Lummis-Gillibrand 穩定幣法案公佈，旨在改變加密貨幣格局

參議員克爾斯滕·吉利布蘭德(Kirsten Gillibrand) 和辛西婭·魯米斯(Cynthia Lummis) 提出了《魯米斯-吉利布蘭德負責任金融創新法案》，旨在規範穩定幣行業並降低Terra 崩潰後的風險。該法案提議允許銀行和非銀行機構透過子公司發行穩定幣，實施1:1支持的資本和審計要求，並禁止在美國使用Terra USD等演算法穩定幣。

Lummis-Gillibrand Stablecoin Act: A Comprehensive Regulatory Framework for the Crypto Landscape

Lummis-Gillibrand 穩定幣法案：加密貨幣領域的綜合監管框架

In a highly anticipated move, Senators Kirsten Gillibrand and Cynthia Lummis have unveiled their comprehensive stablecoin regulation bill, known as the Lummis-Gillibrand Responsible Financial Innovation Act. This landmark legislation aims to reshape the stablecoin industry, addressing the risks exposed by the catastrophic collapse of TerraUSD and bolstering investor confidence in digital assets.

在備受期待的舉措中，參議員克爾斯滕·吉利布蘭德(Kirsten Gillibrand) 和辛西婭·魯米斯(Cynthia Lummis) 公佈了全面的穩定幣監管法案，即《魯米斯-吉利布蘭德負責任金融創新法案》。這項具有里程碑意義的立法旨在重塑穩定幣行業，解決 TerraUSD 災難性崩潰所帶來的風險，並增強投資者對數位資產的信心。

Key Provisions: A Holistic Approach to Stablecoin Oversight

主要條款：穩定幣監管的整體方法

The bill encompasses a wide range of provisions, meticulously crafted to address the complexities of the stablecoin ecosystem. Central to the framework is the authorization for banks and non-bank trust companies to issue stablecoins through specialized subsidiaries. This measure seeks to bring stability to the industry by leveraging the established infrastructure and regulatory oversight of traditional financial institutions.

該法案包含一系列廣泛的條款，都是為了解決穩定幣生態系統的複雜性而精心設計的。該框架的核心是授權銀行和非銀行信託公司透過專業子公司發行穩定幣。該措施旨在透過利用傳統金融機構的現有基礎設施和監管監督為產業帶來穩定。

Moreover, the bill imposes stringent capital and audit requirements on all stablecoin issuers, ensuring that every stablecoin is fully backed on a one-to-one basis. This requirement aligns with the practices of established stablecoin companies such as Tether and Circle, which already provide regular audited attestations of their reserves.

此外，該法案對所有穩定幣發行人提出了嚴格的資本和審計要求，確保每種穩定幣都得到一對一的充分支持。這項要求與 Tether 和 Circle 等成熟穩定幣公司的做法一致，這些公司已經定期提供經過審計的儲備證明。

Algorithmic Stablecoins: A High-Risk Proposition

演算法穩定幣：一個高風險的提議

One of the most notable aspects of the bill is its explicit ban on algorithmic stablecoins within the United States. This prohibition stems from the inherent risks associated with algorithmic stablecoins, as exemplified by the spectacular implosion of TerraUSD (UST) in May 2022, which resulted in losses exceeding $40 billion for unsuspecting investors.

該法案最引人注目的方面之一是明確禁止美國境內的演算法穩定幣。這項禁令源自於與演算法穩定幣相關的固有風險，2022 年 5 月 TerraUSD (UST) 的驚人內爆就是例證，這給毫無戒心的投資者帶來了超過 400 億美元的損失。

Algorithmic stablecoins, unlike traditional stablecoins backed by cash or other liquid assets, maintain their value through an intricate system of arbitrage mechanisms. However, as exemplified by the TerraUSD debacle, these complex mechanisms can crumble under extreme market conditions, leaving investors vulnerable to catastrophic losses. Hence, the bill seeks to shield consumers from these treacherous investments by prohibiting their issuance and circulation in the United States.

與由現金或其他流動資產支持的傳統穩定幣不同，演算法穩定幣透過複雜的套利機制系統來維持其價值。然而，正如 TerraUSD 崩盤所證明的那樣，這些複雜的機制可能在極端的市場條件下崩潰，使投資者容易遭受災難性損失。因此，該法案旨在透過禁止這些投資在美國發行和流通來保護消費者免受這些危險投資的影響。

Impact on Current Stablecoin Offerings

對當前穩定幣產品的影響

The passage of the Lummis-Gillibrand Stablecoin Act would have significant implications for the stability and legality of various stablecoins operating in the market. One notable example is Ethena USDe, a rapidly growing stablecoin with a market capitalization of over $2.4 billion and a sizable holder base exceeding 154,000.

《魯米斯-吉利布蘭德穩定幣法案》的通過將對市場上運營的各種穩定幣的穩定性和合法性產生重大影響。一個著名的例子是 Ethena USDe，這是一種快速增長的穩定幣，市值超過 24 億美元，擁有超過 154,000 名龐大的持有者。

USDe has gained popularity among investors due to its high yield, reaching 17.2%, far exceeding the returns offered by traditional fiat currencies or even other stablecoins. However, the complex mechanism used to generate these high returns has raised concerns about its long-term sustainability and the risks it poses to investors. The bill's ban on algorithmic stablecoins would effectively render USDe illegal within the United States, leaving its future hanging in the balance.

USDe因其高收益率而受到投資者的青睞，達到17.2%，遠超傳統法幣甚至其他穩定幣的回報。然而，用於產生這些高回報的複雜機制引起了人們對其長期可持續性及其對投資者帶來的風險的擔憂。該法案對演算法穩定幣的禁令實際上將使 USDe 在美國境內變得非法，使其未來懸而未決。

Other stablecoins that could potentially face regulatory challenges under the proposed legislation include Frax, Justin Sun's USDD, and Liquity USD (LUSD). These stablecoins employ similar algorithmic mechanisms to maintain their value, raising questions about their compliance with the bill's stringent requirements.

根據擬議立法，其他可能面臨監管挑戰的穩定幣包括 Frax、孫宇晨的 USDD 和 Liquity USD (LUSD)。這些穩定幣採用類似的演算法機制​​來維持其價值，引發了人們對其是否遵守法案嚴格要求的質疑。

Political Hurdles and the Path Forward

政治障礙與前進的道路

While the Lummis-Gillibrand Stablecoin Act represents a comprehensive attempt to address the risks associated with stablecoins and promote financial stability in the digital asset space, its passage through the politically divided US Senate and the dysfunctional House of Representatives remains uncertain. The bill requires 60 votes to pass the Senate, a tall order given the partisan dynamics at play. The House of Representatives, known for its gridlock and lack of consensus, poses an even greater challenge.

儘管《魯米斯-吉利布蘭德穩定幣法案》代表了解決穩定幣相關風險並促進數位資產領域金融穩定的全面嘗試，但該法案能否在政治分裂的美國參議院和功能失調的眾議院獲得通過仍存在不確定性。該法案需要 60 票才能在參議院獲得通過，考慮到黨派之爭，這是一項艱鉅的任務。以僵局和缺乏共識著稱的眾議院構成了更大的挑戰。

Despite these potential obstacles, the introduction of the Lummis-Gillibrand Stablecoin Act marks a significant step towards establishing a robust regulatory framework for stablecoins. The bill's comprehensive approach, if enacted, would bolster investor confidence, reduce the risks of another Terra-like collapse, and contribute to the maturation of the digital asset ecosystem.

儘管存在這些潛在的障礙，《魯米斯-吉利布蘭德穩定幣法案》的出台標誌著朝著建立穩健的穩定幣監管框架邁出了重要一步。該法案的綜合方法如果獲得通過，將增強投資者的信心，降低另一次類似 Terra 崩潰的風險，並有助於數位資產生態系統的成熟。