两党关于加密货币法规协议的难得的机会遇到了障碍

最近出现的两党关于加密货币法规协议的难得的机会遇到了重大的障碍

A rare bipartisan opportunity to advance U.S. cryptocurrency regulation has hit a significant roadblock due to President Donald Trump’s expanding personal and business entanglements within the digital asset space, according to a recent report by The Economic Times.

根据《经济时报》的最新报告，由于唐纳德·特朗普总统在数字资产领域内的个人和商业纠缠不断扩大，这是一个罕见的两党机会推进美国加密货币法规的机会。

As reported by ET, the legislation in question — the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act (GENIUS Act) — successfully cleared the Senate Banking Committee back in March with support from both parties.

正如ET报道的那样，有关的立法（《 2025年法案》（Genius Act）的美国稳定者的指导和建立国家创新）在三月份在双方的支持下成功地清除了参议院银行委员会。

This signaled a potential quick win for the crypto industry, which has been seeking regulatory clarity for several years now.

这表明加密货币行业可能会迅速获胜，该行业一直在寻求监管清晰度几年。

However, momentum has since stalled as Democrats are expressing strong reservations over potential conflicts of interest and personal enrichment.

但是，随着民主党人对潜在的利益冲突和个人丰富的冲突表示强烈的保留，势头一直停滞不前。

Their concerns come amid reports of President Trump launching his own $TRUMP meme coin ahead of his inauguration, involvement with a new stablecoin (USD1) via the Trump family-backed World Liberty Financial, and suggestions of a potential family stake in the major exchange Binance (linked to an Abu Dhabi investment deal using USD1).

他们的担忧是在报道说，特朗普总统在就职典礼之前推出了自己的$特朗普模因硬币，通过特朗普家庭支持的世界自由金融与新的Stablecoin（USD1）介入，并提出了潜在的家庭股权的建议（与Abu Dhabi Investment Investment bance ob Abu Dhabi Investment Beation of Abu Dhabi Investment Beal of Abu Dhabi Investmence交易相关联）。

The President’s crypto activities have also drawn criticism, including an upcoming dinner exclusively for top holders of his meme coin, which reportedly even raised eyebrows among crypto-supportive Republicans like Senator Cynthia Lummis.

总统的加密活动也引起了批评，其中包括即将举行的纪念硬币的顶级持有人的晚餐，据报道，这甚至引起了加密支持共和党人（如参议员辛西娅·卢米斯）的眉毛。

Democrats pump brakes on stablecoin bill

民主党人在Stablecoin法案上制动刹车

This backdrop prompted nine Senate Democrats, including notable figures who previously voted for the bill in committee, to issue a statement over the weekend declaring they would not support the GENIUS Act in its current form.

这种背景促使九名参议院民主党人，包括以前在委员会中投票通过该法案的著名人物，在周末发表声明，宣布他们不会以目前的形式支持《天才法》。

While their official statement highlighted necessary improvements — citing the need for “stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability” — other prominent Democrats linked their opposition more directly to the President’s actions.

尽管他们的官方声明强调了必要的改进，并以“针对反洗钱，外国发行人，国家安全，维护我们金融体系的安全性和责任感的更强大的规定以及责任感”，但其他著名的民主党将反对派与总统的行为联系起来。

“Since the committee vote, president Trump’s aggressive efforts to profit from stablecoins and the obvious opportunities for bribery and other influence peddling have demonstrated why it is vital that we make meaningful, substantive reforms to the bill,” stated Senator Elizabeth Warren, a leading voice on the Banking Committee, in a Monday speech.

参议员伊丽莎白·沃伦（Elizabeth Warren）表示：“自委员会投票以来，特朗普总统为从斯塔布莱因（Stablecoins）获利的积极努力以及贿赂和其他影​​响力的明显机会证明了为什么我们对法案进行有意义的实质性改革至关重要。”

Pushback extends beyond stablecoin specifics

推回超出了稳定的细节

The resistance reflects a growing unease among Democrats about potentially legitimizing or facilitating activities they perceive as problematic.

抵抗反映了民主党人对他们认为有问题的合法性或促进活动的可能性合法或促进活动的越来越不安。

The concern isn’t necessarily directed at stablecoin regulation itself — the senators’ statement acknowledged that “the absence of regulation leaves consumers unprotected.”

问题不一定是针对Stablecoin法规本身的 - 参议员的声明承认：“缺乏监管会使消费者没有受到保护。”

Rather, the opposition targets the current legislative vehicle in the specific context of the President’s apparent conflicts.

相反，反对派在总统明显冲突的具体情况下以当前的立法工具为目标。

Democrats appear unwilling to lower regulatory guardrails or advance crypto legislation that could be seen as enabling potential corruption at the highest level.

民主党人似乎不愿降低监管护栏或提前加密立法，这可以看作是在最高层次上实现潜在的腐败。

Further underscoring this sentiment, Democratic Senator Jeff Merkley introduced the “End Crypto Corruption Act” on Tuesday.

民主党参议员杰夫·默克利（Jeff Merkley）进一步强调了这一观点，周二介绍了《结束加密腐败法》。

This proposed legislation aims specifically to prohibit the president and other high-ranking federal officials from issuing, sponsoring, or endorsing digital assets.

这项拟议的立法专门旨在禁止总统和其他高级联邦官员发行，赞助或认可数字资产。

“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” Merkley asserted in a statement accompanying the bill’s introduction.

“目前，希望与总统培养影响力的人可以通过购买他拥有或控制的加密货币来个人丰富他，”默克利在法案介绍的一份声明中断言。

Implications for broader crypto regulation

对更广泛的加密法规的影响

The impasse over the stablecoin bill now threatens to spill over to prospects for more comprehensive crypto market structure legislation, something the industry has been seeking for years.

现在，《稳定法案》的僵局可能会溢出到更全面的加密货币市场结构立法的潜在客户，这是该行业多年来一直在寻求的。

The political friction generated by the President’s crypto ties makes navigating any crypto-related bill more challenging.

总统加密联系产生的政治摩擦使导航任何与加密相关的法案都更具挑战性。

Representative Maxine Waters, the leading Democrat on the House Financial Services Committee, also signaled resistance this week, objecting to a joint hearing intended to address these broader market structure issues.

众议院金融服务委员会领先的民主党代表麦克辛·沃特斯（Maxine Waters）也表示抵制，反对旨在解决这些更广泛的市场结构问题的联合听证会。

Financial policy analyst Jaret Seiberg at TD Cowen viewed the situation primarily through a political lens, noting that Trump’s personal stake complicates Democratic support for a bill potentially regulating his family’s business interests.

TD Cowen的财务政策分析师Jaret Seiberg主要是通过政治视角观看了这种情况，并指出特朗普的个人股份使民主党对一项可能调节其家庭商业利益的法案的支持复杂化。

However, Seiberg still predicted that the stablecoin bill could eventually pass, potentially after Democrats extract significant concessions, given the crypto lobby’s considerable political influence and resources.

但是，塞伯格仍然预测，鉴于加密大厅的大量政治影响力和资源，民主党人提取重要的让步后，稳定法案最终可能会通过。

Industry lobbyists, meanwhile, are concerned by the stalling momentum. They continue to issue statements urging lawmakers to move the GENIUS Act forward to provide necessary regulatory clarity, support stablecoin adoption, and maintain US leadership in the digital economy.

同时，行业游说者对停滞的势头感到关注。他们继续发表声明，敦促立法者推动《天才法案》前进，以提供必要的监管清晰度，支持稳定的采用，并在数字经济中保持美国领导。

The immediate future of the stablecoin bill now appears hostage to the political fallout from the President’s controversial foray into the crypto world.

现在，《稳定法案》的未来似乎似乎是总统对加密货币世界的争议。