美國參議員推進了穩定幣的第一個主要聯邦框架

在一個關鍵的深夜會議上，美國參議員集會了促進與傳統資產相關的簽署數字貨幣的第一個主要聯邦框架。

In a pivotal late-night session, U.S. senators unexpectedly advanced the first major federal framework for stablecoins, overcoming a prior stalemate to clear a critical procedural hurdle Monday. Attention shifts to the House, where lawmakers are racing to finalize a competing measure ahead of a potential clash between chambers.

在一個關鍵的深夜會議上，美國參議員意外地推進了第一個主要的聯邦穩定框架，以克服先前的僵局，以清除週一的關鍵程序障礙。注意力轉移到眾議院，議員們正在競爭，以在錢伯斯之間的潛在衝突之前完成競爭措施。

Both bills aim to impose strict safeguards on the burgeoning digital currency market, setting up a largely uncharted class of institutions that could operate largely unconstrained by existing financial regulations. They also seek to preempt state-level activity, having emerged following years of bipartisan efforts to craft legislation and keep pace with rapid developments in crypto.

這兩項法案旨在對新興的數字貨幣市場施加嚴格的保障措施，建立在很大程度上未知的機構類別，這些機構可能在很大程度上受到現有財務法規的不受限制。他們還尋求搶占州級活動，並在兩黨在製定立法的兩年之後出現，並與加密貨幣的快速發展保持同步。

The Senate voted 66-32 to fast-track the GENIUS Act, smashing the 60-vote threshold needed to limit debate and setting the stage for final approval. This time, 16 Democrats joined Republicans to propel the legislation forward, despite lingering concerns about oversight gaps and a lack of consumer protections.

參議院以66-32投票通過了《天才法案》，擊敗了限制辯論所需的60票閾值，並為最終批准奠定了基礎。這次，儘管對監督差距和缺乏消費者保護的擔憂，但有16名民主黨人加入共和黨人推動立法前進。

Earlier this month, both Mark Warner (D-VA) and Ruben Gallego (D-AZ) opposed the bill due to these apprehensions. However, following last-minute negotiations that saw negotiators add minor protections, including the public official ban, both flipped their votes.

本月初，由於這些擔心，馬克·華納（D-VA）和魯本·加勒戈（D-AZ）都反對該法案。但是，在最後一刻的談判之後，談判者增加了次要的保護，包括公共官員禁令，他們都投票了。

The breakthrough follows May 8, when the measure collapsed amid partisan gridlock, rendering it unable to proceed. A vote on Monday saw the bill pass overwhelmingly, surprising even seasoned observers given the prior setback.

在5月8日，當該措施在黨派僵局中崩潰時，突破性的突破，使其無法進行。週一的投票使得比爾（Bill）絕大多數通過，即使是經驗豐富的觀察者，鑑於先前的挫折也令人驚訝。

The House is currently focused on the STABLE Act, which was approved by the House Financial Services Committee in March. It varies from the Senate bill in placing greater emphasis on federal oversight and rendering bank involvement in stablecoin activity more straightforward.

該眾議院目前專注於《穩定法》，該法案在三月份獲得了眾議院金融服務委員會的批准。這與參議院法案更加重視聯邦監督和使銀行參與Stablecoin活動的更加直接。

Both chambers will strive to reconcile any disparities between the bills to send a single legislative package to the president's desk.

這兩個錢伯斯都將努力調和法案之間的任何差異，以將單個立法方案發送給總統的辦公桌。

The legislation would establish America's first comprehensive rules for stablecoins, a $230 billion market that is currently largely dominated by offshore players like Tether. It mandates strict safeguards for stablecoin issuers, rendering them unable to operate without sufficient capital or engage in risky activities.

該立法將製定美國對Stablecoins的第一條綜合規則，該規則是一個耗資2300億美元的市場，目前主要由像Tether這樣的離岸參與者主導。它要求對Stablecoin發行人進行嚴格的保障措施，使他們在沒有足夠資本或從事風險活動的情況下無法運營。

The 89-page bill, which was introduced in February, would also impose an outright ban on algorithmic stablecoins, rendering them illegal to operate in the U.S. Additionally, public officials, including members of Congress, would be prohibited from launching such tokens while in office.

這項89頁的法案是在2月提出的，還將完全禁止對算法穩定的穩定性施加禁令，並使他們在美國進行非法行動，包括國會議員在內的公職人員將被禁止在任職期間發射此類代碼。

Large issuers, defined as those with outstanding tokens valued over $10 billion, would face direct oversight by the Federal Reserve, while smaller firms could opt for state licensing or close down their U.S. operations within 18 months of the law's enactment.

大型發行人（被定義為具有超過100億美元的未償名代幣的發行人）將面臨美聯儲的直接監督，而小型公司可以在法律頒布後的18個月內選擇州許可或關閉美國業務。

However, critics highlight that foreign operators like Tether would be able to continue their activities without needing to undergo the stringent audit requirements imposed on U.S. firms.

但是，批評者強調，像Tether這樣的外國運營商將能夠繼續其活動，而無需承擔對美國公司徵得的嚴格審計要求。

Furthermore, private technology companies, such as Elon Musk's X or Amazon, would still be able to issue stablecoins if they choose to remain private, a point raised by Better Markets' Dennis Kelleher.

此外，諸如埃隆·馬斯克（Elon Musk）的X或亞馬遜之類的私人技術公司，如果選擇保持私密的話，他們仍然可以發行Stablecoins，這是由Better Markets的Dennis Kelleher提出的。

"This invites Big Tech into finance without guardrails, allowing them to operate largely unfettered," Kelleher warned.

凱勒爾警告說：“這使Big Tech無需護欄即可進入金融，從而使他們在很大程度上不受限制。”

Consumer Protection Concerns

消費者保護問題

Consumer protection issues have been a subject of contention, with several House Democrats, notably Maxine Waters (D-CA), raising concerns about the lack of consumer shields in the legislation.

消費者保護問題一直是爭論的主題，有幾位眾議院民主黨人，尤其是Maxine Waters（D-CA），引起了對立法中缺乏消費者盾牌的擔憂。

"We're nearing a point where we might lose the House leadership on this matter," said Greg Cherwink of the American Consumer Institute, highlighting the urgency of addressing these concerns.

美國消費者研究所的格雷格·切溫克（Greg Cherwink）說：“我們接近可能會失去眾議院領導的地步。”他強調了解決這些擔憂的緊迫性。

"The Senate bill largely serves the interests of mega-corporations and flings open the door to tech companies like Amazon and Elon Musk to operate in this domain without sufficient oversight," Cherwink added.

Cherwink補充說：“參議院法案在很大程度上為大型公司的利益提供了巨大的利益，並為像亞馬遜和埃隆·馬斯克這樣的科技公司打開了大門，可以在這個領域中運作而沒有足夠的監督。”

Another pressing concern is the potential impact on traditional banks, which could witness a decline in deposits as individuals and institutions move to higher-yielding stablecoin products.

另一個緊迫的擔憂是對傳統銀行的潛在影響，隨著個人和機構轉移到更高的穩定產品時，這可能會證明存款的下降。

"There's a risk of deposits flowing out of traditional banks and into these new products, which could destabilize the financial system," said Janelle Matthews of the American Bankers Association.

美國銀行家協會的詹妮爾·馬修斯（Janelle Matthews）表示：“冒著從傳統銀行流出並進入這些新產品的風險，這可能會破壞金融體系的穩定。”

"While we support Congress's efforts to craft legislation and regulate this emerging technology, it's crucial to get it right," Matthews emphasized.

馬修斯強調說：“儘管我們支持國會為立法制定立法和規範這項新興技術的努力，但要糾正它至關重要。”

Despite the urgency highlighted by consumer and banking groups, members of Congress appear focused on reaching a bipartisan agreement and enacting legislation by the end of the year, aiming to keep pace with global peers like the European Union, which are also working on their own digital currency rules.

儘管消費者和銀行集團強調了緊迫性，但國會議員似乎專注於達成兩黨協議並在年底之前製定立法，旨在與歐盟這樣的全球同行保持同步，歐洲聯盟也正在遵守自己的數字貨幣規則。

"This isn't perfect, but it's progress," said Senator Cynthia Lummis (R-WY), a key sponsor of the bill.

該法案的主要贊助商辛西婭·魯米斯（R-Wy）參議員辛西婭·魯米斯（R-Wy）說：“這並不是完美的，但這是進步。”

"We've managed to find common ground without gutting the core of the bill or engaging in actions that would ultimately hinder innovation."

“我們設法找到了共同點，而沒有掩蓋法案的核心或最終會阻礙創新的行動。”

However, even as the bill passed a critical procedural hurdle, skepticism was evident among some lawmakers.

但是，即使該法案通過了一個關鍵的程序障礙，在一些立法者中，懷疑主義也很明顯。

"This bill is a gift to crypto scammers and a recipe for disaster," warned Senator Elizabeth Warren (D-MA), a Democrat known for her staunch criticism of the crypto industry.

參議員伊麗莎白·沃倫（Elizabeth Warren）（D-MA）警告說：“該法案是給加密騙子的禮物，也是災難的秘訣。”