参议院领导人约翰·图恩（John Thune）已申请了《斯塔布尔币天才法》的程序投票（CLOTURE）

昨天，Punchbowl News报道说，参议院领导人约翰·杜恩（John Thune）已就《斯塔布尔币天才法案》提出了程序投票（CLOTURE）

Senator Elizabeth Warren (D-MA) has raised concerns about the latest draft of the stablecoin bill, the Genius Act, in a memo to colleagues.

参议员伊丽莎白·沃伦（Elizabeth Warren）（D-MA）在《天才法案》（Genius Act）的最新草案中引起了人们对同事的备忘录的担忧。

The bill, which is being spearheaded by Sen. Cynthia Gillibrand (D-NY), has already secured support from several Democrats. However, it faces opposition from Republicans, who prefer a broader digital asset bill.

该法案由参议员辛西娅·吉利布兰（Cynthia Gillibrand）（D-NY）率领，已经获得了几位民主党人的支持。但是，它面临着共和党人的反对，他们更喜欢更广泛的数字资产法案。

One issue that has been raised is the involvement of President Trump’s sons in crypto firm World Liberty Financial, which some view as controversial.

提出的一个问题是特朗普总统的儿子参与加密货币公司世界自由金融，这是有争议的。

The firm’s new stablecoin, USD1, was used in a $2 billion transaction by a firm chaired by the UAE’s national security adviser.

一家由阿联酋国家安全顾问主持的公司在一笔20亿美元的交易中使用了该公司的新Stablecoin USD1。

Earlier this week, Sen. Gillibrand implied that family members are legally permitted to issue stablecoins, but officials themselves cannot.

本周早些时候，参议员吉利布兰德（Gillibrand）暗示，法律上允许家庭成员发行stablecoins，但官员本身不能。

Since early May, there has been a Genius Act clause that states: “For the avoidance of doubt, existing Office of Government Ethics laws and the ethics rules of the Senate and the House of Representatives prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin during their time in public service.”

自5月初以来，就已经有一项天才法案：“为了避免疑问，现有的政府道德规范办公室以及参议院和众议院的道德规范，禁止国会或高级行政部门官员在公共服务期间发行付款Stablecoin。”

Sen. Warren also expressed concern that the bill does not prevent BigTech firms such as Meta or X from issuing stablecoins.

参议员沃伦（Warren）还担心该法案不会阻止元技术（例如元或X）发行稳定的公司。

The latest draft does have a clause addressing issuance by public non-financial corporations, which will be approved by the Stablecoin Certification Review Committee based on financial stability concerns, protection of consumer data, and avoiding tying stablecoin services to other business activities.

最新草案确实有一个条款解决公共非金融公司发行的条款，该条款将获得基于财务稳定问题，保护消费者数据以及避免将Stablecoin服务与其他业务活动联系起来的Stablecoin认证审查委员会批准。

However, this only applies to public companies, not unlisted unicorns such as X, Stripe, or others. The Stablecoin Certification Review Committee consists of the Secretary of the Treasury, the Federal Reserve Chair or Vice Chair, and the Chair of the Federal Deposit Insurance Corporation (FDIC).

但是，这仅适用于上市公司，而不是X，Stripe或其他类似的独角兽。 Stablecoin认证审查委员会由财政部长，美联储主席或副主席以及联邦存款保险公司（FDIC）的主席组成。

Sen. Warren further noted that the bill’s new language imposing restrictions on when foreign companies can issue stablecoins in the United States does not make a material difference, given that the coins could still be issued offshore and moved through domestic decentralized exchanges accessed by terrorists and criminals.

参议员沃伦（Warren）进一步指出，该法案对外国公司何时可以在美国签发稳定币的新语言施加限制，鉴于硬币仍然可以在海外发行并通过恐怖分子和犯罪分子进行的国内分散交流，因此没有产生重大差异。

Her concern might relate to a change of wording where “any person” was substituted with “digital asset service provider” (DASP) in several places. This was likely to cater for the upcoming crypto market infrastructure legislation.

她的关注可能与措辞的变化有关，即“任何人”在多个地方用“数字资产服务提供商”（DASP）代替。这很可能会迎合即将到来的加密市场基础设施立法。

However, people involved in decentralized exchanges would be covered by “any person” but likely not by references to DASPs. So, this may be the loophole she is concerned about.

但是，参与分散交流的人将被“任何人”涵盖，但可能不参考DASP。因此，这可能是她关注的漏洞。

Sen. Warren concluded by observing that stablecoins offer many potential benefits for society, but they also carry significant financial stability risks which she feels aren’t sufficiently addressed in the latest draft.

参议员沃伦（Warren）的结论是，观察到斯塔布雷金斯（Stablecoins）为社会带来了许多潜在的好处，但他们也承担着重大的财务稳定风险，她认为在最新草案中没有足够的解决方案。

She wrote that it “would still allow issuers to actually invest their reserves in riskier assets, hold them in offshore accounts, engage in dangerous financial and commercial activities, and prevent regulators from applying strong safeguards – inviting a future crash and costly bailouts.”

她写道：“它仍然可以允许发行人实际上将其储备金投资于风险更高的资产，将其投入离岸帐户，从事危险的财务和商业活动，并防止监管机构应用强大的保障措施 - 邀请未来的坠机事故和昂贵的救助。”

We’d observe that most other jurisdictions have insisted that reserves of locally issued stablecoins are held onshore, so the Genius Act is different in that respect. Some have argued that investments should only be allowed directly in government securities, rather than money market funds that invest in government securities, which add a layer of risk.

我们会注意到，大多数其他司法管辖区都坚持认为，本地发行的稳定的储备金在陆上持有，因此《天才法》在这方面有所不同。有人认为，只能直接允许投资政府证券，而不是投资于政府证券的货币市场资金，这增加了风险层。

However, there’s a desire to support investment of stablecoin reserves in tokenized assets, which are often tokenized money market funds. Potentially, there could be some guidelines on acceptable tokenization standards. For example, this might include safeguards regarding who provides custody for tokenized assets, audits, and preventing tokenization firms lending out the underlying assets. There’s no point in banning stablecoin issuers from lending out reserves, if the tokenization firm can do the same.

但是，人们渴望支持在代币化资产中对稳定储备的投资，这些储量通常是代币化的货币市场基金。可能，可能有一些有关可接受的令牌化标准的准则。例如，这可能包括有关谁提供令牌化资产，审核和防止令牌化公司贷款基础资产的保障措施。如果代币化公司可以做同样的话，禁止Stablecoin发行人借出储备是没有意义的。

Despite these detailed concerns, it’s worth noting the broader political landscape. Sen. Warren has consistently maintained firm opposition to cryptocurrencies and stablecoins, making her support for any such legislation unlikely. The key to passing effective regulation lies instead in gathering sufficient Democratic support from lawmakers who share Sen. Gillibrand’s recognition that stablecoin legislation is necessary. Given that stablecoins already exist, the current regulatory vacuum only magnifies their potential risks rather than addressing them.

尽管有这些详细的担忧，但值得注意的是更广泛的政治格局。参议员沃伦（Warren）一直坚定地反对加密货币和稳定币，使她不太可能支持任何此类立法。通过有效法规的关键在于，从分享参议员吉利布兰德（Gillibrand）认识到斯塔布雷肯（Stablecoin）立法的立法者那里得到足够的民主支持。鉴于稳定剂已经存在，当前的监管真空只会放大其潜在风险，而不是解决它们。