我们不能错过这个机会来调节stabablecoins

在众议院金融服务委员会的几年中，我致力于保护消费者并加强我们的金融体系。

During my years on the House Financial Services Committee, I worked to protect consumers and strengthen our financial system. I’ve seen firsthand what happens when Washington drags its feet on common-sense reforms, and that’s exactly what’s happening right now with cryptocurrency regulation.

在众议院金融服务委员会的几年中，我致力于保护消费者并加强我们的金融体系。我亲眼目睹了华盛顿在常识性改革上拖延脚步时发生了什么，这正是加密货币调节现在正在发生的事情。

This month marks three years since the collapse of the Terra Luna stablecoin, a meltdown that wiped out billions of dollars and devastated everyday U.S. investors. It should have been a wake-up call.

本月是Terra Luna Stablecoin倒闭以来的三年，这是一次崩溃，消除了数十亿美元，并摧毁了美国日常投资者。这应该是一个叫醒电话。

Stablecoins aren’t like Bitcoin. You don’t buy them hoping their value will go up. In fact, they’re designed to do the opposite—remain stable, usually pegged one-to-one with the U.S. dollar. That’s what makes them useful. They act as a bridge between the traditional financial system and the digital one.

Stablecoins不像比特币。您不会购买它们，希望它们的价值会上升。实际上，它们旨在做相反的事情 - 将稳定，通常与美元一对一地固定。这就是使它们有用的原因。它们充当传统金融体系与数字金融系统之间的桥梁。

Because they’re faster and cheaper to send than wire transfers or credit card payments, stablecoins are becoming a go-to tool for global payments. Americans use them to send remittances, pay international contractors, and move money on crypto platforms. In many ways, they function like a modern version of the digital dollar—easy to move, instantly settled, and able to operate across borders.

由于它们的发送速度比电汇或信用卡付款更便宜，因此StableCoins已成为全球付款的首选工具。美国人使用它们来发送汇款，支付国际承包商并在加密平台上搬钱。在许多方面，它们的功能就像是现代版本的数字美元，可以移动，立即定居并能够在边界上运行。

But even though stablecoins are meant to be, well, stable, Terra Luna wasn’t. It crashed because it operated without meaningful oversight—no clear rules, meaningful or reserve requirements, or consumer protections. That collapse helped set off a broader chain reaction across the crypto industry, including the implosion of FTX. Investors lost money and trust evaporated, but Congress failed to act.

但是，即使Stablecoins本来应该是稳定的，但Terra Luna却不是。它崩溃了，因为它在没有有意义的监督的情况下进行操作 - 没有明确的规则，有意义的或保留的要求或消费者保护。这种崩溃有助于在整个加密货币行业中引发了更广泛的链反应，包括FTX的内爆。投资者损失了金钱，信任蒸发，但国会未能采取行动。

Both parties have had chances to lead on this issue, but the most recent failure hurts the most.

双方都有机会在这个问题上领导，但最近的失败最为痛苦。

Earlier this month, the Senate failed to advance the bipartisan GENIUS Act, the most comprehensive stablecoin legislation introduced to date. It includes strong consumer protections and tough standards for how stablecoin issuers must operate. Yet, despite its merits, some Democrats blocked it.

本月早些时候，参议院未能推进《两党天才法》，这是迄今为止介绍的最全面的稳定立法。它包括强大的消费者保护和艰难的标准，以实现Stablecoin发行人的运作方式。然而，尽管有优点，但一些民主党人仍被阻止。

Their reasons varied: some felt the bill didn’s go far enough. Others raised concerns about former President Trump’s crypto ties. But if I learned anything during my time in Congress, it’s that you can’t let the perfect be the enemy of the good. In a body with 100 senators and more than 400 House members, you rarely get 100% of what you want, and that’s OK. Progress means taking the wins you can, especially when consumer protection is on the line.

他们的原因有所不同：有些人认为该法案还不够远。其他人则对特朗普前总统的加密联系提出了担忧。但是，如果我在国会期间学到了任何东西，那就是您不能让完美成为善良的敌人。在有100名参议员和400多名众议院议员的尸体中，您很少获得所需的100％，这没关系。进步意味着取得胜利，尤其是在消费者保护的情况下。

Doing nothing doesn’t make the risks go away. It makes them worse. It lets bad actors continue unchecked. And it cedes leadership in financial innovation to other countries.

无所事事不会使风险消失。这使他们变得更糟。它使坏演员继续不受限制。它使其他国家的财务创新领导能力。

Senator Ruben Gallego said it best: “If we don’t pass any stablecoin legislation, [Trump’s] still going to do everything he’s going to do right now. The most important thing we can do is get a strong, strong bill.” I couldn’t agree more.

参议员鲁本·加列戈（Ruben Gallego）说：“如果我们不通过任何稳定立法，那么[特朗普]仍将做他现在要做的一切。我们能做的最重要的事情就是得到一个强大，强大的账单。”我不同意。

Democrats have long stood for protecting consumers and ensuring fair, accountable markets. That’s exactly what the GENIUS Act aims to do. This isn’t about endorsing crypto—it’s about bringing stability and oversight to a growing part of our economy.

民主党长期以来一直代表保护消费者并确保公平，负责的市场。这正是《天才法》旨在做的事情。这并不是要认可加密货币，而是将稳定和监督带入我们经济中不断增长的部分。

The alternative is letting the wild west continue while other countries pass us by—and letting American families bear the consequences.

另一种选择是让野外西部继续，而其他国家通过我们经过，并让美国家庭承担后果。

Democrats missed a critical opportunity this time. Let’s make sure we don’t miss the next one. Ron Klink served as a Democratic member of the U.S. House of Representatives from Pennsylvania's 4th district. He served on the House Financial Services Committee.

这次民主党错过了一个关键的机会。让我们确保我们不会错过下一个。罗恩·克林克（Ron Klink）曾担任宾夕法尼亚州第四区美国众议院的民主党成员。他曾在众议院金融服务委员会任职。