Stablecoin监管法案有望用新抛光的语言在参议院前进

在一条艰难的道路上为美国立法努力监管stablecoin发行人之后，参议院有望在法案中以新抛光的语言再次前进

After a sudden, rocky road for the U.S. legislative effort to regulate stablecoin issuers, the Senate is poised to move forward again with newly polished language in the bill that may see some procedural movement as soon as Thursday.

经过一条艰难的艰难道路，为美国立法努力规范了稳定发行人，参议院有望在法案中以新抛光的语言再次前进，这可能会在周四立即看到一些程序运动。

The Senate's stablecoin push veered off course a week ago when Democrats objected, concentrating on President Donald Trump's personal crypto business interests, but the lawmakers continued negotiations and are said to be close to an agreement on updated text to the "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS) Act, according to people familiar with the talks.

一周前，民主党人反对，专注于唐纳德·特朗普（Donald Trump）的个人加密货币商业利益，但立法者继续进行谈判，据说与“指导和建立国家的国家创造”的协议是根据熟悉的人的熟悉的人的说法，参议院的稳定推动力偏离了课程，但据说，立法者继续进行谈判，但据说与“指导和建立国家创新”的协议是接近“指导和建立国家创新”的协议。

The bill would set up a federal regulatory framework for cryptocurrencies pegged to the value of another asset, such as Tether's USDT$ and Circle's USDC$, and there's a similar one grinding its way through the House of Representatives. A previous version of the bill advanced out of the Senate Banking Committee with bipartisan support earlier this year, giving the crypto sector hope that it would probably meet with little resistance on the Senate floor.

该法案将建立一个联邦监管框架，用于将其固定在另一个资产的价值的加密货币，例如Tether的USDT $和Circle的USDC $，并且在众议院中也有类似的方法。该法案的先前版本从今年早些时候获得两党支持的参议院银行委员会提出，这使加密货币部门希望它可能在参议院的一场比赛中很少有抵抗力。

But the text was later updated and the Senate failed to muster enough votes to begin the final stage of the bill's passage, a process known as cloture in which 60 senators need to agree to move legislation to an open floor debate.

但是后来进行了更新，参议院未能进行足够的选票来开始该法案通过的最后阶段，该过程被称为Cloture，其中60名参议员需要同意将立法转移到开放式辩论中。

Every Democrat and two Republicans voted against it (a third Republican, Senate Majority Leader John Thune, originally supported the cloture motion but flipped his vote at the last minute in a procedural move to keep the legislation alive). That left the stablecoin bill in legislative limbo, but people familiar with the matter said it may soon be back on track. The next vote would likely be a procedural action to buy lawmakers more time to negotiate specifics of the bill than a cloture motion, two of the people said.

每个民主党人和两名共和党人都投票反对（第三个共和党人，参议院多数党领袖约翰·图恩（John Thune）最初支持盘点动议，但在最后一刻进行了投票，以使立法生存以保持行动）。这使Stablecoin法案陷入了立法障碍，但熟悉此事的人们表示，很快就会恢复正轨。两人说，下一次投票可能是一项程序行动，是为了购买立法者的时间来谈判法案的细节，而不是一项动议。

One of the central points of contention for Democrats were President Trump's increasing forays into crypto, particularly after Abu Dhabi-based investment firm MGX announced it would close its purchase of a stake in global exchange Binance using USD1, a stablecoin issued by World Liberty Financial, which in turn is linked to Trump and his children.

民主党人的主要争论点之一是特朗普总统对加密货币的越来越多，尤其是在总部位于阿布扎比的投资公司MGX MGX宣布将使用USD1使用USD1购买全球交易所的股份，这是世界自由金融发行的Stablecoin，这反过来又与特朗普和他的孩子链接在一起。

However, the bill's text, which hasn't yet been released publicly, is unlikely to include any provisions addressing this potential conflict of interest. Senator Gillibrand, the New York Democrat who has been working on crypto legislation for years, suggested at a Stand With Crypto event on Wednesday that the latest version still doesn't focus directly on Trump.

但是，该法案的文本尚未公开发布，不太可能包括解决这一潜在利益冲突的任何规定。多年来从事加密货币立法的纽约民主党参议员吉利布兰（Gillibrand）在周三与加密赛活动的一场演出中提出，最新版本仍然不关注特朗普。

"This bill does have some ethics requirements that I think are really strong and very good, but it's not an ethics bill per se, and if we were dealing with all President Trump's ethics problems, it would be a very long and detailed bill," she said.

她说：“该法案确实有一些道德要求，我认为这确实很强大而且非常好，但这本身不是道德法案，如果我们处理特朗普总统的所有道德问题，那将是一项漫长而详尽的法案。”

Gillibrand said she's "very optimistic we will have a vote soon enough."

吉利布兰（Gillibrand）说，她“非常乐观，我们将尽快进行投票。”

At the same event, Senator Cynthia Lummis, the Republican chair of a digital assets subcommittee in the Senate and a frequent partner to Gillibrand on crypto regulation, argued against lawmakers being distracted by the "shiny object that's out in the corner."

在同一活动中，参议院数字资产小组委员会的共和党主席，吉利布兰德（Gillibrand）的经常合作伙伴辛西娅·卢米斯（Cynthia Lummis）对立法者表示反对立法者的意见，并被“拐角处的闪亮对象”分散注意力。

"I don't want the fact that President Trump's name comes up in relation to this to distract us from the important goal of having a clear regulatory structure in the United States that can onshore this industry that is being used to provide a new market for US Treasuries that helps the dollar stay the world reserve currency," Lummis said.

卢米斯说：“我不希望特朗普总统的名字出现在这方面，以分散我们在美国拥有明确的监管结构的重要目标，即在岸上可以在岸上这个行业，该行业被用来为美国国债提供新的市场，以帮助美元保持世界储备货币。”

Bo Hines, Trump's executive director for the President's Council of Advisers on Digital Assets, said at CoinDesk's Consensus 2025 conference in Toronto on Wednesday that "negotiations are ongoing" when asked about a possible vote on Thursday. He indicated that he thinks the legislation will keep moving.

特朗普总统数字资产顾问委员会执行董事博·海因斯（Bo Hines）在周三在多伦多举行的Coindesk共识2025会议上说，当被问及周四可能进行的投票时，“谈判正在进行”。他表示，他认为立法将继续前进。

"We shall see," he said.

他说：“我们将看到。”