美國對穩定幣的規定返回了辯論的中心

由參議員比爾·哈格蒂（Bill Hagerty）提出的《擬議天才法》（Genius Act）的法規在美國對辯論的中心返回了辯論的中心。

The regulation of stablecoins in the United States has returned to the center of the debate with the proposed Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, presented by Senator Bill Hagerty.

由參議員比爾·哈格蒂（Bill Hagerty）提出的擬議的指導和建立國家創新（GENIUS）法規，對美國的Stablecoins的規定返回了辯論的中心。

According to some industry experts, this regulation could represent an attempt at indirect control over central bank digital currency (CBDC), threatening the financial independence promised by criptovalute.

根據一些行業專家的說法，該法規可能代表了對中央銀行數字貨幣（CBDC）進行間接控制的嘗試，從而威脅了Criptovalute承諾的財務獨立性。

GENIUS Act: more restrictions in regulation for U.S. stablecoins

天才法：美國穩定的法規限制更多

Jean Rausis, co-founder of the decentralized trading platform Smardex, has raised strong doubts about the real purpose of the GENIUS Act.

分散交易平台Smardex的聯合創始人讓·勞西斯（Jean Rausis）對《天才法》的真正目的提出了強烈的懷疑。

According to Rausis, the U.S. government could leverage centralized stablecoins to introduce restrictions similar to those planned for CBDCs, thus ensuring control over digital financial transactions:

根據勞西斯（Rausis）的說法，美國政府可以利用集中式穩定的穩定者引入類似於計劃的CBDC的限制，從而確保對數字金融交易的控制：

“The government realizes that if it controls stablecoins, it also controls financial transactions.”

“政府意識到，如果它控制穩定幣，它也可以控制金融交易。”

In other words, by collaborating with emittenti centralizzati di stablecoin, U.S. authorities could block funds at any time. Thus bypassing the need to create a true valuta digitale della banca centrale.

換句話說，通過與Emittenti Centralizzati di Stablecoin合作，美國當局可以隨時阻止資金。因此，繞過需要創建真正的Valuta Digitale Della Banca Centrale的需要。

This control would be masked by an apparent decentralization, making stablecoins a less independent alternative than it seems.

這種控制將被明顯的權力下放掩蓋，使穩定蛋白成為比看起來更獨立的替代方案。

According to Rausis, the only way to counter this form of government control is represented by algorithmic stablecoin and synthetic dollars.

根據勞西斯（Rausis）的說法，應對這種政府控制形式的唯一途徑是算法穩定股和合成美元代表的。

That is to say, solutions not supported by centralized reserves that could protect the essence of decentralization in the criptovalute sector.

也就是說，無法保護分解部門權力下放的集中儲量支持的解決方案。

Presented on February 4th, the GENIUS Act bill was conceived to regulate overcollateralized stablecoins, such as Tether’s USDT and Circle’s USDC.

於2月4日提出的《天才法案》法案被構想以規範過度補充化的穩定性，例如Tether的USDT和Circle的USDC。

However, on March 13, the measure was updated to include even stricter regulations regarding anti-money laundering, liquidity, and financial reserves.

但是，在3月13日，該措施更新了，包括有關反洗錢，流動性和金融儲備的更嚴格的法規。

Among the added measures are stricter controls on sanctions and new requirements to ensure the stability of stablecoin issuers in the United States.

在附加的措施中，對製裁和新要求的控制更嚴格，以確保穩定發行人在美國的穩定性。

These provisions could offer an advantage to local companies compared to their offshore competitors. Thus indirectly strengthening the role of the American dollar as the dominant currency in global markets.

與海上競爭對手相比，這些規定可以為當地公司帶來優勢。因此，間接增強了美元作為全球市場中主要貨幣的作用。

Stablecoin and the role of the dollar: a strategy of financial hegemony

Stablecoin和Dollar的角色：金融霸權的策略

During the recent White House Crypto Summit, Treasury Secretary Scott Bessent highlighted the central role of stablecoins in the United States strategy:

在最近的白宮加密峰會上，財政部長斯科特·貝斯特（Scott Bessent）強調了stablecoins在美國戰略中的核心作用：

“Stablecoins will be used to ensure the hegemony of the dollar in payments and protect its role as a global reserve currency”.

“ Stablecoins將用於確保付款中的美元霸權並保護其作為全球儲備貨幣的作用”。

This approach highlights how the U.S. government views stablecoins as a fundamental geopolitical tool.

這種方法強調了美國政府如何將Stablecoin視為基本的地緣政治工具。

Centralized issuers rely on USA bank deposits and short-term financial instruments, such as Treasury bills, to support the value of digital tokens.

集中的發行人依靠美國銀行存款和短期金融工具（例如財政賬單）來支持數字代幣的價值。

This dependency increases the demand for both US dollars and government debt securities, further strengthening the American financial system.

這種依賴性增加了美元和政府債務證券的需求，進一步加強了美國金融體系。

Currently, the centralized stablecoin issuers hold over 120 billion dollars in US Treasury bills. Thus ranking as the 18th largest purchaser of public debt of the country.

目前，集中的Stablecoin發行人在美國國庫賬單中持有超過1,200億美元。因此，排名為該國的第18大公共債務購買者。

This data highlights the significant impact that these digital assets can have on the American economy and on long-term monetary policies.

這些數據凸顯了這些數字資產可以對美國經濟和長期貨幣政策產生的重大影響。

Regulation or masked control?

法規還是蒙版控制？

The proposed GENIUS Act could redefine the landscape of stablecoins in the United States.

擬議的《天才法》可以重新定義美國穩定的景觀。

However, experts like Jean Rausis warn that this regulation could turn into a real instrument of control. That is, similar to that of CBDCs, effectively limiting the financial freedom of citizens.

但是，像讓·勞西斯（Jean Rausis）這樣的專家警告說，該法規可能會變成真正的控制工具。也就是說，與CBDC類似，有效地限制了公民的財務自由。

While on one hand the new regulations will ensure greater stability and trust in the stablecoin market, on the other hand they could jeopardize the fundamental principles of decentralization.

一方面，新法規將確保對Stablecoin市場的更大穩定和信任，另一方面，他們可能會危及權力下放的基本原則。

The battle between regulation and financial freedom has just begun, and the future of stablecoins could prove crucial for the entire cryptocurrency ecosystem.

監管與財務自由之間的鬥爭剛剛開始，Stablecoins的未來可能對整個加密貨幣生態系統至關重要。