稳定币法案面临加密货币倡导组织第一修正案的担忧

非营利性加密货币倡导组织 Coin Center 对参议员 Lummis 和 Gillibrand 提出的稳定币法案的合宪性表示担忧。该组织认为，该法案对 Terra 的 UST 等“算法支付稳定币”的禁令违反了第一修正案规定的言论自由，因为它禁止发布和分发代码和算法。

Stablecoin Bill Faces Free Speech Concerns from Crypto Advocacy Group

稳定币法案面临加密倡导组织的言论自由担忧

A leading non-profit cryptocurrency advocacy organization, Coin Center, has raised significant concerns over the constitutionality of a proposed bipartisan stablecoin bill introduced earlier this week by two influential US senators. The bill, spearheaded by Republican Senator Cynthia Lummis of Wyoming and Democrat Senator Kirsten Gillibrand of New York, aims to regulate stablecoins, but Coin Center argues that its provisions would infringe upon First Amendment rights.

领先的非营利加密货币倡导组织 Coin Center 对两位有影响力的美国参议员本周早些时候提出的两党稳定币法案的合宪性提出了严重担忧。该法案由怀俄明州共和党参议员辛西娅·鲁米斯 (Cynthia Lummis) 和纽约州民主党参议员克尔斯滕·吉利布兰德 (Kirsten Gillibrand) 牵头，旨在监管稳定币，但 Coin Center 认为其条款将侵犯第一修正案的权利。

At the heart of Coin Center's critique is the bill's proposed ban on "algorithmic payment stablecoins," such as Terra's UST, which experienced a catastrophic collapse in 2022. Coin Center contends that these decentralized stablecoins, which operate without issuers or promoters making explicit promises, should not be subject to outright bans.

Coin Center 批评的核心是该法案提议禁止“算法支付稳定币”，例如 Terra 的 UST，该币在 2022 年经历了灾难性的崩溃。Coin Center 认为，这些去中心化的稳定币在发行者或发起人没有做出明确承诺的情况下运行，不应受到彻底禁止。

Instead, the organization advocates for a more nuanced approach that would require algorithmic stablecoin issuers to register with the U.S. Securities and Exchange Commission (SEC) and make appropriate disclosures. Coin Center argues that this approach would provide necessary oversight without stifling innovation.

相反，该组织主张采取更细致的方法，要求算法稳定币发行人向美国证券交易委员会（SEC）注册并进行适当的披露。 Coin Center 认为，这种方法将提供必要的监督，而不会扼杀创新。

"The government failed to prevent Terra's implosion not because there was a lack of legislation, but because there was a lack of enforcement of existing law," Coin Center asserts. "Therefore, it may make sense to require issuers of products like Terra to register with the SEC and make appropriate disclosures."

“政府未能阻止 Terra 的内爆，不是因为缺乏立法，而是因为缺乏对现有法律的执行，”硬币中心断言。 “因此，要求 Terra 等产品的发行人向 SEC 注册并进行适当的披露可能是有意义的。”

Furthermore, Coin Center strongly objects to the bill's ban on decentralized algorithmic stablecoins, arguing that it constitutes an unconstitutional prior restraint on protected speech.

此外，Coin Center 强烈反对该法案对去中心化算法稳定币的禁令，认为这构成了对受保护言论的违宪事先限制。

"In the United States, inventing and publishing software and algorithms, even commercial software for business purposes and for profit, is protected by the First Amendment," the organization explains. "Banning people from publishing code and algorithms is a clear prior restraint on protected speech and is unconstitutional unless the government can show a compelling interest and narrow tailoring. Given the availability of more reasonable approaches than a full-on ban, the Lummis-Gillibrand approach is not narrowly tailored."

“在美国，发明和发布软件和算法，甚至是出于商业目的和利润的商业软件，都受到第一修正案的保护，”该组织解释道。 “禁止人们发布代码和算法是对受保护言论的明显事先限制，并且是违宪的，除非政府能够表现出令人信服的兴趣和狭隘的剪裁。鉴于存在比全面禁令更合理的方法，鲁米斯-吉利布兰德方法并不是狭隘的定制。”

Coin Center's analysis underscores the complex and evolving legal landscape surrounding cryptocurrency regulation. While stablecoins have the potential to play a significant role in the financial system, policymakers must proceed with caution to ensure that regulatory measures do not stifle innovation or infringe upon fundamental rights.

Coin Center 的分析强调了围绕加密货币监管的复杂且不断变化的法律环境。尽管稳定币有潜力在金融体系中发挥重要作用，但政策制定者必须谨慎行事，以确保监管措施不会扼杀创新或侵犯基本权利。

The proposed stablecoin bill is still in its early stages and will likely undergo substantial revision and debate before it becomes law. Coin Center's intervention serves as a valuable contribution to this process, highlighting the importance of balancing consumer protection with the preservation of free speech and technological progress.

拟议的稳定币法案仍处于早期阶段，在成为法律之前可能会经历重大修改和辩论。 Coin Center 的干预对这一过程做出了宝贵的贡献，强调了平衡消费者保护与维护言论自由和技术进步之间的重要性。