隨著選舉的臨近，穩定幣立法的希望越來越渺茫

隨著國會為選舉季做準備，穩定幣法案的時間表越來越緊。參議員辛西婭·魯米斯(Cynthia Lummis) 和克爾斯滕·吉利布蘭德(Kirsten Gillibrand) 最近提出了一項法案，概述了美國公司發行的穩定幣的法規，解決了維持穩定幣掛鉤和消費者保護等問題。然而，對該法案條款的擔憂仍然存在，包括全面禁止演算法穩定幣以及對 Tether 等外國公司發行的代幣進行有限的監管。隨著選舉季的臨近，穩定幣立法取得進展的可能性正在減小，任何重大行動都可能被推遲到跛腳鴨會議甚至一月份。

Diminishing Prospects for a Stablecoin Law

穩定幣法的前景正在減弱

The legislative timeline for introducing, debating, and passing a stablecoin bill is rapidly closing as Congress enters the election season. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) recently proposed a joint bill addressing stablecoin regulation in the United States, marking the latest attempt to address this pressing issue. However, the likelihood of its success remains uncertain.

隨著國會進入選舉季節，提出、辯論和通過穩定幣法案的立法時間表正在迅速結束。參議員辛西婭·盧米斯（懷俄明州共和黨）和克爾斯滕·吉利布蘭德（紐約州民主黨）最近提出了一項針對美國穩定幣監管的聯合法案，這是解決這一緊迫問題的最新嘗試。然而，其成功的可能性仍不確定。

Background

背景

Stablecoins, a $160 billion segment of the cryptocurrency market, have garnered significant attention in recent months. They are digital assets pegged to stable values, typically the US dollar, and are often used as a medium of exchange or a store of value. The lack of comprehensive regulation in this sector has become a growing concern, prompting legislative efforts to establish a regulatory framework.

穩定幣是加密貨幣市場價值 1600 億美元的部分，近幾個月來引起了廣泛關注。它們是與穩定價值（通常是美元）掛鉤的數位資產，通常用作交換媒介或價值儲存手段。該行業缺乏全面監管已成為日益關注的問題，促使立法努力建立監管框架。

The Lummis-Gillibrand Bill

魯米斯-吉利布蘭德法案

The Lummis-Gillibrand bill proposes a detailed framework for overseeing stablecoins issued by US companies. It outlines requirements for maintaining stable pegs, including a ban on algorithmic stablecoins, which rely solely on market forces to maintain their value. The bill also provides for federal and state oversight of stablecoin issuers and establishes a Federal Deposit Insurance Corporation (FDIC) process for potential collapses.

Lummis-Gillibrand 法案提出了一個監督美國公司發行的穩定幣的詳細框架。它概述了維持穩定掛鉤的要求，包括禁止僅依靠市場力量來維持其價值的演算法穩定幣。該法案還規定了聯邦和州對穩定幣發行人的監督，並建立了聯邦存款保險公司（FDIC）以應對潛在崩潰的流程。

Industry Concerns

業界關注

Industry participants have raised concerns about the bill's limitations. It lacks provisions for crypto-backed tokens like DAI, which are decentralized and not pegged to the US dollar. Moreover, the blanket ban on algorithmic stablecoins has been criticized as overly restrictive.

產業參與者對該法案的限製表示擔憂。它缺乏對 DAI 等加密貨幣支持的代幣的規定，這些代幣是去中心化的且不與美元掛鉤。此外，對演算法穩定幣的全面禁令也被批評過於嚴格。

Foreign Stablecoins

國外穩定幣

The bill primarily focuses on stablecoins issued by US companies, leaving the treatment of foreign-issued tokens, such as Tether (USDT), unclear. While the bill's press release states that "malign actors will no longer have the option to use unregulated foreign stablecoins," it lacks a specific mechanism to prevent their use.

該法案主要關注美國公司發行的穩定幣，而對 Tether (USDT) 等外國發行的代幣的處理則不清楚。儘管該法案的新聞稿指出“惡意行為者將不再可以選擇使用不受監管的外國穩定幣”，但它缺乏阻止其使用的具體機制。

Domestic Stablecoin Issuers

國內穩定幣發行機構

The bill proposes a $10 billion threshold above which stablecoin issuers must be state or federally chartered depository institutions. This provision could significantly impact Circle, the issuer of USDC, the second largest stablecoin by market capitalization.

該法案提出了 100 億美元的門檻，高於該門檻的穩定幣發行人必須是州或聯邦特許的存款機構。該條款可能會對市值第二大穩定幣 USDC 的發行人 Circle 產生重大影響。

Political Landscape

政治面貌

The upcoming election season presents a significant challenge to the passage of any major legislation. Lawmakers are expected to prioritize campaigning over esoteric issues like stablecoin regulation. Progress is likely to stall during the summer months and resume during the lame-duck session between the election and the inauguration of the new Congress.

即將到來的選舉季對任何重大立法的通過都提出了重大挑戰。預計立法者將優先考慮競選活動，而不是穩定幣監管等深奧議題。進展可能會在夏季陷入停滯，並在選舉和新國會就職之間的跛腳鴨會議期間恢復。

Alternative Efforts

另類努力

Efforts are also underway in the House of Representatives, with reports indicating that House Financial Services Committee Chair Patrick McHenry (R-N.C.) and Ranking Member Maxine Waters (D-Calif.) have discussed attaching a stablecoin bill to other legislation. Additionally, Senate Banking Committee Chairman Sherrod Brown (D-Ohio) has expressed support for legislation that addresses consumer protection and risk mitigation.

眾議院也在努力，有報告顯示，眾議院金融服務委員會主席帕特里克·麥克亨利（北卡羅來納州共和黨）和高級議員瑪克辛·沃特斯（加利福尼亞州民主黨）已經討論了將穩定幣法案附加到其他立法中。此外，參議院銀行委員會主席謝羅德布朗（俄亥俄州民主黨人）表示支持解決消費者保護和風險緩解問題的立法。

Conclusion

結論

The prospects of a stablecoin law being enacted before the end of the year appear slim. The clock is ticking, political realities are shifting, and the legislative landscape is complex. While efforts to establish a regulatory framework for stablecoins are ongoing, their success remains uncertain.

穩定幣法在今年底前頒布的前景似乎很渺茫。時間在流逝，政治現實在變化，立法環境也很複雜。儘管建立穩定幣監管框架的努力仍在進行，但其成功仍不確定。