参议院对Stablecoin立法的进票（Genius Act）的崩溃

这强调了保持加密货币政策两党的挑战。一旦准备好平稳通过，该法案就出轨了

The collapse of a procedural Senate vote on stablecoin legislation (GENIUS Act) Thursday underscores the challenges of keeping cryptocurrency policy bipartisan.

周四对Stablecoin立法的程序投票（GENIUS法）的崩溃强调了保持加密货币政策两党的挑战。

Once poised for smooth passage, the bill was derailed after last-minute Democratic objections and a lack of time to review final text — despite ongoing negotiations with Republican leadership.

一旦有了平稳的通行，该法案在最后一刻的民主反对意见和缺乏时间来审查最终文本的情况下出轨，尽管与共和党领导人进行了持续的谈判。

The 48–49 vote, with two Republicans joining Democrats in opposition, highlights deepening divisions over process and trust. While both parties publicly support regulating digital assets, the vote raises questions about whether crypto can remain a nonpartisan issue in a polarized Senate.

48-49票，两名共和党人加入民主党人反对，强调了对流程和信任的加深。尽管双方都公开支持监管数字资产，但投票提出了有关加密货币是否可以在两极分化的参议院中仍然是无党派问题的疑问。

In March, blockchain and digital asset attorney Marta Belcher confidently told crypto.news that support of crypto is nonpartisan:

3月，区块链和数字资产律师Marta Belcher自信地告诉Crypto.news，对加密货币的支持是无党派的：

“I think it’s a misconception that crypto has become partisan. Many people on both sides of the aisle support crypto. I don’t think crypto is a partisan issue, just like ‘the Internet’ isn’t a partisan issue. I don’t think, in 2025, either party can be ‘anti’ an entire technology if they’re thinking seriously about America’s future.”

“我认为这是一个误解，认为加密货币已经成为党派。过道双方支持加密货币的许多人。我不认为加密货币是一个党派问题，就像“互联网”不是党派的问题一样。我认为，在2025年，如果他们认真对待了美国的未来，那么在2025年，任何一方都可以成为整个技术。”

If Belcher is right, then Democrats see support for crypto much differently than Republicans. If we look at what Democrats say about crypto regulations and topics they are concerned about in the sector, most of the time, we will find out they are not on the same page as Republicans.

如果贝尔彻（Belcher）是正确的，那么民主党人就会看到对加密货币的支持与共和党人大不相同。如果我们看看民主党人对他们在该行业中关注的加密法规和主题的看法，大多数时候，我们会发现他们与共和党人不在同一页面上。

Take, for example, President Trump’s memecoin, Official Trump (TRUMP). The profits he and his family members generate from their DeFi business are becoming a major sticking point in bipartisan negotiations over stablecoin legislation.

以特朗普总统的成人，特朗普的官方（特朗普）为例。他和他的家人从defi业务中获得的利润正成为两党关于稳定立法的两党谈判的主要点。

As Scott Galloway, a New York University Stern School of Business professor and co-host of the Raging Moderates podcast, recently told CNN, “The potential here for grift is just unprecedented.”

正如纽约大学斯特恩商学院教授兼Raging Raging Willates Podcast的联合主持人Scott Galloway最近对CNN说：“ Grift的潜力只是前所未有的。”

Democratic Senators felt their Republican colleagues didn’t address the issue. Sen. Elizabeth Warren even encouraged the bill to ban sitting presidents from profiting off crypto ventures—an effort directly targeting Trump, who offered exclusive interactions with its top holders.

民主党参议员认为他们的共和党同事没有解决这个问题。参议员伊丽莎白·沃伦（Elizabeth Warren）甚至鼓励该法案禁止现任总统获得加密货币风险的利润，这是针对特朗普的努力，特朗普（Trump）与最高持有人进行了独家互动。

Crypto in the Biden era

拜登时代的加密

During President Joe Biden’s term, the cryptocurrency sector achieved several milestones. For example, Coinbase successfully became a NASDAQ-traded company. The outrightly crypto-skeptical Securities and Exchange Commission, then chaired by Gary Gensler, greenlighted Bitcoin exchange-traded funds.

在乔·拜登（Joe Biden）总统任期期间，加密货币部门取得了几个里程碑。例如，Coinbase成功成为了纳斯达克贸易公司。直到格里·盖斯勒（Gary Gensler）主持的绿色加密证券和交易委员会，绿灯币交易所交易资金。

That wasn’t enough for the industry’s top bulls. SEC official Hester Peirce said on May 8 that the approval process for Bitcoin ETFs was “mismanaged” and told Bloomberg News that the delays alienated innovators.

对于行业的顶级公牛来说，这还不够。 SEC官员Hester Peirce在5月8日表示，比特币ETF的批准过程“不牢固”，并告诉彭博新闻社，这些延迟疏远了创新者。

The crypto community also griped about alleged efforts to debank clients using digital assets, which they claimed was carried out by the FDIC and Department of Justice.

加密社区还掌握了据称使用数字资产撤销客户的努力，他们声称这是FDIC和司法部进行的。

The situation, colloquially known as Operation Choke Point 2.0, was scrutinized for being an overreach on the part of the former administration by Trump, Republican Sen. Cynthia Lummis and the Fed Chair, Jerome Powell.

这种情况被称为“扼流圈” 2.0行动，因特朗普，共和党参议员辛西娅·卢米斯（Cynthia Lummis）和美联储主席杰罗姆·鲍威尔（Jerome Powell）而被审查。

Gensler, a Democrat, filed numerous lawsuits against the cryptocurrency space during his term as SEC chair. The list includes Binance, Coinbase, Gemini, and Genesis, among others. One of the basic problems was the fact that Gensler insisted that most cryptocurrencies were nothing more than unregistered securities. This status was deemed prohibitive for innovation and current SEC officials prefer to view them as collectibles or commodities.

民主党人Gensler在担任SEC主席期间针对加密货币空间提起了许多诉讼。该列表包括Binance，Coinbase，Gemini和Genesis等。基本问题之一是，Gensler坚持认为大多数加密货币不过是未注册的证券。这种地位被认为对创新而言是过分的，而现任SEC官员则希望将其视为收藏品或商品。

Under Trump, the SEC dropped many of the charges filed initially under Gensler.

在特朗普的领导下，美国证券交易委员会（SEC）放弃了最初在Gensler领导下提出的许多指控。

Democrats seemingly decided to continue being cautious about crypto. Instead of fostering a free-breathing crypto experiment, they tried to play it slow to ensure no one was at risk.

民主党似乎决定继续对加密货币持谨慎态度。他们没有培养自由呼吸的加密实验，而是试图发挥速度，以确保没有人有危险。

However, this cautious approach can cost Democrats votes. A writer and CNN host, Van Jones, said that Democrats run people out of their party, noting that there are 50 million people in the U.S. who own crypto and going against them is “not smart.”

但是，这种谨慎的做法可以使民主党的投票代价。一位作家和CNN主持人范·琼斯（Van Jones）说，民主党人将人们赶出了党，并指出，在美国有5000万人拥有加密货币并反对他们是“不聪明的”。

Democrats and crypto today

今天的民主党人和加密

After tense negotiations that spanned one week, the GENIUS ACT, which would have regulated stablecoins in the U.S., ultimately failed in the Senate.

经过一周的紧张谈判，《天才法》（Genius Act）将在美国监管稳定的人，最终在参议院失败了。

Most Republicans, brimming with confidence in their victory, attempted to persuade their colleagues to accept the bill as soon as possible and disregarded the Democrats’ request for an extra week to prepare.

大多数共和党人充满信心地充满信心，试图说服同事尽快接受该法案，并忽略了民主党人要求额外准备的一周的要求。

People commenting on the news blamed Democrats for dedicating all their energy to blocking Republicans.

人们评论这一消息的人们指责民主党人将全部精力献给阻止共和党人。

The reality is that the genius act is actually not even a crypto bill if you really boil it down (must be non-yield bearing, BSA compliance etc), and the democrats still hate it—You really begin to wonder what they stand for

现实情况是，如果您真的将其归结为（必须是非收产轴承，BSA遵守等），那么天才行为实际上甚至不是加密法案），民主党人仍然讨厌它 - 您真的开始怀疑他们的意思是什么

Jeff Park of Bitwise stressed that the bill wasn’t that radical and had high requirements for the stablecoin issuers.

Bitwise的杰夫·帕克（Jeff Park）强调，该法案不是那么激进，并且对Stablecoin发行人有很高的要求。

According to Axios, Warren argued that the GENIUS Act lacked basic guardrails against corruption. She and other Democratic leaders reportedly looked at the numbers. Per the New York Times, Trump’s family members could profit from the $2 billion

根据阿克西奥斯（Axios）的说法，沃伦（Warren）辩称，《天才法》（Genius Act）缺乏针对腐败的基本护栏。据报道，她和其他民主党领导人研究了这一数字。根据《纽约时报》，特朗普的家庭成员可以从20亿美元中获利