美国参议员推进了稳定币的第一个主要联邦框架

在一个关键的深夜会议上，美国参议员集会了促进与传统资产相关的签署数字货币的第一个主要联邦框架。

In a pivotal late-night session, U.S. senators unexpectedly advanced the first major federal framework for stablecoins, overcoming a prior stalemate to clear a critical procedural hurdle Monday. Attention shifts to the House, where lawmakers are racing to finalize a competing measure ahead of a potential clash between chambers.

在一个关键的深夜会议上，美国参议员意外地推进了第一个主要的联邦稳定框架，以克服先前的僵局，以清除周一的关键程序障碍。注意力转移到众议院，议员们正在竞争，以在钱伯斯之间的潜在冲突之前完成竞争措施。

Both bills aim to impose strict safeguards on the burgeoning digital currency market, setting up a largely uncharted class of institutions that could operate largely unconstrained by existing financial regulations. They also seek to preempt state-level activity, having emerged following years of bipartisan efforts to craft legislation and keep pace with rapid developments in crypto.

这两项法案旨在对新兴的数字货币市场施加严格的保障措施，建立在很大程度上未知的机构类别，这些机构可能在很大程度上受到现有财务法规的不受限制。他们还寻求抢占州级活动，并在两党在制定立法的两年之后出现，并与加密货币的快速发展保持同步。

The Senate voted 66-32 to fast-track the GENIUS Act, smashing the 60-vote threshold needed to limit debate and setting the stage for final approval. This time, 16 Democrats joined Republicans to propel the legislation forward, despite lingering concerns about oversight gaps and a lack of consumer protections.

参议院以66-32投票通过了《天才法案》，击败了限制辩论所需的60票阈值，并为最终批准奠定了基础。这次，尽管对监督差距和缺乏消费者保护的担忧，但有16名民主党人加入共和党人推动立法前进。

Earlier this month, both Mark Warner (D-VA) and Ruben Gallego (D-AZ) opposed the bill due to these apprehensions. However, following last-minute negotiations that saw negotiators add minor protections, including the public official ban, both flipped their votes.

本月初，由于这些担心，马克·华纳（D-VA）和鲁本·加勒戈（D-AZ）都反对该法案。但是，在最后一刻的谈判之后，谈判者增加了次要的保护，包括公共官员禁令，他们都投票了。

The breakthrough follows May 8, when the measure collapsed amid partisan gridlock, rendering it unable to proceed. A vote on Monday saw the bill pass overwhelmingly, surprising even seasoned observers given the prior setback.

在5月8日，当该措施在党派僵局中崩溃时，突破性的突破，使其无法进行。周一的投票使得比尔（Bill）绝大多数通过，即使是经验丰富的观察者，鉴于先前的挫折也令人惊讶。

The House is currently focused on the STABLE Act, which was approved by the House Financial Services Committee in March. It varies from the Senate bill in placing greater emphasis on federal oversight and rendering bank involvement in stablecoin activity more straightforward.

该众议院目前专注于《稳定法》，该法案在三月份获得了众议院金融服务委员会的批准。这与参议院法案更加重视联邦监督和使银行参与Stablecoin活动的更加直接。

Both chambers will strive to reconcile any disparities between the bills to send a single legislative package to the president's desk.

这两个钱伯斯都将努力调和法案之间的任何差异，以将单个立法方案发送给总统的办公桌。

The legislation would establish America's first comprehensive rules for stablecoins, a $230 billion market that is currently largely dominated by offshore players like Tether. It mandates strict safeguards for stablecoin issuers, rendering them unable to operate without sufficient capital or engage in risky activities.

该立法将制定美国对Stablecoins的第一条综合规则，该规则是一个耗资2300亿美元的市场，目前主要由像Tether这样的离岸参与者主导。它要求对Stablecoin发行人进行严格的保障措施，使他们在没有足够资本或从事风险活动的情况下无法运营。

The 89-page bill, which was introduced in February, would also impose an outright ban on algorithmic stablecoins, rendering them illegal to operate in the U.S. Additionally, public officials, including members of Congress, would be prohibited from launching such tokens while in office.

这项89页的法案是在2月提出的，还将完全禁止对算法稳定的稳定性施加禁令，并使他们在美国进行非法行动，包括国会议员在内的公职人员将被禁止在任职期间发射此类代码。

Large issuers, defined as those with outstanding tokens valued over $10 billion, would face direct oversight by the Federal Reserve, while smaller firms could opt for state licensing or close down their U.S. operations within 18 months of the law's enactment.

大型发行人（被定义为具有超过100亿美元的未偿名代币的发行人）将面临美联储的直接监督，而小型公司可以在法律颁布后的18个月内选择州许可或关闭美国业务。

However, critics highlight that foreign operators like Tether would be able to continue their activities without needing to undergo the stringent audit requirements imposed on U.S. firms.

但是，批评者强调，像Tether这样的外国运营商将能够继续其活动，而无需承担对美国公司征得的严格审计要求。

Furthermore, private technology companies, such as Elon Musk's X or Amazon, would still be able to issue stablecoins if they choose to remain private, a point raised by Better Markets' Dennis Kelleher.

此外，诸如埃隆·马斯克（Elon Musk）的X或亚马逊之类的私人技术公司，如果选择保持私密的话，他们仍然可以发行Stablecoins，这是由Better Markets的Dennis Kelleher提出的。

"This invites Big Tech into finance without guardrails, allowing them to operate largely unfettered," Kelleher warned.

凯勒尔警告说：“这使Big Tech无需护栏即可进入金融，从而使他们在很大程度上不受限制。”

Consumer Protection Concerns

消费者保护问题

Consumer protection issues have been a subject of contention, with several House Democrats, notably Maxine Waters (D-CA), raising concerns about the lack of consumer shields in the legislation.

消费者保护问题一直是争论的主题，有几位众议院民主党人，尤其是Maxine Waters（D-CA），引起了对立法中缺乏消费者盾牌的担忧。

"We're nearing a point where we might lose the House leadership on this matter," said Greg Cherwink of the American Consumer Institute, highlighting the urgency of addressing these concerns.

美国消费者研究所的格雷格·切温克（Greg Cherwink）说：“我们接近可能会失去众议院领导的地步。”他强调了解决这些担忧的紧迫性。

"The Senate bill largely serves the interests of mega-corporations and flings open the door to tech companies like Amazon and Elon Musk to operate in this domain without sufficient oversight," Cherwink added.

Cherwink补充说：“参议院法案在很大程度上为大型公司的利益提供了巨大的利益，并为像亚马逊和埃隆·马斯克这样的科技公司打开了大门，可以在这个领域中运作而没有足够的监督。”

Another pressing concern is the potential impact on traditional banks, which could witness a decline in deposits as individuals and institutions move to higher-yielding stablecoin products.

另一个紧迫的担忧是对传统银行的潜在影响，随着个人和机构转移到更高的稳定产品时，这可能会证明存款的下降。

"There's a risk of deposits flowing out of traditional banks and into these new products, which could destabilize the financial system," said Janelle Matthews of the American Bankers Association.

美国银行家协会的詹妮尔·马修斯（Janelle Matthews）表示：“冒着从传统银行流出并进入这些新产品的风险，这可能会破坏金融体系的稳定。”

"While we support Congress's efforts to craft legislation and regulate this emerging technology, it's crucial to get it right," Matthews emphasized.

马修斯强调说：“尽管我们支持国会为立法制定立法和规范这项新兴技术的努力，但要纠正它至关重要。”

Despite the urgency highlighted by consumer and banking groups, members of Congress appear focused on reaching a bipartisan agreement and enacting legislation by the end of the year, aiming to keep pace with global peers like the European Union, which are also working on their own digital currency rules.

尽管消费者和银行集团强调了紧迫性，但国会议员似乎专注于达成两党协议，并在年底之前制定立法，旨在与欧盟这样的全球同行保持同步，欧盟也正在遵守自己的数字货币规则。

"This isn't perfect, but it's progress," said Senator Cynthia Lummis (R-WY), a key sponsor of the bill.

该法案的主要赞助商辛西娅·鲁米斯（R-Wy）参议员辛西娅·鲁米斯（R-Wy）说：“这并不是完美的，但这是进步。”

"We've managed to find common ground without gutting the core of the bill or engaging in actions that would ultimately hinder innovation."

“我们设法找到了共同点，而没有掩盖法案的核心或最终会阻碍创新的行动。”

However, even as the bill passed a critical procedural hurdle, skepticism was evident among some lawmakers.

但是，即使该法案通过了一个关键的程序障碍，在一些立法者中，怀疑主义也很明显。

"This bill is a gift to crypto scammers and a recipe for disaster," warned Senator Elizabeth Warren (D-MA), a Democrat known for her staunch criticism of the crypto industry.

参议员伊丽莎白·沃伦（Elizabeth Warren）（D-MA）警告说：“该法案是给加密骗子的礼物，也是灾难的秘诀。”