2024 年支付稳定币法案：深入探讨全面的新法律

参议员 Lummis 和 Gillibrand 提出了《2024 年支付稳定币法案》，提出了稳定币监管框架，以加强快速增长行业的监管和透明度。该法案区分了存款类和非存款类发行人，较大的发行人受到美联储更严格的监管。它还禁止算法稳定币，旨在遏制与美元支持的代币相关的非法活动，并推翻 SAB 121 的会计影响，促进银行参与数字资产托管。这项立法很有可能成为法律，因为它解决了监管机构和市场参与者提出的关键问题。

Payment Stablecoin Act of 2024: A Comprehensive Analysis

2024 年支付稳定币法案：综合分析

Introduction

介绍

The cryptocurrency industry has been eagerly anticipating the introduction of a comprehensive regulatory framework for digital tokens. This anticipation has now been fulfilled with the introduction of the Payment Stablecoin Act of 2024, a bipartisan legislation sponsored by Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.).

加密货币行业一直热切期待针对数字代币引入全面的监管框架。这一预期现已随着《2024 年支付稳定币法案》的出台而实现，该法案是一项由参议员辛西娅·鲁米斯（怀俄明州共和党）和克尔斯滕·吉利布兰德（纽约州民主党）发起的两党立法。

Key Provisions

主要规定

The Payment Stablecoin Act of 2024 seeks to address the regulatory uncertainty surrounding stablecoins, digital tokens designed to maintain a stable value, typically pegged to the US dollar. The legislation proposes a clear framework for the issuance and operation of stablecoins, with a view to protecting consumers, fostering innovation, and maintaining US dollar dominance.

2024 年支付稳定币法案旨在解决稳定币的监管不确定性，稳定币是旨在保持稳定价值（通常与美元挂钩）的数字代币。该立法为稳定币的发行和运营提出了明确的框架，以保护消费者、促进创新和维持美元主导地位。

The bill outlines two pathways for the issuance of stablecoins:

该法案概述了稳定币发行的两种途径：

1. Nondepository Trust Companies: Companies that currently issue stablecoins with a nominal value of less than $10 billion can continue to operate as nondepository trust companies.
2. Depository Institutions: Issuers with a nominal value exceeding $10 billion must be authorized as national payment stablecoin issuers by a federal depository institution.

To ensure the safety and reliability of stablecoins, the legislation requires issuers to maintain a high level of capital adequacy and undergo regular audits. Additionally, stablecoins must be fully backed by high-quality liquid assets, such as cash or short-term US treasuries.

非存款信托公司：目前发行面值低于 100 亿美元的稳定币的公司可以继续作为非存款信托公司运营。 存款机构：面值超过 100 亿美元的发行人必须获得联邦存款机构授权为国家支付稳定币发行人为了确保稳定币的安全性和可靠性，立法要求发行人保持高水平的资本充足率并接受定期审计。此外，稳定币必须得到优质流动资产的充分支持，例如现金或短期美国国债。

Extraterritorial Application

域外申请

The Payment Stablecoin Act of 2024 extends its jurisdiction beyond the United States through an "extraterritorial clause." This provision ensures that companies operating outside the US, including the controversial stablecoin industry leader Tether, will also be subject to the legislation's requirements.

2024 年《支付稳定币法案》通过“治外法权条款”将其管辖范围扩展到美国以外。这项规定确保在美国境外运营的公司，包括备受争议的稳定币行业领导者 Tether，也将遵守该立法的要求。

Overturning SAB 121

颠覆SAB 121

The bill includes a provision that effectively overturns the implications of the Securities and Exchange Commission's Staff Accounting Bulletin (SAB 121). SAB 121 requires banks to hold cash in reserve for the total value of their digital asset holdings, which has been criticized for being overly burdensome.

该法案包括一项有效推翻美国证券交易委员会《员工会计公告》(SAB 121) 影响的条款。 SAB 121 要求银行根据其持有的数字资产总价值持有现金储备，这被批评为过于繁重。

Outlook and Implications

展望与影响

The Payment Stablecoin Act of 2024 has a strong chance of becoming law, as it represents the culmination of months-long negotiations involving the White House, Treasury Department, Federal Reserve, and state regulators.

2024 年《支付稳定币法案》很有可能成为法律，因为它代表了白宫、财政部、美联储和各州监管机构长达数月谈判的成果。

Potential Impact on the Stablecoin Industry

对稳定币行业的潜在影响

The legislation could transform the stablecoin industry by establishing a clear regulatory framework and providing a path to legitimacy for issuers. It could also lead to a consolidation of the market, with smaller issuers potentially exiting or merging with larger, better-capitalized entities.

该立法可以通过建立明确的监管框架并为发行人提供合法性途径来改变稳定币行业。它还可能导致市场整合，规模较小的发行人可能退出或与规模更大、资本更雄厚的实体合并。

Impact on Crypto Exchanges and Market Participants

对加密货币交易所和市场参与者的影响

The new legislation could benefit crypto exchanges and market participants who have been awaiting regulatory clarity. It could also provide a boost to the stock prices of companies like Coinbase and Circle, which are major issuers of USDC, the second-largest stablecoin.

新立法可能有利于加密货币交易所和一直在等待监管明确的市场参与者。它还可能提振 Coinbase 和 Circle 等公司的股价，这些公司是第二大稳定币 USDC 的主要发行者。

Implications for Algorithmic Stablecoins

对算法稳定币的影响

The Payment Stablecoin Act of 2024 effectively bans algorithmic stablecoins, such as TerraUSD, which rely on complex trading strategies rather than physical collateral to maintain their peg. This could lead to a rapid decline in the market capitalization of such assets.

2024 年《支付稳定币法案》有效禁止了 TerraUSD 等算法稳定币，这些稳定币依靠复杂的交易策略而不是实物抵押品来维持其挂钩。这可能导致此类资产的市值迅速下降。

Decision Points

决策点

The passage of the Payment Stablecoin Act of 2024 will depend on the level of support it receives in the Senate and the House of Representatives. The role of key committee chairs, such as Senator Sherrod Brown (D-Ohio) and Representative Patrick McHenry (R-N.C.), will be crucial in determining the legislation's fate.

2024 年《支付稳定币法案》的通过将取决于该法案在参议院和众议院获得的支持程度。参议员谢罗德·布朗（俄亥俄州民主党人）和众议员帕特里克·麦克亨利（北卡罗来纳州共和党人）等关键委员会主席的作用对于决定立法的命运至关重要。

Investment Implications

投资影响

Investors should exercise caution before acquiring large amounts of algorithmic stablecoins. The same applies to governance tokens associated with these networks. However, stocks of companies like Coinbase and Circle could benefit from the legislation.

投资者在大量购买算法稳定币之前应谨慎行事。这同样适用于与这些网络相关的治理代币。然而，Coinbase 和 Circle 等公司的股票可能会受益于该立法。

Conclusion

结论

The Payment Stablecoin Act of 2024 is a landmark piece of legislation that has the potential to shape the future of digital tokens. By establishing a comprehensive regulatory framework, the legislation aims to protect consumers, foster innovation, and maintain US dollar dominance in the global financial system.

2024 年《支付稳定币法案》是一项具有里程碑意义的立法，有可能塑造数字代币的未来。该立法旨在通过建立全面的监管框架来保护消费者、促进创新并维持美元在全球金融体系中的主导地位。