Lummis-Gillibrand 穩定幣立法出台，旨在建立清晰的加密框架

參議員 Lummis 和 Gillibrand 提出了一項全面的穩定幣法案，概述了發行和維護支付穩定幣的明確規定。該法案要求發行人透過子公司進行活動，維持一對一的儲備，並禁止演算法穩定幣。根據穩定幣的流通價值，適用不同的規定，並對違規行為規定了執法措施。

Lummis-Gillibrand Stablecoin Legislation: A Comprehensive Framework for Crypto Assets in the US

Lummis-Gillibrand 穩定幣立法：美國加密資產的綜合框架

On Wednesday, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Lummis-Gillibrand Payment Stablecoin Act, a comprehensive 117-page bill that seeks to establish a clear regulatory framework for stablecoins, a class of crypto assets pegged to fiat currencies.

週三，參議員Cynthia Lummis（懷俄明州共和黨）和Kirsten Gillibrand（紐約州民主黨）提出了Lummis-Gillibrand 支付穩定幣法案，這是一項長達117 頁的綜合法案，旨在為穩定幣（一類加密資產）建立明確的監管架構與法定貨幣掛鉤。

Key Elements of the Bill

該法案的關鍵要素

The bill provides detailed definitions for various aspects of the stablecoin sector, including issuers, reserves, and redemption rights. It outlines specific rules for companies issuing payment stablecoins, requiring them to do so through subsidiaries and conduct thorough risk assessments and audits.

該法案為穩定幣行業的各個方面提供了詳細的定義，包括發行人、儲備金和贖回權。它概述了發行支付穩定幣的公司的具體規則，要求它們透過子公司發行支付穩定幣，並進行徹底的風險評估和審計。

To ensure stability, the bill mandates that stablecoin issuers maintain one-to-one reserves for their coins. These reserves must consist of highly liquid assets, such as US Treasuries or cash. Algorithmic stablecoins, which rely on trading incentives to maintain their peg, are prohibited under the bill.

為了確保穩定性，該法案要求穩定幣發行者為其代幣維持一對一的儲備。這些儲備必須由高流動性資產組成，例如美國國債或現金。該法案禁止依靠交易激勵來維持掛鉤的演算法穩定幣。

Regulatory Oversight

監理監督

The bill establishes a tiered regulatory framework for stablecoin issuers based on the outstanding value of their coins. Issuers with less than $10 billion in circulation would be subject to state-level regulation, while those with more would fall under the supervision of the federal government.

該法案根據穩定幣的流通價值為穩定幣發行人建立了分層監管框架。流通量低於100億美元的發行人將受到州級監管，而流通量超過100億美元的發行人將受到聯邦政府的監管。

Market Impact

市場影響

The Lummis-Gillibrand bill has been met with mixed reactions from the crypto industry. Some experts welcomed the clarity it provides, while others expressed concerns about the potential for over-regulation. The bill may have a significant impact on the stablecoin market, particularly for issuers that currently operate under different compliance regimes.

加密貨幣產業對 Lummis-Gillibrand 法案反應不一。一些專家對它所提供的清晰度表示歡迎，而另一些專家則對過度監管的可能性表示擔憂。該法案可能會對穩定幣市場產生重大影響，特別是對於目前在不同合規制度下運作的發行人。

Political Context

政治背景

The introduction of the Lummis-Gillibrand bill marks a renewed attempt at regulating stablecoins. Previous efforts have stalled in Congress, but the senators are optimistic that this legislation could gain traction. They are aiming to incorporate it into a bill reauthorizing the Federal Aviation Administration (FAA).

Lummis-Gillibrand 法案的推出標誌著監管穩定幣的新嘗試。先前的努力在國會陷入停滯，但參議員們樂觀地認為這項立法可能會獲得支持。他們的目標是將其納入重新授權聯邦航空管理局（FAA）的法案中。

Senator Lummis's Advocacy

盧米斯參議員的主張

Senator Lummis has been a vocal advocate for cryptocurrency on Capitol Hill. She believes that stablecoins have the potential to revolutionize the financial system, but emphasizes the need for clear rules to ensure their safety and stability.

盧米斯參議員一直是國會山莊加密貨幣的直言不諱的倡導者。她認為穩定幣有潛力徹底改變金融體系，但強調需要明確的規則來確保其安全性和穩定性。

Historical Context

歷史背景

The Lummis-Gillibrand bill follows other recent legislative efforts to regulate crypto, including the Lummis-Gillibrand Responsible Financial Innovation Act, which attempts to delineate the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in crypto oversight.

Lummis-Gillibrand 法案是繼近期其他監管加密貨幣的立法努力之後推出的，其中包括《Lummis-Gillibrand 負責任金融創新法案》，該法案試圖界定美國證券交易委員會(SEC) 和商品期貨交易委員會(CFTC)在加密貨幣監管中的作用。

Challenges Ahead

未來的挑戰

Despite the senators' optimism, the passage of the Lummis-Gillibrand Payment Stablecoin Act faces several challenges. It must navigate a complex political landscape and address concerns from various stakeholders, including regulators, industry players, and consumer advocates.

儘管參議員們持樂觀態度，但《魯米斯-吉利布蘭德支付穩定幣法案》的通過仍面臨一些挑戰。它必須應對複雜的政治格局，並解決包括監管機構、行業參與者和消費者權益倡導者在內的各個利益相關者的擔憂。

Conclusion

結論

The Lummis-Gillibrand Payment Stablecoin Act represents a significant step towards establishing a comprehensive regulatory framework for stablecoins in the United States. Its passage would provide much-needed clarity for issuers and investors and help to ensure the stability of this growing asset class. However, the bill faces an uncertain fate in Congress, where numerous factors, including political maneuvering and competing priorities, could influence its progress.

《魯米斯-吉利布蘭德支付穩定幣法案》代表美國朝著建立穩定幣全面監管框架邁出的重要一步。它的通過將為發行人和投資者提供急需的清晰度，並有助於確保這一不斷增長的資產類別的穩定性。然而，該法案在國會面臨不確定的命運，其中包括政治操縱和相互競爭的優先事項等眾多因素可能會影響其進展。