《天才法案》（指导和建立创新为美国稳定者）未能在参议院前进

5月8日，星期四，参议院投票决定阻止《天才法》的进步，《天才法》的进步是一项旨在巩固稳定剂的监管框架的首个法案。

The Senate procedural vote on the GENIUS Act, a bipartisan bill to create a federal regulatory framework for stablecoins, has failed to reach the 60 votes needed for advancement. The vote, which was held on Thursday, May 8, saw 49 senators vote to proceed with the bill, while 11 senators voted against it.

参议院对《天才法》的程序投票，这是一项针对Stablecoins创建联邦监管框架的两党法案，未能达到晋升所需的60票。 5月8日星期四举行的投票看到49名参议员投票通过该法案进行，而11名参议员投票反对。

The bill, which is sponsored by Senate Majority Leader John Thune (R-S.D.) and had the support of Senate Minority Leader Charles Schumer (D-N.Y.), faced opposition from several Democrats, who had concerns about the bill's provisions on foreign-issued stablecoins and the lack of measures to prevent corruption.

该法案是由参议院多数党领袖约翰·图恩（Rs.D.）赞助的，并得到了参议院少数党领袖查尔斯·舒默（Charles Schumer）（DN.Y.）的支持，他面临着几位民主党的反对，他们担心该法案对外交施B，并缺乏措施来防止腐败。

Several Democrats, including Senators Elizabeth Warren (D-Mass.) and Cynthia Lummis (R-Wyo.), had been working to add amendments to the bill, but they were unable to reach an agreement with Republicans.

包括参议员伊丽莎白·沃伦（D-Mass。）和辛西娅·卢米斯（Cynthia Lummis）（R-Wyo。）在内的几位民主党人一直在努力为该法案增加修正案，但他们无法与共和党达成协议。

The vote came as a blow to Republicans, who had hoped to pass the bill as their first major piece of legislation in the 118th Congress. The bill is also a priority for the Biden administration, which has been urging lawmakers to create a clear regulatory framework for stablecoins.

投票是对共和党人的打击，共和党人希望将该法案作为第118届国会中的第一个主要立法。该法案也是拜登政府的优先事项，该法案一直在敦促立法者为Stablecoins创建明确的监管框架。

"We’ve had an open process on this bill so far, so why stop now?" Thune said on the Senate floor. "If senators would like the opportunity to make further modifications to the bill, I encourage them to vote for cloture. Once we’re on the bill, we can discuss changes here on the floor."

“到目前为止，我们已经在这项法案上开了一个公开的过程，所以为什么现在停止呢？”图恩在参议院的地板上说。 “如果参议员希望有机会对该法案进行进一步的修改，我鼓励他们投票赞成Cloture。一旦我们掌握了法案，我们就可以在地板上讨论更改。”

Cloture would have advanced the bill to a vote, avoiding any potential filibuster. But the vote failed, capping off a week of frenetic negotiations held in secret where Lummis and Senator Bill Hagerty (R-Tenn.) trundled all over the Hill to coax nine Democratic holdouts.

Cloture会将该法案提出投票，以避免任何潜在的败诉。但是投票失败了，封锁了一周的秘密进行疯狂的谈判，卢米斯和参议员比尔·哈格蒂（R-Tenn。）在整个山丘上徘徊，哄骗了九个民主持有。

"We need time," one Democrat, Senator Ruben Gallego (D-Ariz.), told Politico.

一位民主党人鲁本·加勒戈（Ruben Gallego）（D-Ariz。）告诉Politico：“我们需要时间。”

Later, expressing Democrats’ apparent frustration with the process, Gallego used more colorful language.

后来，加勒戈（Gallego）表达了民主党人对这一过程的挫败感，使用了更丰富多彩的语言。

"You can't try to f*** us and then say, hey, deal with it," he said. "That's just not going to work, especially when you still need our votes."

他说：“你不能试图让我们说，然后说，嘿，处理它。” “这只是行不通的，尤其是当您仍然需要我们的选票时。”

At least one Democrat, Senator Tammy Baldwin (D-Wis.), ultimately decided not to vote for the bill.

至少有一名民主党人塔米·鲍德温（Tammy Baldwin）（D-Wis。）最终决定不投票给该法案。

In a statement to Jewish Insider, Baldwin said she was "disappointed that we were unable to complete work on a bipartisan bill to regulate stablecoins."

鲍德温在给犹太人内部人士的声明中说，她“失望的是，我们无法完成两党法案来规范稳定的法案。”

"I hope that in the coming weeks, we can continue to collaborate in a way that respects the time and contributions of all senators," her statement concluded.

她的声明总结说：“我希望在接下来的几周内，我们可以继续以尊重所有参议员的时间和贡献的方式进行合作。”

The House Financial Services Committee on April 3rd passed its own stablecoin bill, called The Stable Act (Stablecoin Transparency and A Better Ledger Economy). While the Stable Act and the Genius Act share many similarities, they are not identical.

众议院金融服务委员会于4月3日通过了自己的Stablecoin法案，称为《稳定法》（Stablecoin透明度和更好的账本经济）。尽管稳定的行为和天才法案具有许多相似之处，但它们并不相同。

One notable difference is the way each respective bill addresses foreign-issued stablecoins.

一个值得注意的区别是每个法案涉及外国发行的稳定币的方式。

One of the main criticisms leveled at the Genius Act is the ostensible carve-outs for foreign-issued stablecoins. While there are imperatives for foreign-issued stablecoins to cooperate with law enforcement, regulations as a whole do not appear as strident as those applied to U.S.-based companies.

《天才法案》中提出的主要批评之一是外国发行的稳定稳定的雕刻。尽管外国发行的稳定币必须与执法部门合作，但整个法规似乎并不像适用于美国公司的法规那样严格。

The language of the Stable Act is slightly more ambiguous. It maintains a more loose regulatory framework, allowing 18 months for foreign-issued stablecoins to adhere to U.S. law or a comparable jurisdiction.

稳定行为的语言稍微模棱两可。它保持了一个更松散的监管框架，使外国发行的稳定币可以遵守美国法律或可比的管辖权。

The elephant in the room of course, is Tether. The El Salvador-based company issues USDT, which commands between 60% to 70% of all trading volume and earned Tether over $13 billion in profit last year.

当然，房间里的大象是系绳。总部位于埃尔萨尔瓦多公司（El Salvador）的公司发表了USDT，该公司的命令占所有交易量的60％至70％，去年赢得了超过130亿美元的利润。

Having run afoul of regulators over the years, Tether has remained resilient. In the past year, the company has actively courted Washington. Its strongest business ally is the investment bank Cantor Fitzgerald, which until recently was run by Commerce Secretary Howard Lutnick.

多年来，Tether一直在监管机构竞选后保持韧性。在过去的一年中，该公司积极向华盛顿求婚。它最强大的业务盟友是投资银行Cantor Fitzgerald，直到最近由商务部长霍华德·卢特尼克（Howard Lutnick）经营。

While the perceived foreign-issued stablecoin loophole of the Genius Act provokes the ire of Democrats, the reality of Tether’s outsized chunk of the market demands attention. If Tether were cut off from the U.S., major liquidity problems could quickly arise.

尽管《天才法》的外国发行的stablecoin漏洞引起了民主党的愤怒，但特etherof tether的市场大部分市场的现实需要关注。如果系绳与美国切断，则可能很快出现主要的流动性问题。

That said, CEO Paolo Ardoino spoke recently of issuing a new U.S.-based stablecoin in the near future.

话虽如此，首席执行官保罗·阿多伊诺（Paolo Ardoino）最近谈到，在不久的将来发布了美国新的Stablecoin。

A majority of Democratic Senators were never on board with the Genius Act. Those who soured on the bill recently seem to have done so at least partially, swayed by the timing of $2 billion flowing into Trump’s World Liberty Financial’s stablecoin.

大多数民主党参议员从来没有参加过《天才法》。那些最近在该法案中感到酸痛的人似乎至少部分地做到了，这是20亿美元流入特朗普世界自由金融的稳定的时机。

Senator Josh Hawley (R-Mo.) voted no on the Genius Act because he fears it gives big tech too much power to create their own currencies. However, prior to casting his vote, he made comments that suggested his position was malleable.

参议员乔什·霍利（Josh Hawley）（R-Mo。）对《天才法案》（Genius Act）投票不满，因为他担心这会赋予高科技的力量，无法创造自己的货币。但是，在投票之前，他发表了评论，表明他的立场是可延展的。

Enough Democrats, in the next vote, might prove to be equally malleable. Recently

在下一次投票中，足够多的民主党人可能同样具有延展性。最近