Coin Center 抨擊 Lummis-Gillibrand 穩定幣法案違憲、反創新

支持加密貨幣的組織 Coin Center 嚴厲批評了最近推出的 Lummis-Gillibrand 支付穩定幣法案，稱其違憲且反創新。該法案旨在監管穩定幣，其中包括要求一對一準備金的條款，從而有效地禁止了演算法穩定幣。 Coin Center 認為，這樣的禁令將侵犯開發人員的第一修正案權利。儘管在 Terra-Luna 崩潰後人們對演算法穩定幣產生了擔憂，但該組織還是提出了一種對發行人進行強制 SEC 註冊的替代方法。

Stablecoin Regulation: Coin Center Decries Lummis-Gillibrand Bill as Unconstitutional and Anti-Innovation

穩定幣監管：硬幣中心譴責 Lummis-Gillibrand 法案違憲且反創新

Washington, D.C. - Pro-cryptocurrency organization Coin Center has vehemently denounced a newly proposed legislative bill, the Lummis-Gillibrand Payment Stablecoin Act, deeming it unconstitutional and detrimental to innovation. In a strongly worded public statement released on Friday, the US-based advocacy group criticized the bipartisan bill, alleging that it would stifle the growth and adoption of stablecoins, a rapidly expanding sector within the digital asset ecosystem.

華盛頓特區 - 支持加密貨幣的組織 Coin Center 強烈譴責新提出的立法法案《魯米斯-吉利布蘭德支付穩定幣法案》，認為該法案違憲且不利於創新。在周五發布的措辭強硬的公開聲明中，這家總部位於美國的倡導組織批評了這項兩黨法案，聲稱它將扼殺穩定幣的增長和採用，穩定幣是數位資產生態系統中迅速擴張的一個領域。

The Lummis-Gillibrand Payment Stablecoin Act, introduced by Senators Kirsten Gillibrand and Cynthia Lummis, seeks to establish a comprehensive regulatory framework for stablecoins, aiming to address concerns over investor protection and market stability. However, Coin Center argues that the proposed legislation goes too far, imposing excessive restrictions that threaten to undermine the very nature of cryptocurrencies.

由參議員 Kirsten Gillibrand 和 Cynthia Lummis 提出的 Lummis-Gillibrand 支付穩定幣法案旨在建立一個全面的穩定幣監管框架，旨在解決對投資者保護和市場穩定的擔憂。然而，硬幣中心認為，擬議的立法太過分了，施加了太多的限制，有可能破壞加密貨幣的本質。

"This bill would effectively outlaw algorithmic stablecoins, which are an important and innovative part of the cryptocurrency ecosystem," said Coin Center Research Director Peter Van Valkenburgh. "Algorithmic stablecoins are not inherently risky, and in fact, they offer several advantages over traditional fiat-backed stablecoins."

硬幣中心研究總監 Peter Van Valkenburgh 表示：“該法案將有效地取締演算法穩定幣，這是加密貨幣生態系統的重要且創新的一部分。” “演算法穩定幣本身並不存在風險，事實上，與傳統的法幣支持的穩定幣相比，它們具有多種優勢。”

Algorithmic stablecoins rely on computer algorithms to adjust their supply in response to changes in demand, maintaining their stability without the need for one-to-one reserves. This allows for greater flexibility, efficiency, and accessibility compared to fiat-backed stablecoins, which require issuers to hold reserves equivalent to the value of all outstanding tokens.

演算法穩定幣依靠電腦演算法來調整其供應量以響應需求的變化，保持其穩定性，而不需要一對一的儲備。與法幣支持的穩定幣相比，這具有更大的靈活性、效率和可近性，後者要求發行人持有相當於所有未償代幣價值的儲備金。

According to Coin Center, the outright ban on algorithmic stablecoins proposed in the Lummis-Gillibrand bill is unconstitutional, infringing upon the First Amendment rights of developers to create and publish code. "Software is speech, and the government cannot prohibit or censor it," Van Valkenburgh emphasized.

據 Coin Center 稱，Lummis-Gillibrand 法案中提出的對演算法穩定幣的徹底禁令是違憲的，侵犯了開發者創建和發布代碼的第一修正案權利。 「軟體就是言論，政府不能禁止或審查它，」範瓦爾肯堡強調。

Moreover, Coin Center contends that the proposed legislation is anti-innovation, sending a chilling effect on the development and adoption of new and innovative stablecoin designs. "This bill would stifle competition and prevent the emergence of potential technological advancements that could benefit consumers," said Neeraj Agrawal, Coin Center's Director of Research and Director of Digital Currency.

此外，硬幣中心認為，擬議的立法是反創新的，會對新的和創新的穩定幣設計的開發和採用產生寒蟬效應。硬幣中心研究總監兼數位貨幣總監 Neeraj Agrawal 表示：“這項法案將抑制競爭，並阻止可能使消費者受益的潛在技術進步的出現。”

Coin Center also expressed concerns over the bill's requirement for stablecoin issuers to maintain one-to-one reserves, echoing industry experts who believe it could stifle innovation and limit growth. "One-to-one reserves are not a necessary condition for stability," Agrawal noted. "There are other mechanisms that can be employed to mitigate risks associated with stablecoins."

Coin Center 也對該法案要求穩定幣發行人維持一對一儲備表示擔憂，這與行業專家的觀點一致，他們認為這可能會扼殺創新並限製成長。阿格拉瓦爾指出：“一對一的儲備並不是穩定的必要條件。” “還有其他機制可以用來減輕與穩定幣相關的風險。”

In this regard, Coin Center suggested that a more measured approach would be to require issuers of algorithmic stablecoins to register with the Securities and Exchange Commission (SEC) rather than implementing a total ban. "This would provide regulators with oversight while allowing for innovation to continue," Agrawal said.

對此，Coin Center建議，更謹慎的做法是要求演算法穩定幣的發行者向美國證券交易委員會（SEC）註冊，而不是實施全面禁令。阿格拉瓦爾說：“這將為監管機構提供監督，同時允許創新繼續進行。”

Alternatively, Coin Center pointed to the "Clarity for Payment Stablecoins Act" introduced in 2021 as a more reasonable approach. This bill proposed a two-year moratorium on the launch of new algorithmic stablecoins, providing ample time for policymakers to study and understand these instruments before imposing restrictive regulations.

另外，Coin Center 指出 2021 年推出的「支付穩定幣清晰度法案」是一種更合理的方法。該法案提議暫停兩年推出新的演算法穩定幣，為政策制定者在實施限制性監管之前提供充足的時間來研究和了解這些工具。

In a separate development, the global stablecoins market has experienced significant growth throughout 2024. According to data from DeFiLlama, the total stablecoins market cap has surged by 21.95% from $139.342 billion on January 1, 2024, to its current value of $158.957 billion. Tether USD (USDT) continues to dominate the market, accounting for approximately 69.10% of the total market cap, while USD Coin (USDC) holds a 20.90% share. Other notable stablecoins include Dai (DAI), First Digital USD (FUSD), and Athena USDe (USDe).

另一方面，全球穩定幣市場在2024年經歷了顯著成長。 Tether USD (USDT) 繼續主導市場，約佔總市值的 69.10%，而 USD Coin (USDC) 則佔 20.90% 的份額。其他著名的穩定幣包括 Dai (DAI)、First Digital USD (FUSD) 和 Athena USDe (USDe)。

Despite the recent growth in stablecoins, the industry remains in its infancy, with the potential for transformative innovation and widespread adoption. However, the threat of overly restrictive regulation looms large, and it is essential for policymakers to approach this emerging sector with a balanced and proportionate approach that encourages responsible growth while safeguarding consumers.

儘管穩定幣最近有所增長，但該行業仍處於起步階段，具有變革性創新和廣泛採用的潛力。然而，過度限制性監管的威脅迫在眉睫，政策制定者必須以平衡和相稱的方式對待這個新興產業，以鼓勵負責任的成長，同時保護消費者。