专家警告称，稳定币：对消费者和金融稳定来说是一场危险的赌博

尽管加密货币最近出现动荡，共和党众议院仍寻求支持稳定币发行人。然而，稳定币已被证明不稳定，导致公众遭受重大损失。它们尚未得到广泛使用，其声称的好处也值得怀疑。监管机构已经拥有管理稳定币的工具，无需立法。加密行业的政治影响力运动在致力于其利益的众议院小组委员会的组建中显而易见。如果没有有意义的监管，稳定币仍然存在风险，不适合公众支持。

Stablecoins: A Perilous Gamble for Consumers and Financial Stability

稳定币：消费者和金融稳定的危险赌博

Amidst the tumultuous crypto landscape, stablecoins have emerged as a purportedly safe haven, their value pegged to stable assets like the U.S. dollar. However, a closer examination reveals a facade of stability, concealing a plethora of risks that threaten consumers and financial stability alike.

在动荡的加密货币环境中，稳定币已成为据称的避风港，其价值与美元等稳定资产挂钩。然而，仔细检查就会发现稳定的外表，掩盖了威胁消费者和金融稳定的大量风险。

A Questionable Foundation

一个可疑的基础

Unlike traditional fiat currencies backed by central banks, stablecoins rely on collateralized assets, the nature of which remains largely opaque. The choice of collateral ranges from U.S. government bonds to obscure crypto assets and even algorithmic models, raising concerns about the adequacy and transparency of their underlying support.

与中央银行支持的传统法定货币不同，稳定币依赖于抵押资产，而其性质在很大程度上仍然不透明。抵押品的选择范围从美国政府债券到模糊的加密资产甚至算法模型，引发了人们对其基础支持的充分性和透明度的担忧。

Volatility Undermines the 'Stable' Promise

波动性破坏了“稳定”的承诺

Despite their name, stablecoins have proven anything but stable, with at least two dozen failing since their inception. The recent collapse of Terra, a prominent stablecoin, sent ripples through the crypto market, potentially contributing to the demise of FTX, a major crypto exchange.

尽管有他们的名字，但事实证明，稳定币一点也不稳定，自诞生以来，至少有两打稳定币失败了。著名的稳定币 Terra 最近的崩溃在加密货币市场引发了连锁反应，可能导致主要加密货币交易所 FTX 的消亡。

Regulatory Deficiencies

监管缺陷

Regulatory oversight of stablecoins has been lackluster, leaving consumers vulnerable to misleading marketing and opaque reserve management practices. Tether, the largest stablecoin by market share, has faced repeated fines for misleading consumers about the quality of its reserves and has yet to provide a comprehensive audit. Circle, another major stablecoin issuer, has repeatedly promised to seek a bank charter to enhance credibility, but these promises have not materialized.

对稳定币的监管一直乏善可陈，导致消费者容易受到误导性营销和不透明的储备管理实践的影响。 Tether 是市场份额最大的稳定币，因其在储备质量方面误导消费者而多次面临罚款，并且尚未提供全面的审计。另一家主要稳定币发行商 Circle 曾多次承诺寻求银行牌照以提高可信度，但这些承诺并未兑现。

A Tool for Speculation

投机工具

In reality, stablecoins function as "poker chips" for the crypto casino, as aptly described by SEC Chair Gary Gensler. Their primary use lies in facilitating speculative trading, with crypto speculators betting on the failure of prominent stablecoins like Tether.

事实上，正如 SEC 主席加里·詹斯勒 (Gary Gensler) 恰当地描述的那样，稳定币充当加密货币赌场的“扑克筹码”。它们的主要用途在于促进投机交易，加密货币投机者押注 Tether 等著名稳定币的失败。

Existing Regulatory Frameworks

现有监管框架

Fortunately, regulators possess the necessary tools to address the risks posed by stablecoins. They can force issuers to apply for bank charters, subjecting them to stringent prudential standards and deposit insurance. Alternatively, stablecoins can be classified as speculative instruments, requiring registration, transparency, and other measures similar to those applicable to securities issuers.

幸运的是，监管机构拥有必要的工具来应对稳定币带来的风险。它们可以迫使发行人申请银行牌照，使其遵守严格的审慎标准和存款保险。另外，稳定币可以被归类为投机工具，需要注册、透明度和其他类似于适用于证券发行人的措施。

Legislative Misadventures

立法失误

Despite the inherent risks, the Republican-controlled House of Representatives is considering legislation that would bestow undue favors on stablecoin issuers. This move, motivated by the industry's aggressive political lobbying, is a misguided attempt to legitimize a highly speculative and potentially dangerous asset class.

尽管存在固有风险，共和党控制的众议院正在考虑立法，向稳定币发行人提供不当优惠。此举是由该行业积极的政治游说推动的，是一种使高度投机性和潜在危险的资产类别合法化的错误尝试。

A Call for Prudence

呼吁谨慎行事

The onus falls upon Congress to reject such legislation and instead focus on protecting consumers and financial stability. Continued regulatory action, coupled with a comprehensive framework that regulates stablecoins in a sensible manner, is the only responsible course of action.

国会有责任拒绝此类立法，转而专注于保护消费者和金融稳定。持续的监管行动，加上以合理方式监管稳定币的全面框架，是唯一负责任的行动方针。