美国参议院具有里程碑意义的Stablecoin立法的前进途径袭击了一个重大的障碍

主要的民主党立法者表达了与唐纳德·特朗普总统在加密货币行业内的个人和财务联系直接相关的保留。

The path forward for landmark stablecoin legislation in the US Senate has hit a significant snag, as key Democratic lawmakers are expressing reservations linked directly to President Donald Trump’s growing personal and financial connections within the cryptocurrency industry.

美国参议院具有里程碑意义的Stablecoin立法的前进途径袭击了一项重大障碍，因为主要的民主党立法者正在表达与唐纳德·特朗普总统在加密货币行业内的个人和财务联系直接相关的预订。

What was recently seen as a bipartisan effort now faces political headwinds, potentially delaying not only stablecoin rules but also broader market structure legislation for the digital asset sector.

最近被视为两党的努力现在面临政治逆风，不仅延迟了稳定规则，而且还延迟了数字资产行业的更广泛的市场结构立法。

Over the weekend, a group of nine Senate Democrats, signaled by Senator Ruben Gallego of Arizona, said they would oppose advancing the current version of the main stablecoin bill, known as the Guiding and Establishing National Innovation for US Stablecoins of 2025 (GENIUS Act).

在周末，亚利桑那州参议员鲁本·加勒戈（Ruben Gallego）表示，一群九名参议院民主党人表示，他们将反对推进当前版本的主要稳定法案，被称为指导和建立2025年美国稳定的国家基础（Genius Act）。

Their unified stance poses immediate procedural hurdles, as Senate rules typically require 60 votes to overcome filibusters and move legislation forward. Gallego, notably elected with substantial backing ($10 million) from the crypto-focused super PAC Fairshake, is now leading the charge expressing concerns over provisions on critical issues like anti-money laundering, national security, and consumer protection.

他们的统一立场构成了立即的程序障碍，因为参议院规则通常需要60票才能克服filibususters并推动立法前进。加勒戈（Gallego）特别受到以加密货币为中心的超级PAC Fairshake的大量支持（1000万美元），目前正在领导指控，对有关关键问题（例如反洗钱，国家安全和消费者保护）的规定表示担忧。

However, sources say these concerns are masking deeper anxieties related to President Trump’s potential personal financial gains from the crypto space, which are spurring Democrats to stall.

但是，消息人士称，这些担忧是掩盖了与特朗普总统在加密货币领域的潜在个人财务收益有关的更深层次的焦虑，这些焦虑却促使民主党促使民主党人停滞不前。

In a report by CoinDesk, it was confirmed that Senate Minority Leader Chuck Schumer had privately urged Democrats to withhold support during a caucus meeting last week, preempting Gallego’s public announcement. Axios was first to report this internal division.

在Coindesk的一份报告中，有证实参议院少数党领袖Chuck Schumer私下敦促民主党在上周的一次核心小组会议上拒绝支持，从而抢占了加勒戈的公开宣布。 Axios首次报告了这一内部部门。

Trump's crypto ventures raise alarm

特朗普的加密货币引起警报

Two recent developments appear to have particularly crystallized Democratic concerns.

最近的两项进展似乎特别结晶了民主问题。

First, President Trump announced plans for a dinner exclusively for top holders of his own branded memecoin.

首先，特朗普总统宣布计划为自己的品牌纪念品的顶级持有人提供晚宴。

Second, Abu Dhabi investment firm MGX announced its intention to utilize USD1 – a stablecoin associated with World Liberty Financial, a firm backed by the Trump family – for a significant investment into the cryptocurrency exchange Binance.

其次，阿布扎比投资公司MGX宣布打算利用USD1（这是与特朗普家族支持的一家世界自由金融公司相关的稳定币，以对加密货币交易所二进制进行大量投资。

As USA Today noted, these ventures suggest Trump could personally profit to the tune of hundreds of millions of dollars from activities that would be legitimized or facilitated by the proposed legislation.

正如《今日美国》指出的那样，这些冒险表明，特朗普可以亲自从拟议立法合法化或促进的活动中获得数亿美元的利润。

President Trump, during a weekend interview on Meet the Press, denied seeking personal profit from his crypto initiatives.

特朗普总统在媒体会议上的周末采访中否认从他的加密计划中寻求个人利润。

“I’m not profiting from anything. All I’m doing is, I started this long before the election. I want crypto. I think crypto’s important because if we don’t do it, China’s going to… But I want crypto because a lot of people, you know millions of people want it.”

“我没有从任何事情中获利。我要做的是，我开始在大选之前就开始了。我想要加密货币。我认为加密货币很重要，因为如果我们不这样做，中国就会……但是我想要加密货币，因为很多人，你知道数百万人想要它。”

Lawmakers face pressure as Trump touts 'billions' in crypto gains

当特朗普在加密货币中吹捧“数十亿”时，立法者面临压力

This emerging conflict threatens to derail the momentum not only for the stablecoin bill but also for much-anticipated market structure legislation, which industry stakeholders have long sought to provide clarity on how the Securities and Exchange Commission and the Commodity Futures Trading Commission should oversee the broader digital asset market.

这场新兴的冲突有可能使不仅为稳定法案的法案，而且对备受期待的市场结构立法的势头脱颖而出，这是行业利益相关者长期以来一直试图阐明证券和交易委员会以及商品期货贸易委员会如何监督更广泛的数字资产市场的清晰度。

One individual working closely with lawmakers told CoinDesk that while the stablecoin bill might eventually pass, the current delay could jeopardize its progress, which in turn would almost certainly stall any movement on the more comprehensive market structure legislation.

一个与立法者紧密合作的人告诉Coindesk，尽管该法案最终可能会通过，但目前的延误可能会危害其进步，这几乎可以肯定会阻碍更全面的市场结构立法上的任何运动。

Concerns are mounting about how long this legislative slowdown could last and what further concessions might be needed to appease Democrats.

人们担心这种立法放缓可以持续多长时间，以及为了安抚民主党人需要什么进一步的让步。

Senator Elizabeth Warren, a leading Democrat on the Senate Banking Committee and a prominent crypto skeptic, was blunt in her assessment. Referring to the MGX deal involving the Trump family-linked stablecoin (shared publicly by Eric Trump), she posted on Bluesky that the Senate should reject any bill that would “facilitate this kind of corruption.”

参议院银行委员会的主要民主党参议员伊丽莎白·沃伦（Elizabeth Warren）和著名的加密怀疑论者在评估中直率。在谈到涉及特朗普与家族链接的Stablecoin（由埃里克·特朗普公开共享）的MGX交易时，她在蓝军上张贴，参议院应拒绝任何“促进这种腐败的法案”。

Senator Elizabeth Warren and Senator Jeffrey Merkley sent a letter on Monday urging the U.S. Office of Government Ethics to probe the reportedly announced investment by Abu Dhabi-based firm MGX into Binance.

参议员伊丽莎白·沃伦（Elizabeth Warren）和参议员杰弗里·默克利（Jeffrey Merkley）周一发出了一封信，敦促美国政府道德办公室调查据报道，总部位于阿布扎比的公司MGX宣布了投资，将其投资。

The resistance isn’t confined to the Senate. Representative Maxine Waters, the top Democrat on the House Financial Services Committee, informed the committee’s chair on Monday that she would block efforts to hold a joint hearing with the House Agriculture Committee aimed at addressing market structure legislation.

抵抗不限于参议院。众议院金融服务委员会的最高民主党代表Maxine Waters周一通知该委员会主席，她将阻止与众议院农业委员会共同听证会的努力，旨在解决市场结构立法。

Politics vs. policy: industry urges action

政治与政策：行业敦促行动

Financial policy analyst Jaret Seiberg of TD Cowen characterized much of the emerging scenario as "politics."

TD Cowen的财务政策分析师Jaret Seiberg将大部分新兴方案描述为“政治”。

In a note to clients, he observed that Trump’s personal stake makes it politically difficult for Democrats to support legislation regulating his family’s interests. However, he predicts that the stablecoin bill will likely still pass the Senate eventually, perhaps not this week, considering the crypto industry’s significant lobbying power and resources.

他在向客户的一份说明中指出，特朗普的个人利益使民主党在政治上很难支持规范家庭利益的立法。但是，他预测，考虑到加密货币行业的重要游说能力和资源，稳定法案可能最终仍会通过参议院，也许不是本周。

"It is hard for us to see why the Democrats would take on that fight when they can leverage significant concessions from the GOP on the stablecoin bill."

“我们很难理解为什么民主党人能够利用共和党在稳定法案上的大量让步时会进行这场斗争。”

However, he highlighted that the optimal scenario for the administration appears to be passing both the stablecoin and market structure bills.

但是，他强调说，政府的最佳情景似乎是通过Stablecoin和市场结构账单。

"The White House has signaled support for both bills, and passing them would largely align with the optimal outcome preferred by the administration. In addition, the administration signaled that it may veto any bill that does not largely conform with its proposals."

“白宫表明了对这两项账单的支持，通过它们将在很大程度上与政府首选的最佳结果保持一致。此外，政府表明，它可以否决任何不符合其建议的法案。”

This emerging scenario appears to be presenting a setback

这种新兴方案似乎正在呈现挫折