加密行業的擁護者希望美國決策者的緊急行動逐漸消除先前政權的“法規”策略

加密行業的倡導者對特朗普政府領導下的法規清晰度的改善感到樂觀，但希望決策者採取緊迫感，以抑制先前政權的執法策略。

Crypto industry representatives urged lawmakers on Feb. 11 to act quickly to improve the regulatory landscape for digital assets, expressing optimism over the Trump administration’s approach but highlighting the need to claw back the previous administration’s “regulation-by-enforcement” tactics.

加密行業代表敦促2月11日立法者迅速採取行動，以改善數字資產的監管格局，表達對特朗普政府的方法的樂觀態度，但強調需要抓住前任政府的“逐項監管”策略。

The calls came during a hearing by the US House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, which heard from five witnesses on the future of digital assets regulation.

這些電話在美國眾議院小組委員會關於數字資產，金融技術和人工智能的聽證會上發出，該召喚從五名證人聽到了數字資產法規的未來。

From left to right, Kraken’s Jonathan Jachym, Crypto Council for Innovation’s Ji Hun Kim, Steptoe LLP partner Coy Garrison, PayPal crypto executive Jose Fernandez da Ponte and former CFTC Chairman Timothy Massad. Source: GOP Financial Services

從左到右，Kraken的Jonathan Jachym，Crypto Innovation的Ji Hun Kim，Steptoe LLP合作夥伴Coy Garrison，Paypal Crypto執行官Jose Fernandez Da Ponte和前CFTC主席Timothy Massad。資料來源：共和黨金融服務

Jonathan Jachym, deputy general counsel at Kraken, was the first to speak, focusing specifically on the need to pass “fundamental rules for centralized intermediaries.”

克雷肯（Kraken）副法律顧問喬納森·賈希姆（Jonathan Jachym）是第一個發言的人，專門針對通過“集中式中介機構的基本規則”。

Jachym said effective market structure policy should begin with Congress granting spot market authority to the Commodity Futures Trading Commission (CFTC), which would then “regulate centralized and intermediaries and secondary market transactions in digital commodities.”

Jachym表示，有效的市場結構政策應從國會向商品期貨貿易委員會（CFTC）授予現貨市場權力開始，該委員會將“規範數字商品的中央集中和中介機構和二級市場交易”。

“We must avoid blunt application of centralized rulebooks to decentralized protocols that do not have centralized governance systems, infrastructure or management,” he said.

他說：“我們必須避免將集中規則手冊應用於沒有集中治理系統，基礎設施或管理的分散協議中。”

Jonathan Jachym, deputy general counsel and global head of policy at Kraken, speaks on Feb. 11. Source: GOP Financial Services

Kraken副總法律顧問兼全球政策負責人Jonathan Jachym於2月11日發表講話。資料來源：GOP金融服務

Ji Hun Kim, president and acting CEO of the Crypto Council for Innovation, echoed similar sentiments as Jachym.

加密創新委員會主席兼代理首席執行官吉·洪·金（Ji Hun Kim）呼應了與賈希姆（Jachym）一樣的觀點。

Despite recent progress under President Donald Trump, “more still needs to be done [...] to unwind the significant damage and uncertainty caused by the regulation-by-enforcement approach by the prior administration,” he said while criticizing former Securities and Exchange Commission Chair Gary Gensler.

儘管總統唐納德·特朗普（Donald Trump）的最新進展，但“仍然需要做更多的事情，以解除先前政府逐項法規造成的重大損害和不確定性。”委員會主席Gary Gensler。

“Unfortunately, during Chairman Gensler’s tenure, the SEC brought over 125 enforcement actions related to digital assets but issued no clear guidance or rulemakings to identify when an asset is, in fact, a security,” said Kim.

“不幸的是，在Gensler任職期間，SEC提出了與數字資產有關的125項執法行動，但沒有發布明確的指導或規則制定，無法確定何時何時資產，實際上是安全的，” Kim說。

STABLE Act misses the mark

穩定的表演錯過了印記

On Feb. 5, House Financial Services Committee Chair French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chair Bryan Steil released a draft version of the STABLE Act. Building on the efforts of former Committee Chair Patrick McHenry, the draft bill intends to provide clearer regulatory guidance for stablecoin issuers.

2月5日，眾議院金融服務委員會主席法國山和數字資產，金融技術和人工智能小組委員會主席Bryan Steil發行了《穩定法案》的草稿版本。根據前委員會主席帕特里克·麥克亨利（Patrick McHenry）的努力，該法案旨在為Stablecoin發行人提供更清晰的監管指南。

“It was in 2014 under my leadership that the CFTC declared Bitcoin a commodity, and since that time, for over 10 years, I’ve been calling for strengthening regulation,” Massad said on Feb. 11. Source: GOP Financial Services

Massad在2月11日說：“正是在我的領導下，CFTC宣布比特幣為商品，從那時起，我一直在呼籲加強監管。”

Former CFTC Chair Timothy Massad, who currently represents Harvard University’s Kennedy School of Government as a director of the Digital Assets Policy Project, called stablecoins “the most useful application of [blockchain] technology to date.” However, he said that the STABLE Act misses the mark in several areas:

前CFTC主席蒂莫西·馬薩德（Timothy Massad）目前代表哈佛大學的肯尼迪政府學院擔任數字資產政策項目的董事，稱Stablecoins是“迄今為止[區塊鏈]技術的最有用的應用。”但是，他說，穩定的法案在幾個領域都錯過了標記：

Specifically, Massad raised five issues with the proposed legislation. Firstly, it creates “far too much risk of weak state standards and [has] an inadequate review process” because “there is no ongoing federal supervision of state issuers.”

特別是，馬薩德提出了擬議的立法提出了五個問題。首先，它造成了“州標準較弱的風險，並且[審查過程不足），因為“沒有正在進行的聯邦政府對國家發行人的監督”。

Timothy Massad and Cointelegraph’s Sam Bourgi on a DeFi panel at the 2023 Collision conference. Source: Cointelegraph

Timothy Massad和Cointelegraph的Sam Bourgi在2023年碰撞會議上的Defi面板上。資料來源：Cointelegraph

Secondly, the legislation does not address what happens if a stablecoin issuer goes bankrupt, and thirdly, it does not do enough to “address the risks of financial crime and the evasion of sanctions,” he said.

其次，該立法並未解決如果穩定發行人破產，第三，它做得不足以“應對金融犯罪的風險和逃避制裁的風險”。

The fourth issue is that the STABLE Act might not have “much impact on Tether,” the company behind the $140 billion USDt stablecoin.

第四個問題是，穩定法案可能不會“對繩索產生太大影響”，該公司背後的1400億美元Stablecoin背後。

“The legislation says it’s unlawful to issue a stablecoin that isn’t chartered, but there’s no enforcement mechanism for that and no penalties. It needs to have those and an explicit territoriality provision,” said Massad.

“該立法說，發行未租用的穩定幣是違法的，但沒有任何執行機制，也沒有罰款。它需要有這些和明確的領土規定。”馬薩德說。

The fifth problem is that the act “doesn’t give regulators enough authority and discretion, given that [stablecoins] could become a very significant market and will evolve in ways we can’t predict.”

第五個問題是，該法案“沒有給予監管機構足夠的權威和酌處權，因為[Stablecoins]可能會成為一個非常重要的市場，並且會以我們無法預測的方式發展。”

Stablecoins — including USDt, Circle’s USD Coin (

Stablecoins - 包括USDT，Circle的USD硬幣（