Stablecoin立法延迟可能对Altcoins不利

据行业专家称，如果国会未能通过尚待稳定的立法，则替代币可能会面临逆风。

Industry experts have warned that altcoins could face headwinds if Congress fails to pass pending stablecoin legislation.

行业专家警告说，如果国会未能通过持续的稳定立法，Altcoins可能会面临逆风。

Bitwise CIO Matt Hougan has expressed concern that legislative inertia would particularly impact altcoins. This cautionary outlook comes as the Senate prepares to vote on the GENIUS Act before Memorial Day.

Bitwise Cio Matt Hougan表示关注立法惯性会特别影响Altcoins。当参议院准备在阵亡将士纪念日之前对《天才法》进行投票时，这种警告的前景就来了。

“If stablecoin and market structure bills grind to a halt in DC, it’s going to be a long summer for non-bitcoin crypto assets,” Hougan warns.

Hougan警告说：“如果Stablecoin和市场结构在DC停留，那将是非比型币加密资产的漫长夏天。”

The potential stalling of stablecoin legislation creates a tough situation for altcoins. This is due to the fact that they tend to depend largely on stablecoin liquidity and trading pairs.

Stablecoin立法的潜在失速为Altcoins带来了艰难的局势。这是由于它们倾向于在很大程度上取决于Stablecoin流动性和交易对。

As much as Bitcoin enjoys institutional adoption and growing acceptance as a strategic asset class, numerous altcoins do not enjoy these buffers against regulatory uncertainty.

尽管比特币享受着作为战略资产类别的机构采用和越来越多的接受，但许多Altcoins并不享受这些缓冲剂，以抵制监管不确定性。

Stablecoins are the foundational infrastructure of the altcoin system. They generate trading liquidity, on-ramps from traditional finance, and relatively safe haven during volatility. Regulatory treatment has immediate impacts on how easily capital can enter and exit smaller cap tokens. Without well-established rules for operation and issuance, large financial institutions may delay or abandon plans to enter the field.

稳定剂是Altcoin系统的基础基础设施。他们产生了交易流动性，传统金融的潮流以及波动期间相对避免的避风港。监管治疗对资本如何进入和退出较小的帽子令牌有立即影响。如果没有公认的运营和发行规则，大型金融机构可能会延迟或放弃进入该领域的计划。

The GENIUS Act had initially seen bipartisan support, with the Senate Banking Committee voting 18-6 in its favor. Five Democratic committee members had voted across party lines at that time. But subsequent action has seen nine Democrats, four of whom previously voted for the bill, switch sides.

《天才法》最初得到了两党的支持，参议院银行委员会以18-6投票支持。当时，五名民主党委员会成员在各方进行了投票。但是随后的行动已经看到了九名民主党人，其中四名以前投票赞成该法案，转换。

Altcoin investors should watch for the U.S. Senate vote on May 26. In the absence of the regulatory certainty that a law would provide, institutional investors’ participation in altcoin markets can remain limited.

Altcoin投资者应在5月26日观看美国参议院投票。在没有法律提供的监管确定性的情况下，机构投资者参与AltCoin市场可能会保持限制。

This leaves such assets more vulnerable to volatility and bearish sentiment if the stablecoin legislation does not advance. Coinbase CEO had also urged the Congress to speed up the Genius act.

如果Stablecoin立法没有提出，这会使此类资产更容易受到波动和看跌情绪的影响。 Coinbase首席执行官还敦促国会加快《天才法》。

Overall crypto outlook still positive despite legislative uncertainty

尽管立法不确定性，但总体加密展望仍然积极

In spite of legislative uncertainty, the overall cryptocurrency space has registered some positives within the first 100 days of the Trump presidency. A few positive policy initiatives have been implemented.

尽管存在立法不确定性，但在特朗普总统任期的前100天内，总体加密货币领域仍登记了一些积极。已经实施了一些积极的政策计划。

From establishing a U.S. strategic bitcoin reserve which now contains around 200,000 BTC to the White House recognizing digital assets as a “national priority,” coupled with roll-backs on SEC accounting rules which had shut banks out of participation in cryptocurrencies, the altcoin space has registered a few positives.

从现在建立一家美国战略比特币储备，该预备队现在包含约200,000 BTC到白宫，将数字资产视为“国家优先事项”，再加上SEC会计规则上的后备书，该规则将银行从参与加密货币的参与中关闭，Altcoin Space已注册了一些积极的积极性。

If stablecoin and market structure bills grind to a halt in DC, it's going to be a long summer for non-bitcoin crypto assets.

如果Stablecoin和市场结构在DC停留，那么对于非比型币加密资产来说将是一个漫长的夏天。

— Matt Hougan (@Matt_Hougan) May 6, 2025

- Matt Hougan（@matt_hougan）2025年5月6日

Hougan believes that the majority of crypto assets will reach new all-time highs this year, and Bitcoin could easily surpass $200,000. But he cautioned in his recent report that this is pinning one’s hopes on Washington finally getting its act together regarding crypto regulations.

霍根（Hougan）认为，大多数加密资产将在今年达到新的高潮，比特币很容易超过20万美元。但是他在最近的报告中告知，这寄希望于华盛顿最终将其针对加密法规的行为融合在一起。

The actual concern is that what we are seeing today is mainly a result of action by the president and not laws enacted by Congress. If Congress fails to enact the legislation, future presidents are simply going to be able to reverse gains. The stablecoin legislation is an opportunity to put crypto’s rules into law with bipartisan support. That would prevent future presidents from rolling back gains.

实际关注的是，我们今天所看到的主要是总统行动的结果，而不是国会制定的法律。如果国会未能制定立法，那么未来的总统将能够扭转收益。 Stablecoin立法是一个机会，将加密货币的规则纳入法律，并在两党支持下。这将阻止未来的总统退缩。

For altcoin markets, stablecoin legislation would enable more institutions to participate and provide liquidity to markets. But if legislation does not occur, large financial institutions may still opt out as they prefer clear regulation.

对于Altcoin市场，Stablecoin立法将使更多的机构参与并为市场提供流动性。但是，如果不进行立法，大型金融机构可能会选择退出，因为他们更喜欢明确的法规。