摩根大通（JPMorgan

Cointelegraph最近分享了這一點，闡明了擬議立法對Tether儲備金組成和更廣泛的加密市場的潛在影響。

JPMorgan analysts have expressed concerns that Tether (USDT), the issuer of the world’s largest stablecoin, may be forced to sell a portion of its Bitcoin holdings in order to comply with upcoming U.S. stablecoin regulations.

摩根大通（JPMorgan）分析師表示擔心世界上最大的穩定股（USDT）可能被迫出售其比特幣持有量的一部分，以遵守即將到來的美國Stablecoin法規。

According to a recent report by Cointelegraph, the analysis by JPMorgan suggests that a significant part of Tether’s current reserve assets may not meet the criteria outlined in the proposed regulations. The report estimates that only 66% of Tether’s reserves would meet regulatory requirements under the Stablecoin Transparency and Accountability Act (STABLE Act) in the House, while approximately 83% would align with the U.S. Stablecoin Innovation and Establishment Act (GENIUS Act) in the Senate.

根據CoIntelegraph的最新報告，摩根大通的分析表明，Tether當前的儲備金資產的很大一部分可能不符合擬議法規中概述的標準。該報告估計，根據眾議院的《穩定透明度和責任法》（穩定法案），Tether的儲量中只有66％可以滿足監管要求，而大約83％的人將與參議院中的《美國穩定創新與建立法》 （Genius Act）一致。

Both bills in the U.S. Congress aim to establish guidelines for stablecoin issuers. The legislation proposes stringent requirements, including mandatory licensing, enhanced risk management protocols, and a stipulation that stablecoins be backed by reserves on a one-to-one basis with high-quality liquid assets.

美國國會的兩項法案旨在為Stablecoin發行人建立準則。該立法提出了嚴格的要求，包括強制性許可，增強的風險管理協議，並規定，儲備金以高質量的液體資產的一對一支持穩定的股份。

The analysis suggests that Tether might be compelled to restructure its reserve composition, necessitating the sale of non-compliant assets, including its substantial Bitcoin holdings. This move would involve reallocating reserves into assets that are deemed acceptable under the proposed laws, such as U.S. Treasury bonds and other highly liquid instruments.

分析表明，可能會迫使繫繩重組其儲備組成，因此需要出售不合格的資產，包括其大量的比特幣持有量。此舉將涉及將儲量重新分配給根據擬議法律（例如美國國庫債券和其他高度流動工具）所接受的資產。

As of the latest reports, Tether holds approximately 83,758 BTC, valued at over $8 billion. Notably, liquidating part of these holdings could have broader implications for the cryptocurrency market, especially if the sales are executed rapidly or in large quantities.

截至最新報告，Tether持有約83,758 BTC，價值超過80億美元。值得注意的是，這些持股的一部分可能對加密貨幣市場具有更廣泛的影響，尤其是在銷售迅速執行或大量執行時。

A significant Bitcoin sell-off by Tether could introduce additional volatility in an already斯克尔iptable market, potentially affecting investor sentiment and BTC’s short-term price action.

Tether的大量比特幣拋售可能會在本來已經有可觀的市場中引入額外的波動，這可能會影響投資者的情緒和BTC的短期價格行動。

The proposed regulations also emphasize increased transparency and more frequent audits of stablecoin reserves. Given Tether’s dominant position in the U.S. market, these regulatory changes could present challenges, potentially affecting its operations and market share. The company has faced scrutiny over the composition of its reserves, with critics questioning its level of transparency.

擬議的法規還強調了透明度的提高和對穩定儲量的審核。鑑於Tether在美國市場中的主導地位，這些監管變化可能會帶來挑戰，可能會影響其運營和市場份額。該公司對其儲備的組成面臨審查，批評家質疑其透明度水平。

In response to JPMorgan’s analysis, Tether’s CEO, Paolo Ardoino, dismissed the concerns, suggesting that the analysts’ perspectives might be influenced by their lack of Bitcoin holdings. Tether has repeatedly assured the market of its financial stability, arguing that its reserves are managed prudently. However, with increasing regulatory pressure, the company may need to adjust its approach to ensure continued compliance with U.S. laws.

為了回應摩根大通的分析，Tether的首席執行官Paolo Ardoino駁回了擔憂，這表明分析師的觀點可能受到缺乏比特幣持有的影響。 Tether一再向市場保證其財務穩定性，認為其儲備是謹慎管理的。但是，隨著監管壓力的增加，該公司可能需要調整其方法以確保繼續遵守美國法律。

As the regulatory environment evolves, Tether’s strategies to align with new compliance standards will be closely monitored by industry stakeholders, given the potential impacts on the company and the wider cryptocurrency ecosystem. If the proposed regulations are enacted, they could set a precedent for stablecoin regulation worldwide, influencing how other major issuers manage their reserves.

隨著監管環境的發展，鑑於對公司和更廣泛的加密貨幣生態系統的潛在影響，Tether與新合規標准保持一致的策略將受到行業利益相關者的密切監控。如果制定了擬議的法規，他們可以為全球穩定法規的先例樹立先例，從而影響其他主要發行人如何管理其儲備。