參議院領導人約翰·圖恩（John Thune）已申請了《斯塔布爾幣天才法》的程序投票（CLOTURE）

昨天，Punchbowl News報導說，參議院領導人約翰·杜恩（John Thune）已就《斯塔布爾幣天才法案》提出了程序投票（CLOTURE）

Senator Elizabeth Warren (D-MA) has raised concerns about the latest draft of the stablecoin bill, the Genius Act, in a memo to colleagues.

參議員伊麗莎白·沃倫（Elizabeth Warren）（D-MA）在《天才法案》（Genius Act）的最新草案中引起了人們對同事的備忘錄的擔憂。

The bill, which is being spearheaded by Sen. Cynthia Gillibrand (D-NY), has already secured support from several Democrats. However, it faces opposition from Republicans, who prefer a broader digital asset bill.

該法案由參議員辛西婭·吉利布蘭（Cynthia Gillibrand）（D-NY）率領，已經獲得了幾位民主黨人的支持。但是，它面臨著共和黨人的反對，他們更喜歡更廣泛的數字資產法案。

One issue that has been raised is the involvement of President Trump’s sons in crypto firm World Liberty Financial, which some view as controversial.

提出的一個問題是特朗普總統的兒子參與加密貨幣公司世界自由金融，這是有爭議的。

The firm’s new stablecoin, USD1, was used in a $2 billion transaction by a firm chaired by the UAE’s national security adviser.

一家由阿聯酋國家安全顧問主持的公司在一筆20億美元的交易中使用了該公司的新Stablecoin USD1。

Earlier this week, Sen. Gillibrand implied that family members are legally permitted to issue stablecoins, but officials themselves cannot.

本週早些時候，參議員吉利布蘭德（Gillibrand）暗示，法律上允許家庭成員發行stablecoins，但官員本身不能。

Since early May, there has been a Genius Act clause that states: “For the avoidance of doubt, existing Office of Government Ethics laws and the ethics rules of the Senate and the House of Representatives prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin during their time in public service.”

自5月初以來，就已經有一項天才法案：“為了避免疑問，現有的政府道德規範辦公室以及參議院和眾議院的道德規範，禁止國會或高級行政部門官員在公共服務期間發行付款Stablecoin。”

Sen. Warren also expressed concern that the bill does not prevent BigTech firms such as Meta or X from issuing stablecoins.

參議員沃倫（Warren）還擔心該法案不會阻止元技術（例如元或X）發行穩定的公司。

The latest draft does have a clause addressing issuance by public non-financial corporations, which will be approved by the Stablecoin Certification Review Committee based on financial stability concerns, protection of consumer data, and avoiding tying stablecoin services to other business activities.

最新草案確實有一個條款解決公共非金融公司發行的條款，該條款將獲得基於財務穩定問題，保護消費者數據以及避免將Stablecoin服務與其他業務活動聯繫起來的Stablecoin認證審查委員會批准。

However, this only applies to public companies, not unlisted unicorns such as X, Stripe, or others. The Stablecoin Certification Review Committee consists of the Secretary of the Treasury, the Federal Reserve Chair or Vice Chair, and the Chair of the Federal Deposit Insurance Corporation (FDIC).

但是，這僅適用於上市公司，而不是X，Stripe或其他類似的獨角獸。 Stablecoin認證審查委員會由財政部長，美聯儲主席或副主席以及聯邦存款保險公司（FDIC）的主席組成。

Sen. Warren further noted that the bill’s new language imposing restrictions on when foreign companies can issue stablecoins in the United States does not make a material difference, given that the coins could still be issued offshore and moved through domestic decentralized exchanges accessed by terrorists and criminals.

參議員沃倫（Warren）進一步指出，該法案對外國公司何時可以在美國簽發穩定幣的新語言施加限制，鑑於硬幣仍然可以在海外發行並通過恐怖分子和犯罪分子進行的國內分散交流，因此沒有產生重大差異。

Her concern might relate to a change of wording where “any person” was substituted with “digital asset service provider” (DASP) in several places. This was likely to cater for the upcoming crypto market infrastructure legislation.

她的關注可能與措辭的變化有關，即“任何人”在多個地方用“數字資產服務提供商”（DASP）代替。這很可能會迎合即將到來的加密市場基礎設施立法。

However, people involved in decentralized exchanges would be covered by “any person” but likely not by references to DASPs. So, this may be the loophole she is concerned about.

但是，參與分散交流的人將被“任何人”涵蓋，但可能不參考DASP。因此，這可能是她關注的漏洞。

Sen. Warren concluded by observing that stablecoins offer many potential benefits for society, but they also carry significant financial stability risks which she feels aren’t sufficiently addressed in the latest draft.

參議員沃倫（Warren）的結論是，觀察到斯塔布雷金斯（Stablecoins）為社會帶來了許多潛在的好處，但他們也承擔著重大的財務穩定風險，她認為在最新草案中沒有足夠的解決方案。

She wrote that it “would still allow issuers to actually invest their reserves in riskier assets, hold them in offshore accounts, engage in dangerous financial and commercial activities, and prevent regulators from applying strong safeguards – inviting a future crash and costly bailouts.”

她寫道：“它仍然可以允許發行人實際上將其儲備金投資於風險更高的資產，將其投入離岸帳戶，從事危險的財務和商業活動，並防止監管機構應用強大的保障措施 - 邀請未來的墜機事故和昂貴的救助。”

We’d observe that most other jurisdictions have insisted that reserves of locally issued stablecoins are held onshore, so the Genius Act is different in that respect. Some have argued that investments should only be allowed directly in government securities, rather than money market funds that invest in government securities, which add a layer of risk.

我們會注意到，大多數其他司法管轄區都堅持認為，本地發行的穩定的儲備金在陸上持有，因此《天才法》在這方面有所不同。有人認為，只能直接允許投資政府證券，而不是投資於政府證券的貨幣市場資金，這增加了風險層。

However, there’s a desire to support investment of stablecoin reserves in tokenized assets, which are often tokenized money market funds. Potentially, there could be some guidelines on acceptable tokenization standards. For example, this might include safeguards regarding who provides custody for tokenized assets, audits, and preventing tokenization firms lending out the underlying assets. There’s no point in banning stablecoin issuers from lending out reserves, if the tokenization firm can do the same.

但是，人們渴望支持在代幣化資產中對穩定儲備的投資，這些儲量通常是令牌化的貨幣市場基金。可能，可能有一些有關可接受的令牌化標準的準則。例如，這可能包括有關誰提供令牌化資產，審核和防止令牌化公司貸款基礎資產的保障措施。如果代幣化公司可以做同樣的話，禁止Stablecoin發行人借出儲備是沒有意義的。

Despite these detailed concerns, it’s worth noting the broader political landscape. Sen. Warren has consistently maintained firm opposition to cryptocurrencies and stablecoins, making her support for any such legislation unlikely. The key to passing effective regulation lies instead in gathering sufficient Democratic support from lawmakers who share Sen. Gillibrand’s recognition that stablecoin legislation is necessary. Given that stablecoins already exist, the current regulatory vacuum only magnifies their potential risks rather than addressing them.

儘管有這些詳細的擔憂，但值得注意的是更廣泛的政治格局。參議員沃倫（Warren）一直堅定地反對加密貨幣和穩定幣，使她不太可能支持任何此類立法。通過有效法規的關鍵在於，從分享參議員吉利布蘭德（Gillibrand）認識到斯塔布雷肯（Stablecoin）立法的立法者那裡得到足夠的民主支持。鑑於穩定劑已經存在，當前的監管真空只會放大其潛在風險，而不是解決它們。