Stablecoin立法延遲可能對Altcoins不利

據行業專家稱，如果國會未能通過尚待穩定的立法，則替代幣可能會面臨逆風。

Industry experts have warned that altcoins could face headwinds if Congress fails to pass pending stablecoin legislation.

行業專家警告說，如果國會未能通過持續的穩定立法，Altcoins可能會面臨逆風。

Bitwise CIO Matt Hougan has expressed concern that legislative inertia would particularly impact altcoins. This cautionary outlook comes as the Senate prepares to vote on the GENIUS Act before Memorial Day.

Bitwise Cio Matt Hougan表示關注立法慣性會特別影響Altcoins。當參議院準備在陣亡將士紀念日之前對《天才法》進行投票時，這種警告的前景就來了。

“If stablecoin and market structure bills grind to a halt in DC, it’s going to be a long summer for non-bitcoin crypto assets,” Hougan warns.

Hougan警告說：“如果Stablecoin和市場結構在DC停留，那將是非比型幣加密資產的漫長夏天。”

The potential stalling of stablecoin legislation creates a tough situation for altcoins. This is due to the fact that they tend to depend largely on stablecoin liquidity and trading pairs.

Stablecoin立法的潛在失速為Altcoins帶來了艱難的局勢。這是由於它們傾向於在很大程度上取決於Stablecoin流動性和交易對。

As much as Bitcoin enjoys institutional adoption and growing acceptance as a strategic asset class, numerous altcoins do not enjoy these buffers against regulatory uncertainty.

儘管比特幣享受著作為戰略資產類別的機構採用和越來越多的接受，但許多Altcoins並不享受這些緩沖劑，以抵制監管不確定性。

Stablecoins are the foundational infrastructure of the altcoin system. They generate trading liquidity, on-ramps from traditional finance, and relatively safe haven during volatility. Regulatory treatment has immediate impacts on how easily capital can enter and exit smaller cap tokens. Without well-established rules for operation and issuance, large financial institutions may delay or abandon plans to enter the field.

穩定劑是Altcoin系統的基礎基礎設施。他們產生了交易流動性，傳統金融的潮流以及波動期間相對避免的避風港。監管治療對資本如何進入和退出較小的帽子令牌有立即影響。如果沒有公認的運營和發行規則，大型金融機構可能會延遲或放棄進入該領域的計劃。

The GENIUS Act had initially seen bipartisan support, with the Senate Banking Committee voting 18-6 in its favor. Five Democratic committee members had voted across party lines at that time. But subsequent action has seen nine Democrats, four of whom previously voted for the bill, switch sides.

《天才法》最初得到了兩黨的支持，參議院銀行委員會以18-6投票支持。當時，五名民主黨委員會成員在各方進行了投票。但是隨後的行動已經看到了九名民主黨人，其中四名以前投票贊成該法案，轉換。

Altcoin investors should watch for the U.S. Senate vote on May 26. In the absence of the regulatory certainty that a law would provide, institutional investors’ participation in altcoin markets can remain limited.

Altcoin投資者應在5月26日觀看美國參議院投票。在沒有法律提供的監管確定性的情況下，機構投資者參與AltCoin市場可能會保持限制。

This leaves such assets more vulnerable to volatility and bearish sentiment if the stablecoin legislation does not advance. Coinbase CEO had also urged the Congress to speed up the Genius act.

如果Stablecoin立法沒有提出，這會使此類資產更容易受到波動和看跌情緒的影響。 Coinbase首席執行官還敦促國會加快《天才法》。

Overall crypto outlook still positive despite legislative uncertainty

儘管立法不確定性，但總體加密展望仍然積極

In spite of legislative uncertainty, the overall cryptocurrency space has registered some positives within the first 100 days of the Trump presidency. A few positive policy initiatives have been implemented.

儘管存在立法不確定性，但在特朗普總統任期的前100天內，總體加密貨幣領域仍登記了一些積極。已經實施了一些積極的政策計劃。

From establishing a U.S. strategic bitcoin reserve which now contains around 200,000 BTC to the White House recognizing digital assets as a “national priority,” coupled with roll-backs on SEC accounting rules which had shut banks out of participation in cryptocurrencies, the altcoin space has registered a few positives.

從現在建立一家美國戰略比特幣儲備，該預備隊現在包含約200,000 BTC到白宮，將數字資產視為“國家優先事項”，再加上SEC會計規則上的後備書，該規則將銀行從參與加密貨幣的參與中關閉，Altcoin Space已註冊了一些積極的積極性。

If stablecoin and market structure bills grind to a halt in DC, it's going to be a long summer for non-bitcoin crypto assets.

如果Stablecoin和市場結構在DC停留，那麼對於非比型幣加密資產來說將是一個漫長的夏天。

— Matt Hougan (@Matt_Hougan) May 6, 2025

- Matt Hougan（@matt_hougan）2025年5月6日

Hougan believes that the majority of crypto assets will reach new all-time highs this year, and Bitcoin could easily surpass $200,000. But he cautioned in his recent report that this is pinning one’s hopes on Washington finally getting its act together regarding crypto regulations.

霍根（Hougan）認為，大多數加密資產將在今年達到新的高潮，比特幣很容易超過20萬美元。但是他在最近的報告中告知，這寄希望於華盛頓最終將其針對加密法規的行為融合在一起。

The actual concern is that what we are seeing today is mainly a result of action by the president and not laws enacted by Congress. If Congress fails to enact the legislation, future presidents are simply going to be able to reverse gains. The stablecoin legislation is an opportunity to put crypto’s rules into law with bipartisan support. That would prevent future presidents from rolling back gains.

實際關注的是，我們今天所看到的主要是總統行動的結果，而不是國會制定的法律。如果國會未能製定立法，那麼未來的總統將能夠扭轉收益。 Stablecoin立法是一個機會，將加密貨幣的規則納入法律，並在兩黨支持下。這將阻止未來的總統退縮。

For altcoin markets, stablecoin legislation would enable more institutions to participate and provide liquidity to markets. But if legislation does not occur, large financial institutions may still opt out as they prefer clear regulation.

對於Altcoin市場，Stablecoin立法將使更多的機構參與並為市場提供流動性。但是，如果不進行立法，大型金融機構可能會選擇退出，因為他們更喜歡明確的法規。