美国参议员提出具有里程碑意义的法案来监管稳定币

参议员吉利布兰德和鲁米斯提出了《鲁米斯-吉利布兰德负责任金融创新法案》，这是一项全面的稳定币监管法案，旨在简化行业并防止再次出现 Terra 崩溃。它对以 1:1 为基础的稳定币提出了资本和审计要求，并禁止了像 Terra USD 和 Ethena USDe 这样的算法稳定币，理由是它们因 Terra USD 崩盘而风险较高。该法案在分裂的参议院面临着不确定的道路，需要 60 票才能通过。

U.S. Senators Introduce Comprehensive Stablecoin Regulation Bill

美国参议员提出全面的稳定币监管法案

Washington, D.C. - In a landmark move, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) have unveiled the Lummis-Gillibrand Responsible Financial Innovation Act, a highly anticipated bill designed to regulate the emerging stablecoin industry. The legislation aims to mitigate the risks associated with stablecoins, including the potential for another catastrophic collapse like the TerraUSD debacle.

华盛顿特区 - 参议员克尔斯滕·吉利布兰德（纽约州民主党）和辛西娅·鲁米斯（怀俄明州共和党）推出了《鲁米斯-吉利布兰德负责任金融创新法案》，这是一项备受期待的旨在监管新兴稳定币行业的法案，这是一项具有里程碑意义的举措。该立法旨在减轻与稳定币相关的风险，包括再次发生像 TerraUSD 崩溃这样的灾难性崩溃的可能性。

Sweeping Reforms for Stablecoin Issuance and Oversight

稳定币发行和监管的全面改革

The bill proposes a comprehensive framework for stablecoin regulation, encompassing multiple elements:

该法案提出了一个全面的稳定币监管框架，包含多个要素：

• Expansion of Issuer Eligibility: Banks and non-bank trust companies would be permitted to issue stablecoins through dedicated subsidiaries.
• Stringent Capital and Audit Requirements: All stablecoins would be subject to stringent capital and audit requirements, ensuring their 1:1 backing by assets of equivalent value.
• Ban on Algorithmic Stablecoins: The bill prohibits the issuance of algorithmic stablecoins, such as TerraUSD and Ethena USDe, in the United States, deeming them inherently risky.

Lessons from TerraUSD Collapse

扩大发行人资格：银行和非银行信托公司将被允许通过专门的子公司发行稳定币。严格的资本和审计要求：所有稳定币都将受到严格的资本和审计要求，确保其得到等值资产的1:1支持禁止算法稳定币：该法案禁止在美国发行算法稳定币，例如 TerraUSD 和 Ethena USDe，认为它们本身就存在风险。 TerraUSD 的教训

The ban on algorithmic stablecoins stems from the disastrous failure of TerraUSD, which wiped out over $40 billion in investor funds. Unlike traditional stablecoins backed by cash or government bonds, algorithmic stablecoins rely on complex arbitrage mechanisms to maintain their peg, making them highly vulnerable to market volatility.

对算法稳定币的禁令源于 TerraUSD 的灾难性失败，该失败导致投资者资金损失超过 400 亿美元。与由现金或政府债券支持的传统稳定币不同，算法稳定币依靠复杂的套利机制来维持其锚定汇率，这使得它们极易受到市场波动的影响。

Targeting Ethena USDe: A Case Study

针对 Ethena USDe：案例研究

If passed, the Lummis-Gillibrand bill would effectively outlaw algorithmic stablecoins like Ethena USDe in the United States. Ethena USDe, one of the fastest-growing stablecoins with over $2.4 billion in assets, offers attractive returns of up to 17.2%.

如果获得通过，Lummis-Gillibrand 法案将实际上在美国取缔像 Ethena USDe 这样的算法稳定币。 Ethena USDe 是增长最快的稳定币之一，拥有超过 24 亿美元的资产，提供高达 17.2% 的诱人回报。

However, similar to TerraUSD, Ethena USDe's high yields are generated through a complex cash-and-carry trading strategy that poses potential risks to investors.

然而，与 TerraUSD 类似，Ethena USDe 的高收益是通过复杂的现金套利交易策略产生的，这给投资者带来了潜在风险。

Implications for Other Stablecoin Issuers

对其他稳定币发行人的影响

Other algorithmic stablecoins likely to be impacted by the bill include Frax, Justin Sun's USDD, and Liquity USD (LUSD). These stablecoins employ similar mechanisms to maintain their pegs, raising concerns about their inherent volatility.

其他可能受到该法案影响的算法稳定币包括 Frax、孙宇晨的 USDD 和 Liquity USD (LUSD)。这些稳定币采用类似的机制来维持其挂钩，引发了人们对其固有波动性的担忧。

Challenges Ahead

未来的挑战

While the Lummis-Gillibrand bill has received support from industry experts and policymakers, its passage is not guaranteed. The legislation faces a potentially arduous journey through the politically divided U.S. Senate, requiring 60 votes to advance.

尽管鲁米斯-吉利布兰德法案得到了行业专家和政策制定者的支持，但并不能保证其通过。该法案在政治上存在分歧的美国参议院可能面临着艰难的过程，需要 60 票才能获得通过。

Moreover, the bill must also navigate the highly dysfunctional House of Representatives, which has been known to obstruct bipartisan legislative efforts.

此外，该法案还必须引导功能失调的众议院，众所周知，众议院阻碍了两党的立法努力。

Moving Forward with Caution

谨慎前行

The Lummis-Gillibrand Responsible Financial Innovation Act represents a significant step toward regulating the rapidly evolving stablecoin industry. By imposing strict requirements on issuers and prohibiting algorithmic stablecoins, the bill aims to foster a safer environment for investors and minimize the risks of another TerraUSD-like disaster.

《鲁米斯-吉利布兰德负责任金融创新法案》代表着朝着规范快速发展的稳定币行业迈出的重要一步。通过对发行人提出严格要求并禁止算法稳定币，该法案旨在为投资者营造一个更安全的环境，并最大限度地减少另一场类似 TerraUSD 灾难的风险。

However, the bill's fate remains uncertain, and the stablecoin industry will be closely monitoring its progress as it navigates the intricate maze of U.S. politics.

然而，该法案的命运仍然不确定，稳定币行业将密切关注其在美国政治错综复杂的迷宫中的进展。