不稳定的运动

Narrativestablecoin和市场结构法案是有关加密货币的两件大事，预计国会今年将与唐纳德·特朗普总统的办公桌联系。

House Republicans unveiled a discussion draft of a market structure bill but all eyes this week were on the Senate, where a largely bipartisan effort to advance stablecoin legislation ran up against a wall.

众议院共和党人揭开了一项关于市场结构法案的讨论草案，但本周所有人都在参议院上进行，在这里，两党的努力在很大程度上努力推进了稳定立法的立法。

PS: I'll be in Toronto next week for Consensus. In town? Come say hi.

PS：下周我将在多伦多获得共识。在镇上？来打个招呼。

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

您正在阅读加密货币状态，这是一本关注加密货币与政府交叉点的通讯。单击此处注册以后的版本。

Unstable movement

不稳定的运动

The narrative

叙述

Stablecoin and market structure bills are the two big things around crypto that Congress is expected to get to President Donald Trump's desk this year. There was a press conference by crypto and AI czar David Sacks with the chairs of the House and Senate committees. Everyone had this rough deadline of "before the August recess."

Stablecoin和市场结构账单是有关加密货币的两件大事，预计国会今年将与唐纳德·特朗普总统的办公桌联系。 Crypto和AI Czar David Sacks的新闻发布会与众议院和参议院委员会的主席。每个人都有在“八月休息之前”的艰难截止日期。

Why it matters

为什么重要

Of these two bills, the stablecoin legislation was supposed to be the easier lift. It's focused on just a part of the crypto sector, while the market structure bill will define how a much broader part of the industry operates and is overseen by federal regulators. And up until just over a week ago, the stablecoin bill was largely sailing through with few issues. Now — while it's still expected to become law — the timing of its passage is far less certain.

在这两个法案中，稳定的立法应该更容易提升。它仅关注加密货币领域的一部分，而市场结构法案将定义该行业的更大部分运作并由联邦监管机构监督。直到一周多以前，Stablecoin Bill在很大程度上遇到了很少的问题。现在 - 虽然仍然期望成为法律，但其通过的时机远远不够确定。

Breaking it down

分解

First thing's first: No one this reporter has spoken to this week thinks that the Senate's stablecoin bill — the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — is dead. According to multiple individuals familiar with the situation, lawmakers were already back to negotiating after Thursday's failed vote, and lawmakers could vote again as soon as next week — potentially even Monday.

第一件事是第一件事：记者本周没有人认为参议院的Stablecoin法案（指导和建立了为美国Stablecoins（Genius）法案）的指导和建立国家创新 - 已死。据多个熟悉这种情况的人称，周四投票失败后，立法者已经重新进行谈判，立法者可以在下周（甚至星期一）再次投票。

Thursday's vote failed after Democrats raised an alarm last weekend that certain provisions around national security, the soundness of the financial system and accountability, though Republicans argued that ongoing stablecoin usage requires swift passage. U.S. President Donald Trump's profiting off of stablecoins also raised alarm bells for lawmakers, senators introducing multiple bills that would prevent the President from issuing financial assets, including the "End Crypto Corruption Act," which would block all members of Congress, the president, vice president, other executive branch officials and their families from "issuing, endorsing or sponsoring crypto assets."

在民主党上周末发出警报称国家安全，金融体系和问责制的某些规定时，周四的投票失败了，尽管共和党人辩称，持续的稳定使用情况需要迅速通过。美国总统唐纳德·特朗普（Donald Trump）从稳定者中获利的利润也引起了议员的警报，参议员介绍了多项法案，这些法案将阻止总统发行金融资产，包括“终结的加密腐败法”，该法案将阻止国会所有成员，总统，总统，副总统，其他执行分支机构及其家人“签发或赞助Cryto Assets”。

On Wednesday, one individual told CoinDesk that it appeared that a deal might be in place so that Democrats would get a vote on the End Crypto Corruption Act, either as an amendment to the GENIUS Act or as a standalone bill, ahead of the procedural vote on the GENIUS Act itself.

周三，一个人告诉Coindesk，似乎达成协议可能已经到位，以便民主党人对《最终加密腐败法》进行投票，要么是对《天才法案》的修正案，要么是对《天才法案》本身的程序投票之前的一项修正案。

This ultimately did not happen, with lawmakers proceeding directly to the so-called cloture vote on Thursday; it fell 48-49.

最终，这并没有发生，立法者直接在周四进行所谓的Cloture投票。它下降了48-49。

The vote did not fail on party lines either: though no Democrats voted in favor of the bill, Republicans Josh Hawley and Rand Paul joined 46 Democrats in voting against the motion (Majority Leader John Thune initially voted in favor of the bill, but flipped in a procedural move that will let him bring the bill back for a vote later).

投票也没有在党派界限上失败：尽管没有民主党人投票赞成该法案，但共和党人乔什·霍利（Josh Hawley）和兰德·保罗（Rand Paul）加入了46名民主党人对该动议进行投票（多数党领袖约翰·杜恩（John Thune）最初投票赞成该法案，但却将程序举动倾斜，这将使他稍后再投票。

Among other issues was the fact that there was no bill text available at the time the vote kicked off.

除其他问题外，事实是，在投票开始时没有可用的账单文字。

The cloture vote, which would open 30 hours of debate, is likely the main piece of leverage Democrats have to try and get their priorities into the bill because it needs 60 Senators to pass. After the debate, there will be another cloture vote before the final passage vote, but it would be difficult for a lawmaker who voted to open debate to walk that back afterward, one of the individuals told CoinDesk.

即将开放30个小时的辩论的Cloture投票可能是民主党人必须尝试将其优先事项纳入法案，因为它需要60名参议员才能通过。辩论结束后，将在最后通过投票之前再进行一次盘点投票，但是对于一位投票投票进行公开辩论的议员来说，这将是很困难的。

Having their priorities sorted before getting to the final set of votes would also just generally provide more comfort to lawmakers, the individual said.

该人说，在获得最终选票之前，将优先事项分类为一般也只会为立法者提供更多的安慰。

None of the individuals who spoke to CoinDesk expect that an actual provision blocking the U.S. President from issuing or being tied to an issuer of a stablecoin will become part of the final bill.

与Coindesk交谈的人都没有一个人期望阻止美国总统发行或与Stablecoin的发行人联系在一起的实际条款将成为最终法案的一部分。

One of the individuals said ongoing negotiations are more focused on how foreign issuers are treated and anti-money laundering provisions.

其中一名个人说，正在进行的谈判更加关注外国发行人的方式和反洗钱的规定。

A broader concern was that a hefty delay in passing the stablecoin legislation may slow down the process for advancing the market structure bill, which will rewrite the law around how the Commodity Futures Trading Commission and Securities and Exchange Commission oversee digital assets, including how cryptocurrencies might be defined as securities. A discussion draft was introduced in the House this week.

一个更广泛的问题是，通过Stablecoin立法的延迟延迟可能会减慢推进市场结构法案的过程，这将重写有关商品期货贸易委员会和证券交易委员会如何监督数字资产的法律，包括如何将加密货币定义为证券。本周在众议院引入了讨论草案。

If the Senate votes on the stablecoin bill in the next week or so, it should not hold up the other bill, two individuals told CoinDesk.

如果参议院在下周左右对Stablecoin法案进行投票，则不应提出其他法案，两个人告诉Coindesk。

This Week's Headlines

本周的头条新闻

A new bill from U.S. Senators Elizabeth Warren and Chris Van Hollen would prevent the president, vice president and their families from investing in cryptocurrencies.

美国参议员伊丽莎白·沃伦（Elizabeth Warren）和克里斯·范·霍伦（Chris Van Hollen）的一项新法案将阻止总统，副总统及其家人投资加密货币。

A bipartisan group of U.S. Senators introduced legislation on Wednesday aiming to block the president, vice president and their families from investing in cryptocurrencies or engaging in related activities.

美国参议员的两党群体周三提出了立法，旨在阻止总统，副总统及其家人投资加密货币或从事相关活动。

The initiative, titled the "End Crypto Corruption Act," seeks to restrict

该倡议的标题为“结束加密腐败法”，试图限制