硬幣中心猛烈抨擊穩定幣法案違憲、扼殺創新

支持加密貨幣的組織 Coin Center 強烈反對最近提出的 Lummis-Gillibrand 支付穩定幣法案，稱其「違憲」且不利於創新。該法案提議禁止演算法穩定幣，並要求穩定幣發行者提供一對一的準備金。 Coin Center 認為禁令侵犯了開發人員的言論自由權，並提出了替代措施，例如為發行人進行 SEC 註冊。

Coin Center Denounces Proposed Stablecoin Regulation as Unconstitutional, Impeding Innovation

硬幣中心譴責擬議的穩定幣監管違憲，阻礙創新

January 27, 2023

2023 年 1 月 27 日

Amidst the rapidly evolving cryptocurrency landscape, Coin Center, a leading non-profit advocating for digital asset law and policy, has vehemently opposed a recently proposed legislative bill, the Lummis-Gillibrand Payment Stablecoin Act. In a comprehensive public statement released last Friday, Coin Center condemned the bill, labeling it as "unconstitutional" and detrimental to the advancement of the digital asset industry.

在快速發展的加密貨幣格局中，Coin Center 是一家領先的倡導數位資產法律和政策的非營利組織，強烈反對最近提出的一項立法法案，即《魯米斯-吉利布蘭德支付穩定幣法案》。在上週五發布的一份全面的公開聲明中，Coin Center 譴責了該法案，稱其“違憲”，不利於數位資產行業的進步。

Lummis-Gillibrand Payment Stablecoin Act: A Contentious Proposal

Lummis-Gillibrand 支付穩定幣法案：一項有爭議的提案

Introduced by Senators Kirsten Gillibrand and Cynthia Lummis, the Lummis-Gillibrand Payment Stablecoin Act aims to establish a comprehensive regulatory framework for the use and operation of stablecoins within the United States. Stablecoins are a type of cryptocurrency that is pegged to the value of a fiat currency, such as the US dollar, and are often utilized as a means of payment or as a store of value.

Lummis-Gillibrand 支付穩定幣法案由參議員 Kirsten Gillibrand 和 Cynthia Lummis 提出，旨在為美國境內穩定幣的使用和營運建立全面的監管框架。穩定幣是一種與法定貨幣（例如美元）價值掛鉤的加密貨幣，通常被用作支付手段或價值儲存手段。

The proposed legislation places a strong emphasis on investor protection, mandating strict compliance with existing anti-money laundering and sanction regulations. However, one of the most contentious provisions of the bill is the requirement that stablecoin issuers maintain one-to-one reserves, effectively banning algorithmic stablecoins. Algorithmic stablecoins rely on computer programs to adjust supply based on demand, a mechanism that has been met with skepticism and regulatory concerns in the wake of the Terra-Luna ecosystem collapse in 2022.

擬議的立法高度重視投資者保護，要求嚴格遵守現有的反洗錢和製裁法規。然而，該法案最具爭議的條款之一是要求穩定幣發行者維持一對一的準備金，從而有效地禁止了演算法穩定幣。演算法穩定幣依靠電腦程式根據需求調整供應，這種機制在 2022 年 Terra-Luna 生態系統崩潰後遭到了懷疑和監管擔憂。

Coin Center's Strident Opposition: Innovation and Constitutional Concerns

Coin Center的強烈反對：創新與憲法議題

Coin Center has taken a firm stance against the Lummis-Gillibrand Payment Stablecoin Act, citing concerns about its impact on innovation and its potential violation of the First Amendment. The organization acknowledges the validity of concerns regarding algorithmic stablecoins but argues that an outright ban is an excessive measure that stifles innovation in the crypto space.

Coin Center 對 Lummis-Gillibrand 支付穩定幣法案採取了堅定的立場，理由是擔心該法案對創新的影響以及可能違反第一修正案。該組織承認對演算法穩定幣的擔憂是正確的，但認為徹底禁令是一種過度措施，會扼殺加密貨幣領域的創新。

Coin Center maintains that prohibiting algorithmic stablecoins could be interpreted as a violation of the First Amendment rights of developers who publish code, particularly freedom of speech. Instead of a ban, the organization suggests alternative measures, such as mandating issuers of algorithmic stablecoins to register with the Securities and Exchange Commission (SEC) to ensure transparency and accountability.

Coin Center 認為，禁止演算法穩定幣可能會被解釋為侵犯了發布程式碼的開發人員的第一修正案權利，特別是言論自由。該組織沒有提出禁令，而是建議採取替代措施，例如強制演算法穩定幣的發行人向美國證券交易委員會（SEC）註冊，以確保透明度和問責制。

Coin Center also references the "Clarity for Payment Stablecoins Act," introduced in 2021, which proposes a two-year moratorium on newly launched algorithmic stablecoins. While Coin Center does not fully endorse the moratorium, they view it as a more reasonable approach compared to an outright ban, allowing for further research and development to address potential risks.

Coin Center 也引用了 2021 年推出的《支付穩定幣清晰度法案》，該法案提議暫停新推出的演算法穩定幣兩年。雖然 Coin Center 並不完全同意暫停禁令，但他們認為與徹底禁令相比，這是一種更合理的做法，可以進行進一步的研究和開發以解決潛在風險。

Global Stablecoin Market Growth and Regulatory Landscape

全球穩定幣市場成長與監管格局

Despite the regulatory uncertainty surrounding stablecoins, the global stablecoin market has witnessed significant growth in recent years. Data from DeFiLlama reveals a notable 21.95% increase in the total stablecoin market cap since January 1, 2023, rising from $139.342 billion to $158.957 billion.

儘管圍繞穩定幣的監管存在不確定性，但全球穩定幣市場近年來仍出現了顯著增長。 DeFiLlama 的數據顯示，自 2023 年 1 月 1 日以來，穩定幣總市值顯著增長 21.95%，從 1,393.42 億美元增至 1,589.57 億美元。

Tether USD (USDT) continues to dominate the market, accounting for a substantial 69.10% share, valued at $109.84 billion. USD Coin (USDC) holds a respectable 20.90% market share, with a cap of $33.223 billion. Other notable stablecoins include Dai (DAI), First Digital USD (FUSD), and Athena USDe (USDe).

Tether USD（USDT）繼續主導市場，佔 69.10% 的份額，價值 1,098.4 億美元。美元幣（USDC）佔據了可觀的 20.90% 市場份額，上限為 332.23 億美元。其他著名的穩定幣包括 Dai (DAI)、First Digital USD (FUSD) 和 Athena USDe (USDe)。

The debate over stablecoin regulations is expected to continue evolving, with stakeholders like Coin Center advocating for a balanced approach that encourages innovation while addressing concerns about investor protection and stability in the crypto market.

關於穩定幣監管的爭論預計將繼續發展，Coin Center 等利益相關者主張採取平衡的方法，鼓勵創新，同時解決對投資者保護和加密市場穩定性的擔憂。

Balancing Innovation and Regulation: A Delicate Task

平衡創新與監管：一項艱鉅的任務

The Lummis-Gillibrand Payment Stablecoin Act highlights a fundamental tension in the crypto space: how to ensure investor protection without hampering technological progress. While regulation is necessary to address concerns and protect consumers, it must be crafted carefully to avoid unintended consequences.

《魯米斯-吉利布蘭德支付穩定幣法案》凸顯了加密貨幣領域的根本緊張局勢：如何在不阻礙技術進步的情況下確保投資者保護。雖然監管對於解決問題和保護消費者是必要的，但必須謹慎制定以避免意外後果。

For stablecoins and the broader crypto ecosystem to remain sustainable, regulators and industry advocates must find common ground. By fostering dialogue and collaboration, it is possible to develop a regulatory framework that strikes the delicate balance between innovation and investor protection, allowing the digital asset industry to thrive while mitigating potential risks.

為了使穩定幣和更廣泛的加密生態系統保持永續發展，監管機構和產業倡導者必須找到共同點。透過促進對話與合作，可以製定一個監管框架，在創新和投資者保護之間取得微妙的平衡，從而使數位資產產業蓬勃發展，同時降低潛在風險。