兩黨關於加密貨幣法規協議的難得的機會遇到了障礙

最近出現的兩黨關於加密貨幣法規協議的難得的機會遇到了重大的障礙

A rare bipartisan opportunity to advance U.S. cryptocurrency regulation has hit a significant roadblock due to President Donald Trump’s expanding personal and business entanglements within the digital asset space, according to a recent report by The Economic Times.

根據《經濟時報》的最新報告，由於唐納德·特朗普總統在數字資產領域內的個人和商業糾纏不斷擴大，這是一個罕見的兩黨機會推進美國加密貨幣法規的機會。

As reported by ET, the legislation in question — the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act (GENIUS Act) — successfully cleared the Senate Banking Committee back in March with support from both parties.

正如ET報導的那樣，有關的立法（《 2025年法案》（Genius Act）的美國穩定者的指導和建立國家創新）在三月份在雙方的支持下成功地清除了參議院銀行委員會。

This signaled a potential quick win for the crypto industry, which has been seeking regulatory clarity for several years now.

這表明加密貨幣行業可能會迅速獲勝，該行業一直在尋求監管清晰度幾年。

However, momentum has since stalled as Democrats are expressing strong reservations over potential conflicts of interest and personal enrichment.

但是，隨著民主黨人對潛在的利益衝突和個人豐富的衝突表示強烈的保留，勢頭一直停滯不前。

Their concerns come amid reports of President Trump launching his own $TRUMP meme coin ahead of his inauguration, involvement with a new stablecoin (USD1) via the Trump family-backed World Liberty Financial, and suggestions of a potential family stake in the major exchange Binance (linked to an Abu Dhabi investment deal using USD1).

他們的擔憂是在報導說，特朗普總統在就職典禮之前推出了自己的$特朗普模因硬幣，通過特朗普家庭支持的世界自由金融與新的Stablecoin（USD1）介入，並提出了潛在的家庭股權的建議（與Abu Dhabi Investment Investment bance ob Abu Dhabi Investment Beation of Abu Dhabi Investment Beal of Abu Dhabi Investmence交易相關聯）。

The President’s crypto activities have also drawn criticism, including an upcoming dinner exclusively for top holders of his meme coin, which reportedly even raised eyebrows among crypto-supportive Republicans like Senator Cynthia Lummis.

總統的加密活動也引起了批評，其中包括即將舉行的紀念硬幣的頂級持有人的晚餐，據報導，這甚至引起了加密支持共和黨人（如參議員辛西婭·盧米斯）的眉毛。

Democrats pump brakes on stablecoin bill

民主黨人在Stablecoin法案上製動剎車

This backdrop prompted nine Senate Democrats, including notable figures who previously voted for the bill in committee, to issue a statement over the weekend declaring they would not support the GENIUS Act in its current form.

這種背景促使九名參議院民主黨人，包括以前在委員會中投票通過該法案的著名人物，在周末發表聲明，宣布他們不會以目前的形式支持《天才法》。

While their official statement highlighted necessary improvements — citing the need for “stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability” — other prominent Democrats linked their opposition more directly to the President’s actions.

儘管他們的官方聲明強調了必要的改進，並以“針對反洗錢，外國發行人，國家安全，維護我們金融體系的安全性和責任感的更強大的規定以及責任感”，但其他著名的民主黨將反對派與總統的行為聯繫起來。

“Since the committee vote, president Trump’s aggressive efforts to profit from stablecoins and the obvious opportunities for bribery and other influence peddling have demonstrated why it is vital that we make meaningful, substantive reforms to the bill,” stated Senator Elizabeth Warren, a leading voice on the Banking Committee, in a Monday speech.

參議員伊麗莎白·沃倫（Elizabeth Warren）表示：“自委員會投票以來，特朗普總統為從斯塔布萊因（Stablecoins）獲利的積極努力以及賄賂和其他影​​響力的明顯機會證明了為什麼我們對法案進行有意義的實質性改革至關重要。”

Pushback extends beyond stablecoin specifics

推回超出了穩定的細節

The resistance reflects a growing unease among Democrats about potentially legitimizing or facilitating activities they perceive as problematic.

抵抗反映了民主黨人對他們認為有問題的合法性或促進活動的可能性合法或促進活動的越來越不安。

The concern isn’t necessarily directed at stablecoin regulation itself — the senators’ statement acknowledged that “the absence of regulation leaves consumers unprotected.”

問題不一定是針對Stablecoin法規本身的 - 參議員的聲明承認：“缺乏監管會使消費者沒有受到保護。”

Rather, the opposition targets the current legislative vehicle in the specific context of the President’s apparent conflicts.

相反，反對派在總統明顯衝突的具體情況下以當前的立法工具為目標。

Democrats appear unwilling to lower regulatory guardrails or advance crypto legislation that could be seen as enabling potential corruption at the highest level.

民主黨人似乎不願降低監管護欄或提前加密立法，這可以看作是在最高層次上實現潛在的腐敗。

Further underscoring this sentiment, Democratic Senator Jeff Merkley introduced the “End Crypto Corruption Act” on Tuesday.

民主黨參議員傑夫·默克利（Jeff Merkley）進一步強調了這一觀點，週二介紹了《結束加密腐敗法》。

This proposed legislation aims specifically to prohibit the president and other high-ranking federal officials from issuing, sponsoring, or endorsing digital assets.

這項擬議的立法專門旨在禁止總統和其他高級聯邦官員發行，贊助或認可數字資產。

“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” Merkley asserted in a statement accompanying the bill’s introduction.

“目前，希望與總統培養影響力的人可以通過購買他擁有或控制的加密貨幣來個人豐富他，”默克利在法案介紹的一份聲明中斷言。

Implications for broader crypto regulation

對更廣泛的加密法規的影響

The impasse over the stablecoin bill now threatens to spill over to prospects for more comprehensive crypto market structure legislation, something the industry has been seeking for years.

現在，《穩定法案》的僵局可能會溢出到更全面的加密貨幣市場結構立法的潛在客戶，這是該行業多年來一直在尋求的。

The political friction generated by the President’s crypto ties makes navigating any crypto-related bill more challenging.

總統加密聯繫產生的政治摩擦使導航任何與加密相關的法案都更具挑戰性。

Representative Maxine Waters, the leading Democrat on the House Financial Services Committee, also signaled resistance this week, objecting to a joint hearing intended to address these broader market structure issues.

眾議院金融服務委員會領先的民主黨代表麥克辛·沃特斯（Maxine Waters）也表示抵制，反對旨在解決這些更廣泛的市場結構問題的聯合聽證會。

Financial policy analyst Jaret Seiberg at TD Cowen viewed the situation primarily through a political lens, noting that Trump’s personal stake complicates Democratic support for a bill potentially regulating his family’s business interests.

TD Cowen的財務政策分析師Jaret Seiberg主要是通過政治視角觀看了這種情況，並指出特朗普的個人股份使民主黨對一項可能調節其家庭商業利益的法案的支持複雜化。

However, Seiberg still predicted that the stablecoin bill could eventually pass, potentially after Democrats extract significant concessions, given the crypto lobby’s considerable political influence and resources.

但是，塞伯格仍然預測，鑑於加密大廳的大量政治影響力和資源，民主黨人提取重要的讓步後，穩定法案最終可能會通過。

Industry lobbyists, meanwhile, are concerned by the stalling momentum. They continue to issue statements urging lawmakers to move the GENIUS Act forward to provide necessary regulatory clarity, support stablecoin adoption, and maintain US leadership in the digital economy.

同時，行業遊說者對停滯的勢頭感到關注。他們繼續發表聲明，敦促立法者推動《天才法案》前進，以提供必要的監管清晰度，支持穩定的採用，並在數字經濟中保持美國領導。

The immediate future of the stablecoin bill now appears hostage to the political fallout from the President’s controversial foray into the crypto world.

現在，《穩定法案》的未來似乎似乎是總統對加密貨幣世界的爭議。