新賬單可能禁止在美國發行USDT，使交換清單變得複雜

一項規範穩定幣的新國會法案可能會阻止薩爾瓦多的繫帶在美國發行新的USDT數字美元。

Two new congressional bills that aim to regulate stablecoins in the United States could have a significant impact on Tether, the world’s largest stablecoin issuer. The bills, one in the Senate and the other in the House, would impose strict compliance requirements on stablecoin issuers, including a one-to-one reserve ratio and an audit by a U.S.-based accounting firm.

旨在規范美國穩定穩定的兩項新國會法案可能會對全球最大的Stablecoin發行人Tether產生重大影響。賬單是參議院，另一個在眾議院中，將對Stablecoin發行人施加嚴格的合規要求，包括一對一的儲備比和一家總部位於美國的會計師事務所的審計。

If Tether fails to meet these requirements, it could be barred from issuing new USDT digital dollars in the United States and face the possibility of being delisted from major exchanges like Coinbase, Kraken, and Gemini.

如果系泰特（Tether）無法滿足這些要求，則可以禁止在美國發行新的USDT數字資金，並面臨從Coinbase，Kraken和Gemini等重大交易所中脫穎而出的可能性。

Tether has never produced an audit, although it does provide quarterly attestations of its reserves through the accounting firm BDO. Its latest report, released last week, showed that Tether had $143 billion in assets against the outstanding supply of USDT at the time ($137 billion).

Tether從未進行過審核，儘管它確實通過會計師事務所BDO提供了對儲備的季度證明。該報告上週發布的最新報告表明，特特（Tether）當時有1430億美元的資產，而當時的USDT供應不足（1,370億美元）。

Tether CEO Paolo Ardoino has previously expressed a willingness to get audited but claims that no U.S. firm will take them on as a client. In a July 2024 interview with Forbes, he said, “A big auditing firm might service 50,000 banks, and each of those banks would pay them maybe $1 million annually. Imagine that you have these 50,000 banks, and then you have one stablecoin company. What would your 50,000 customers say about the fact that you onboarded a stablecoin that is probably its strongest competitor? So, it is not very easy as a selling point for the big four companies (Deloitte, PwC, KPMG and EY).”

Tether首席執行官Paolo Ardoino此前表示願意接受審核，但聲稱沒有美國公司將其作為客戶。他在2024年7月接受《福布斯》的採訪中說：“一家大型審計公司可能會為50,000家銀行提供服務，每家銀行每年都會向他們支付100萬美元。想像一下，您擁有這50,000家銀行，然後您擁有一家Stablecoin公司。您的50,000個客戶對您登上可能是最強競爭者的穩定幣的事實會有什麼？因此，作為四大公司（Deloitte，PWC，KPMG和EY）的賣點並不容易。”

Tether did not respond to a request for comment.

Tether沒有回應置評請求。

The stablecoin legislation could also complicate decisions from U.S. exchanges regarding whether to keep USDT on their platform at all. The asset was delisted late last year from many prominent European exchanges that had to come in compliance with the Markets in CryptoAsset Legislation (MiCA).

Stablecoin立法還可能使美國交流的決策複雜化，即是否將USDT放在其平台上。去年年底，這項資產是從許多著名的歐洲交易所中脫穎而出的，這些交流必須符合CryptoAsset立法（MICA）的市場。

However, neither congressional bill makes that explicit demand.

但是，國會法案都沒有提出明確的需求。

“While U.S. regulated exchanges would likely prioritize compliant stablecoins, delisting isn’t an automatic requirement,” explained Laurenth Alba, an attorney and Head of Business Development at Rome Protocol. “Instead, exchanges will assess risk; if Tether does not obtain a federal or state-issued stablecoin license, some platforms may voluntarily reduce exposure or restrict U.S. customers from trading USDT to avoid regulatory risk.”

羅馬協議的律師兼業務發展主管Laurenth Alba解釋說：“儘管美國受監管的交易所可能會優先考慮合規性的穩定劑，但並不是自動要求。” “相反，交流將評估風險；如果Tether沒有獲得聯邦或州立的Stablecoin許可證，則某些平台可能會自願減少曝光率或限制美國客戶交易USDT以避免監管風險。”

Coinbase, Kraken, and Gemini did not respond to requests for comment.

Coinbase，Kraken和Gemini沒有回應置評請求。

Even if USDT is not delisted at exchanges, there could still be complications. One lawyer who had examined the stablecoin legislation thought it likely that a forthcoming market structure bill would instruct crypto companies to work with regulated stablecoin issuers, “If you were to structure a regulation that would reward people for complying, you also have to take steps to make it harder to operate for people who don’t comply,” he explained.

即使USDT沒有在交流中脫穎而出，仍然可能會有並發症。一位審查了Stablecoin立法的律師認為，即將到來的市場結構法案可能會指示加密貨幣公司與受監管的Stablecoin發行人合作：“如果您要構建一項獎勵人們遵守人們的法規，您還必須採取措施，您還必須採取措施使不遵守的人更難操作。”他解釋說。

Neither bill provides a grace period for Tether, or anyone else, to meet all of the stated requirements. However, it will likely still take months for the companion bills to pass both chambers of congress and eventually be signed into law by President Donald Trump.

任何法案都沒有提供繩索或其他任何人的寬限期，以滿足所有既定要求。但是，同伴法案通過國會的兩個議會可能仍需要幾個月的時間，並最終被唐納德·特朗普總統簽署為法律。

One factor that could help Tether is that Trump’s nominee to lead the Department of Commerce, the billionaire Chief Executive Officer of asset manager Cantor Fitzgerald, is a long-time business partner and investor in the company. The lawyer familiar with the stablecoin legislation said they believed Tether did “not lack the resources” to become compliant if they so desired.

可以幫助束縛的一個因素是，特朗普的提名人領導商務部，億萬富翁資產經理坎托·菲茨杰拉德（Cantor Fitzgerald）的億萬富翁首席執行官是該公司的長期業務夥伴和投資者。熟悉Stablecoin立法的律師說，他們認為Tether“不缺乏資源”，如果他們願意的話，他們就可以合規。

Representatives for Hagerty and Hill did not respond to requests for comment by press time.

Hagerty和Hill的代表沒有回應發稿時置評請求。