隨著加密貨幣粉絲唐納德·川普準備接管政府，CFPB 邁出了監管穩定幣的第一步

CFPB 採取了第一步程序，於週五公開徵求公眾意見，該提案將建立一個框架，將《電子資金轉帳法》應用於虛擬錢包和穩定幣

The U.S. Consumer Financial Protection Bureau has proposed new regulations that would significantly impact stablecoin issuers and wallet providers, but the future of the proposal is uncertain as Donald Trump prepares to take office.

美國消費者金融保護局提出了新的法規，將對穩定幣發行商和錢包提供商產生重大影響，但隨著唐納德·川普準備上任，該提案的未來尚不確定。

The CFPB took the first procedural step on Friday to open a proposal for public comment that would set up a framework to apply the Electronic Fund Transfer Act to virtual wallets and stablecoins, the digital tokens pegged to the value of a steady asset, usually the U.S. dollar. While that has major implications for the way U.S. stablecoin firms and crypto wallet providers would do business, it's at a preliminary stage with Trump about to arrive at the White House with the power to appoint a new CFPB chief.

CFPB 週五採取了第一步程序，公開徵求公眾意見，該提案將建立一個框架，將《電子資金轉帳法》應用於虛擬錢包和穩定幣，這些數位代幣與穩定資產（通常是美國）的價值掛鉤美元。雖然這對美國穩定幣公司和加密錢包提供商的經營方式有重大影響，但目前還處於初步階段，川普即將入主白宮，並有權任命一位新的 CFPB 負責人。

Unlike other agency heads, such as those at the Securities and Exchange Commission and the Commodity Futures Trading Commission, CFPB Director Rohit Chopra appears unlikely to step down voluntarily. Since the agency's creation after the 2008 global financial meltdown, its leaders have often taken a more aggressive stance than other regulators, and Republican lawmakers have actively sought to weaken the CFPB's powers.

與美國證券交易委員會和商品期貨交易委員會等其他機構負責人不同，CFPB 主任 Rohit Chopra 似乎不太可能主動辭職。自 2008 年全球金融危機後該機構成立以來，其領導人往往採取比其他監管機構更為激進的立場，共和黨立法者也積極尋求削弱 CFPB 的權力。

In 2020, the Supreme Court confirmed the president can fire and replace the director at will, a power Trump is expected to exercise.

2020年，最高法院確認總統可以隨意解僱和更換主任，並預計川普將行使這項權力。

This last-minute regulatory effort would have to survive the arrival of a Trump-appointed leader before it could be finalized and put into effect. Even if this were a final rule, the Republican-led Congress would have a chance to erase it with its Congressional Review Act authority.

這項最後一刻的監管努力必須等到川普任命的領導人上任後才能最終確定並付諸實行。即使這是最終規則，共和黨領導的國會也有機會利用《國會審查法案》的權力來廢除它。

If it were to survive, the regulation as proposed - and now opened for a public comment period - looks at stablecoins as a payment mechanism. The existing law's reference to "funds" should include stablecoins, the proposal suggests, and it could also apply to other more volatile cryptocurrencies such as bitcoin. "Under this interpretation, the term 'funds' would include stablecoins, as well as any other similarly-situated fungible assets that either operate as a medium of exchange or as a means of paying for goods or services," the proposal stated.

如果它要生存下去，擬議的法規（現已開放公眾意見徵詢期）將穩定幣視為一種支付機制。該提案建議，現行法律對「基金」的提及應包括穩定幣，也可能適用於比特幣等其他波動性較大的加密貨幣。該提案指出：“根據這種解釋，‘基金’一詞將包括穩定幣，以及任何其他類似情況的可替代資產，這些資產要么作為交換媒介，要么作為支付商品或服務的手段。”

It additionally said the law's reach into financial "accounts" should include "virtual currency wallets that can be used to buy goods and services or make person-to-person transfers," specifically if they're being used for retail transactions and not the buying and selling of securities or commodities.

它還表示，該法律對金融“帳戶”的影響應包括“可用於購買商品和服務或進行人對人轉帳的虛擬貨幣錢包”，特別是如果它們用於零售交易而不是購買以及出售證券或商品。

Institutions who provide such accounts would fall under regulatory requirements to make consumer disclosures and provide protections against unauthorized transactions and the ability to cancel improper transfers. Those government demands could run counter to the way crypto operations are often set up - such as in decentralized finance (DeFi) - as person-to-person platforms without outside interference, or with wallet technology provided for users to run themselves.

提供此類帳戶的機構將遵守監管要求，要求進行消費者披露，並提供針對未經授權交易的保護以及取消不當轉帳的能力。這些政府要求可能與加密貨幣操作通常建立的方式背道而馳——例如在去中心化金融（DeFi）中——作為不受外界幹擾的人對人平台，或者為用戶提供自行運行的錢包技術。

Consumer advocacy group Better Markets welcomed the agency's proposal on Friday.

消費者權益倡導組織「更好的市場」週五對該機構的提議表示歡迎。

"The CFPB’s proposal today extends the EFTA protections to non-bank digital payment mechanisms," Dennis Kelleher, the group's president, said in a statement. "That would not only protect consumers, but also level the playing field among digital payment mechanisms whether involving a bank checking or savings account or another consumer asset account such as those used by crypto and video game firms."

「CFPB 今天的提案將 EFTA 的保護範圍擴大到非銀行數位支付機制，」該組織主席丹尼斯·凱萊赫 (Dennis Kelleher) 在一份聲明中表示。 “這不僅可以保護消費者，還可以為數位支付機制提供公平的競爭環境，無論是涉及銀行支票或儲蓄帳戶還是其他消費者資產帳戶，例如加密貨幣和視頻遊戲公司使用的帳戶。”

The Cato Institute's Jack Solowey, a policy analyst at the conservative think tank, countered in a post on social-media site X that the CFPB's arguments for this rule are "embarrassingly conclusory," without even dealing with decentralized ledgers and self-hosted wallets.

保守派智庫卡托研究所(Cato Institute) 的政策分析師傑克·索洛維(Jack Solowey) 在社交媒體網站X 上的一篇帖子中反駁說，CFPB 對於這一規則的論點是“令人尷尬的結論”，甚至沒有涉及去中心化帳本和自託管錢包。

Bill Hughes, director of global regulatory matters at Consensys, the Ethereum development company, also railed against the move on X, suggesting, "Add this to the list of 'law by decree' problems that need to be fixed."

以太坊開發公司 Consensys 的全球監管事務總監 Bill Hughes 也對 X 的舉動提出了批評，他建議，“將其添加到需要解決的‘法令法’問題清單中。”