不穩定的運動

Narrativestablecoin和市場結構法案是有關加密貨幣的兩件大事，預計國會今年將與唐納德·特朗普總統的辦公桌聯繫。

House Republicans unveiled a discussion draft of a market structure bill but all eyes this week were on the Senate, where a largely bipartisan effort to advance stablecoin legislation ran up against a wall.

眾議院共和黨人揭開了一項關於市場結構法案的討論草案，但本週所有人都在參議院上進行，在這裡，兩黨的努力在很大程度上努力推進了穩定立法的立法。

PS: I'll be in Toronto next week for Consensus. In town? Come say hi.

PS：下週我將在多倫多獲得共識。在鎮上？來打個招呼。

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

您正在閱讀加密貨幣狀態，這是一本關注加密貨幣與政府交叉點的通訊。單擊此處註冊以後的版本。

Unstable movement

不穩定的運動

The narrative

敘述

Stablecoin and market structure bills are the two big things around crypto that Congress is expected to get to President Donald Trump's desk this year. There was a press conference by crypto and AI czar David Sacks with the chairs of the House and Senate committees. Everyone had this rough deadline of "before the August recess."

Stablecoin和市場結構賬單是有關加密貨幣的兩件大事，預計國會今年將與唐納德·特朗普總統的辦公桌聯繫。 Crypto和AI Czar David Sacks的新聞發布會與眾議院和參議院委員會的主席。每個人都有在“八月休息之前”的艱難截止日期。

Why it matters

為什麼重要

Of these two bills, the stablecoin legislation was supposed to be the easier lift. It's focused on just a part of the crypto sector, while the market structure bill will define how a much broader part of the industry operates and is overseen by federal regulators. And up until just over a week ago, the stablecoin bill was largely sailing through with few issues. Now — while it's still expected to become law — the timing of its passage is far less certain.

在這兩個法案中，穩定的立法應該更容易提升。它僅關注加密貨幣領域的一部分，而市場結構法案將定義該行業的更大部分運作並由聯邦監管機構監督。直到一周多以前，Stablecoin Bill在很大程度上遇到了很少的問題。現在 - 雖然仍然期望成為法律，但其通過的時機遠遠不夠確定。

Breaking it down

分解

First thing's first: No one this reporter has spoken to this week thinks that the Senate's stablecoin bill — the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — is dead. According to multiple individuals familiar with the situation, lawmakers were already back to negotiating after Thursday's failed vote, and lawmakers could vote again as soon as next week — potentially even Monday.

第一件事是第一件事：記者本週沒有人認為參議院的Stablecoin法案（指導和建立了為美國Stablecoins（Genius）法案）的指導和建立國家創新 - 已死。據多個熟悉這種情況的人稱，週四投票失敗後，立法者已經重新進行談判，立法者可以在下週（甚至星期一）再次投票。

Thursday's vote failed after Democrats raised an alarm last weekend that certain provisions around national security, the soundness of the financial system and accountability, though Republicans argued that ongoing stablecoin usage requires swift passage. U.S. President Donald Trump's profiting off of stablecoins also raised alarm bells for lawmakers, senators introducing multiple bills that would prevent the President from issuing financial assets, including the "End Crypto Corruption Act," which would block all members of Congress, the president, vice president, other executive branch officials and their families from "issuing, endorsing or sponsoring crypto assets."

在民主黨上週末發出警報稱國家安全，金融體系和問責制的某些規定時，週四的投票失敗了，儘管共和黨人辯稱，持續的穩定使用情況需要迅速通過。美國總統唐納德·特朗普（Donald Trump）從穩定者中獲利的利潤也引起了議員的警報，參議員介紹了多項法案，這些法案將阻止總統發行金融資產，包括“終結的加密腐敗法”，該法案將阻止國會所有成員，總統，總統，副總統，其他執行分支機構及其家人“簽發或贊助Cryto Assets”。

On Wednesday, one individual told CoinDesk that it appeared that a deal might be in place so that Democrats would get a vote on the End Crypto Corruption Act, either as an amendment to the GENIUS Act or as a standalone bill, ahead of the procedural vote on the GENIUS Act itself.

週三，一個人告訴Coindesk，似乎達成協議可能已經到位，以便民主黨人對《最終加密腐敗法》進行投票，要么是對《天才法案》的修正案，要么是對《天才法案》本身的程序投票之前的一項修正案。

This ultimately did not happen, with lawmakers proceeding directly to the so-called cloture vote on Thursday; it fell 48-49.

最終，這並沒有發生，立法者直接在周四進行所謂的Cloture投票。它下降了48-49。

The vote did not fail on party lines either: though no Democrats voted in favor of the bill, Republicans Josh Hawley and Rand Paul joined 46 Democrats in voting against the motion (Majority Leader John Thune initially voted in favor of the bill, but flipped in a procedural move that will let him bring the bill back for a vote later).

投票也沒有在黨派界限上失敗：儘管沒有民主黨人投票贊成該法案，但共和黨人喬什·霍利（Josh Hawley）和蘭德·保羅（Rand Paul）加入了46名民主黨人對該動議進行投票（多數黨領袖約翰·杜恩（John Thune）最初投票贊成該法案，但卻將程序舉動傾斜，這將使他稍後再投票。

Among other issues was the fact that there was no bill text available at the time the vote kicked off.

除其他問題外，事實是，在投票開始時沒有可用的賬單文字。

The cloture vote, which would open 30 hours of debate, is likely the main piece of leverage Democrats have to try and get their priorities into the bill because it needs 60 Senators to pass. After the debate, there will be another cloture vote before the final passage vote, but it would be difficult for a lawmaker who voted to open debate to walk that back afterward, one of the individuals told CoinDesk.

即將開放30個小時的辯論的Cloture投票可能是民主黨人必須嘗試將其優先事項納入法案，因為它需要60名參議員才能通過。辯論結束後，將在最後通過投票之前再進行一次盤點投票，但是對於一位投票投票進行公開辯論的議員來說，這將是很困難的。

Having their priorities sorted before getting to the final set of votes would also just generally provide more comfort to lawmakers, the individual said.

該人說，在獲得最終選票之前，將優先事項分類為一般也只會為立法者提供更多的安慰。

None of the individuals who spoke to CoinDesk expect that an actual provision blocking the U.S. President from issuing or being tied to an issuer of a stablecoin will become part of the final bill.

與Coindesk交談的人都沒有一個人期望阻止美國總統發行或與Stablecoin的發行人聯繫在一起的實際條款將成為最終法案的一部分。

One of the individuals said ongoing negotiations are more focused on how foreign issuers are treated and anti-money laundering provisions.

其中一名個人說，正在進行的談判更加關注外國發行人的方式和反洗錢的規定。

A broader concern was that a hefty delay in passing the stablecoin legislation may slow down the process for advancing the market structure bill, which will rewrite the law around how the Commodity Futures Trading Commission and Securities and Exchange Commission oversee digital assets, including how cryptocurrencies might be defined as securities. A discussion draft was introduced in the House this week.

一個更廣泛的問題是，通過Stablecoin立法的延遲延遲可能會減慢推進市場結構法案的過程，這將重寫有關商品期貨貿易委員會和證券交易委員會如何監督數字資產的法律，包括如何將加密貨幣定義為證券。本週在眾議院引入了討論草案。

If the Senate votes on the stablecoin bill in the next week or so, it should not hold up the other bill, two individuals told CoinDesk.

如果參議院在下週左右對Stablecoin法案進行投票，則不應提出其他法案，兩個人告訴Coindesk。

This Week's Headlines

本週的頭條新聞

A new bill from U.S. Senators Elizabeth Warren and Chris Van Hollen would prevent the president, vice president and their families from investing in cryptocurrencies.

美國參議員伊麗莎白·沃倫（Elizabeth Warren）和克里斯·範·霍倫（Chris Van Hollen）的一項新法案將阻止總統，副總統及其家人投資加密貨幣。

A bipartisan group of U.S. Senators introduced legislation on Wednesday aiming to block the president, vice president and their families from investing in cryptocurrencies or engaging in related activities.

美國參議員的兩黨群體週三提出了立法，旨在阻止總統，副總統及其家人投資加密貨幣或從事相關活動。

The initiative, titled the "End Crypto Corruption Act," seeks to restrict

該倡議的標題為“結束加密腐敗法”，試圖限制