具有里程碑意義的法案出台，以增強數位貨幣領域的穩定性和信任

參議員辛西婭·魯米斯 (Cynthia Lummis) 和克爾斯滕·吉利布蘭德 (Kirsten Gillibrand) 公佈了一項全面法案，旨在為美國穩定幣的發行建立明確的監管框架。該立法旨在透過對穩定幣發行人提出嚴格要求，包括美元儲備的強制支持、嚴格監管以及排除無抵押的演算法穩定幣等，確保這一快速增長的數位資產市場的安全和負責任的成長。

Landmark Legislation Unveiled to Reinforce Stability and Trust in the Digital Currency Realm

具有里程碑意義的立法出台，以加強數位貨幣領域的穩定性和信任

In a bold move towards establishing clear and comprehensive regulations for stablecoins, Senators Cynthia Lummis and Kirsten Gillibrand have introduced a groundbreaking legislation that aims to bring order to this burgeoning sector of the digital asset ecosystem. Recognizing the pivotal role stablecoins play in facilitating transactions and settlements, the proposed law seeks to instill confidence among users by ensuring the trustworthiness and reliability of these digital tokens.

參議員辛西婭·魯米斯(Cynthia Lummis) 和克爾斯滕·吉利布蘭德(Kirsten Gillibrand) 採取了大膽的舉措，為穩定幣制定明確而全面的法規，提出了一項開創性的立法，旨在為數位資產生態系統的這一新興領域帶來秩序。認識到穩定幣在促進交易和結算方面發揮的關鍵作用，擬議的法律旨在透過確保這些數位代幣的可信度和可靠性來向用戶灌輸信心。

Rigorous Standards for Stablecoin Issuance

穩定幣發行的嚴格標準

At the heart of the proposed legislation lies a robust set of requirements designed to safeguard the stability and integrity of stablecoins. Issuers of these digital assets will be subject to stringent oversight, mandating the creation of dedicated subsidiaries solely responsible for stablecoin production. To bolster their credibility, these issuers must maintain dollar reserves that fully back each token issued, precluding the use of segregated reserve accounts.

擬議立法的核心是一系列旨在保障穩定幣穩定性和完整性的嚴格要求。這些數位資產的發行人將受到嚴格的監督，要求成立專門的子公司，專門負責穩定幣的生產。為了增強其可信度，這些發行人必須維持美元儲備，以充分支持所發行的每個代幣，從而排除使用獨立儲備帳戶的情況。

Transparency and Disclosure: Building Trust in the Market

透明度與揭露：建立市場信任

The bill also emphasizes the paramount importance of transparency and disclosure in fostering trust within the digital currency market. Stablecoin issuers will be legally bound to publicly disclose the assets they hold as reserves, providing users with a clear and comprehensive understanding of the underlying financial stability of the tokens they hold. This measure is pivotal in reassuring users that their digital assets are backed by tangible, verifiable assets.

該法案還強調透明度和揭露對於培養數位貨幣市場內的信任至關重要。穩定幣發行人將有法律義務公開其作為儲備的資產，從而使用戶能夠清楚、全面地了解其所持有代幣的潛在財務穩定性。這項措施對於讓使用者確信他們的數位資產是由有形的、可驗證的資產所支持的至關重要。

Exclusivity for Regulated Entities: Ensuring Stability and Liquidity

受監管實體的排他性：確保穩定性和流動性

The proposed legislation meticulously outlines the entities authorized to issue payment stablecoins, limiting this privilege to non-depository institutions equivalent to the Federal Reserve or authorized deposit banks. These institutions are subject to rigorous federal and state supervision, ensuring adherence to established regulatory frameworks and maintaining the highest standards of financial probity. Additionally, the bill establishes a substantial mandatory reserve fund, empowering stablecoin issuers to seamlessly convert their digital assets into U.S. dollars upon demand, thereby guaranteeing liquidity and stability.

擬議的立法仔細概述了有權發行支付穩定幣的實體，將這項特權限制在相當於聯準會或授權存款銀行的非存款機構。這些機構受到嚴格的聯邦和州監管，確保遵守既定的監管框架並維持最高的財務誠信標準。此外，該法案還設立了大量的強制性準備金，使穩定幣發行者能夠根據需要將其數位資產無縫轉換為美元，從而保證流動性和穩定性。

Algorithmic Stablecoins: Mitigating Risk and Volatility

演算法穩定幣：降低風險和波動性

Recognizing the potential risks associated with algorithmic stablecoins that lack collateralization, the bill expressly excludes them from the proposed regulatory framework. These cryptocurrencies, whose value is governed by complex algorithms, are deemed more susceptible to volatility and instability compared to traditional fiat currencies.

該法案認識到與缺乏抵押的演算法穩定幣相關的潛在風險，明確將其排除在擬議的監管框架之外。與傳統法定貨幣相比，這些加密貨幣的價值受到複雜演算法的控制，被認為更容易受到波動和不穩定的影響。

A Cap on Non-Depository Commodity Trust Issuance

非存款類商品信託發行上限

To prevent excessive concentration in the hands of a few entities, the legislation imposes a $10 billion limit on the issuance of payment stablecoins by non-depository commodity trusts. Entities seeking to exceed this threshold must secure national authorization, effectively reserving this privilege for major financial players rather than smaller entities.

為了防止過度集中在少數實體手中，立法對非存款性商品信託發行支付穩定幣施加了 100 億美元的限制。尋求超過此門檻的實體必須獲得國家授權，有效地將這項特權保留給主要金融參與者而不是較小的實體。

Part of a Broader Regulatory Push

更廣泛的監管推動部分

The introduction of this bill is part of a broader effort by U.S. lawmakers to establish a comprehensive regulatory framework for the digital currency market. Senators Lummis and Gillibrand have been instrumental in drafting legislation aimed at formalizing and regulating digital assets, including their groundbreaking work on decentralized finance legislation. Their tireless advocacy for clear and fair regulations underscores their commitment to fostering innovation and growth while safeguarding consumer interests.

該法案的推出是美國立法者為數位貨幣市場建立全面監管框架所做的更廣泛努力的一部分。盧米斯和吉利布蘭德參議員在起草旨在規範和監管數位資產的立法方面發揮了重要作用，包括他們在去中心化金融立法方面的開創性工作。他們孜孜不倦地倡導明確和公平的法規，突顯了他們在保護消費者利益的同時促進創新和成長的承諾。

Strategic Coupling for Enhanced Chances of Passage

策略耦合以提高通過機會

In a shrewd strategic move, the stablecoin bill has been coupled with popular must-pass legislation, such as the Federal Aviation Administration Reauthorization Act, to enhance its chances of passage. This tactical maneuver increases the likelihood that the bill will clear both chambers of Congress and be signed into law.

作為一項精明的戰略舉措，穩定幣法案與《聯邦航空管理局重新授權法案》等流行的必須通過的立法相結合，以提高其通過的機會。這項策略增加了該法案獲得國會參眾兩院通過並簽署成為法律的可能性。

Strong Support for Consumer Safeguards

消費者保障的大力支持

Senator Sherrod Brown, the influential chairman of the Senate Banking Committee, has indicated his support for stablecoin legislation that includes robust consumer safeguards. The bill introduced by Senators Lummis and Gillibrand, with its focus on transparency, disclosure, and financial stability, has garnered bipartisan support, increasing its prospects for success.

參議員謝羅德·布朗（Sherrod Brown）是參議院銀行委員會頗具影響力的主席，他表示支持穩定幣立法，其中包括強有力的消費者保障措施。該法案由參議員盧米斯和吉利布蘭德提出，重點關注透明度、資訊揭露和財務穩定，獲得了兩黨的支持，增加了其成功的前景。

Conclusion

結論

The proposed legislation on stablecoins represents a significant step towards establishing a clear and comprehensive regulatory framework for the digital asset sector. By mandating rigorous standards for issuance, emphasizing transparency and disclosure, and limiting the issuance of algorithmic stablecoins, the bill aims to instill confidence among users and promote the long-term stability and growth of the market. The concerted efforts of Senators Lummis and Gillibrand, coupled with the strategic coupling of the bill with must-pass legislation and the support of key lawmakers, increase the likelihood of its passage into law. This legislation has the potential to usher in a new era of trust and stability in the digital currency realm, paving the way for widespread adoption and mainstream acceptance.

擬議的穩定幣立法代表著為數位資產產業建立清晰、全面的監管框架邁出了重要一步。該法案透過規定嚴格的發行標準，強調透明度和揭露，並限制演算法穩定幣的發行，旨在向用戶灌輸信心，促進市場的長期穩定和成長。參議員盧米斯和吉利布蘭德的共同努力，加上該法案與必須通過的立法的戰略結合以及主要立法者的支持，增加了其通過法律的可能性。這項立法有可能開創數位貨幣領域信任和穩定的新時代，為廣泛採用和主流接受鋪平道路。