眾議員帕特里克·麥克亨利（北卡羅來納州共和黨人）等關鍵委員會主席的角色對於決定立法的命運至關重要。

Investment Implications

投資影響

Investors should exercise caution before acquiring large amounts of algorithmic stablecoins. The same applies to governance tokens associated with these networks. However, stocks of companies like Coinbase and Circle could benefit from the legislation.

投資者在大量購買演算法穩定幣之前應謹慎行事。這同樣適用於與這些網路相關的治理代幣。然而，Coinbase 和 Circle 等公司的股票可能會受益於該立法。

Conclusion

結論

The Payment Stablecoin Act of 2024 is a landmark piece of legislation that has the potential to shape the future of digital tokens. By establishing a comprehensive regulatory framework, the legislation aims to protect consumers, foster innovation, and maintain US dollar dominance in the global financial system.

2024 年《支付穩定幣法案》是一項具有里程碑意義的立法，有可能塑造數位代幣的未來。該立法旨在透過建立全面的監管框架來保護消費者、促進創新並維持美元在全球金融體系中的主導地位。