儘管國會表現不佳，但美國眾議員弗倫奇·希爾仍然希望數位資產立法今年能夠通過

隨著美國證券交易委員會 (SEC) 公佈 2025 年審查重點，國會議員 Hill (R-AR) 表示，他仍然相信兩項與數位資產相關的法案可能會在年底前取得進展。

Despite a lame-duck Congress and the SEC's 2025 examination priorities, Rep. French Hill remains optimistic about the passage of digital asset legislation this year. Meanwhile, the UK's top finance watchdog defended its stance on digital assets amid criticism.

儘管國會和 SEC 的 2025 年審查優先事項都表現不佳，但眾議員 French Hill 對今年數位資產立法的通過仍持樂觀態度。同時，英國最高金融監管機構在批評中捍衛了對數位資產的立場。

Rep. Hill (R-AR) still believes that two digital asset-related bills could advance before the end of the year, despite the lame-duck Congress. Speaking at a conference on Tuesday, the Arkansas Republican stated that he is “still optimistic” that a digital asset market structure bill and legislation to regulate stablecoins will be considered before the year’s end.

眾議員希爾 (R-AR) 仍然認為，儘管國會表現不佳，但兩項與數位資產相關的法案可能會在年底前取得進展。這位阿肯色州共和黨人在周二的一次會議上表示，他「仍然樂觀」地認為，數位資產市場結構法案和監管穩定幣的立法將在年底前得到考慮。

“I’m still optimistic that FIT21, which is the regulatory framework bill, and the stablecoin bill have possible consideration in the lame duck,” said Hill, speaking to Dr. Christopher Brummer at the 8th Annual Washington DC Fintech Week. Brummer is the founder of DC Fintech Week and a professor of financial technology at Georgetown Law.

「我仍然樂觀地認為，監管框架法案 FIT21 和穩定幣法案可能會在跛腳鴨中得到考慮，」希爾在第八屆華盛頓特區金融科技週上對 Christopher Brummer 博士表示。布魯默是 DC Fintech Week 的創辦人，也是喬治城大學法學院的金融科技教授。

A “lame duck” session occurs when lawmakers meet after an election but before the beginning of the new Congress. With a potentially pivotal election set to take place on November 5, the new Congress will not be seated until January next year.

當立法者在選舉後、新一屆國會開始之前開會時，就會發生「跛腳鴨」會議。由於潛在的關鍵選舉將於 11 月 5 日舉行，新國會要到明年 1 月才能就職。

“In all lame duck sessions, they take the direction from who wins the top of the ticket, so that will govern a bit of what we’re dealing with,” said Hill. This means that Vice President Kamala Harris or former President Donald Trump will determine how the lame duck will proceed.

「在所有跛腳鴨會議中，他們都會根據誰贏得了最高票來決定方向，因此這將控制我們正在處理的一些事情，」希爾說。這意味著副總統卡馬拉哈里斯或前總統唐納德川普將決定跛腳鴨將如何進行。

The digital asset-related bills that Hill hopes to see progress are the Financial Innovation and Technology (FIT) for the 21st Century Act, which passed a full U.S. House of Representatives vote in May, and the Clarity for Payment Stablecoins Act of 2023, which passed Committee stage last July but has since been languishing in the House.

希爾希望看到進展的數位資產相關法案是《21 世紀金融創新和技術 (FIT) 法案》，該法案於 5 月獲得美國眾議院全體投票通過，以及《2023 年支付穩定幣清晰度法案》去年七月通過了委員會階段，但此後一直在眾議院陷入困境。

The latter seeks to create a regulatory framework for the issuance and oversight of payment stablecoins, including, amongst other measures, defining stablecoins, mandating stablecoin issuers to obtain licenses from state regulators, and requiring issuers to maintain reserves equal to the value of the stablecoins in circulation.

後者旨在為支付穩定幣的發行和監督建立一個監管框架，其中包括定義穩定幣、要求穩定幣發行人獲得國家監管機構的許可，以及要求發行人維持與穩定幣價值相等的儲備金。 。

While lawmakers are still motivated to pass stablecoin legislation this year, FIT21 is perhaps the more significant bill. It aims to provide broader regulatory certainty for digital assets and eliminate some of the gray areas in oversight.

儘管立法者今年仍然有動力通過穩定幣立法，但 FIT21 可能是更重要的法案。它旨在為數位資產提供更廣泛的監管確定性，並消除監管中的一些灰色地帶。

If passed, it would give the Commodity Futures Trading Commission (CFTC) power over digital commodities while clarifying the SEC’s mandate to oversee digital assets offered as part of an investment contract. The bill also outlines a process for firms to certify with the SEC that their projects are adequately decentralized, allowing them to register digital assets as digital commodities with the CFTC.

如果通過，它將賦予商品期貨交易委員會（CFTC）管理數位商品的權力，同時明確 SEC 監督作為投資合約一部分提供的數位資產的授權。該法案還概述了公司向 SEC 證明其項目已充分去中心化的流程，從而允許他們將數位資產作為數位商品向 CFTC 註冊。

Rep. Hill leads the House Financial Services subcommittee focused on digital assets and has also put his hat in the ring to lead the full House Financial Services Committee if Republicans remain in control of the House next year. Current Chair Patrick McHenry (R-NC) announced his plans to retire at the beginning of 2025.

希爾眾議員領導著專注於數位資產的眾議院金融服務小組委員會，如果共和黨明年繼續控制眾議院，他也將領導整個眾議院金融服務委員會。現任主席帕特里克·麥克亨利 (R-NC) 宣布計劃於 2025 年初退休。

Hill said on Tuesday that if legislation doesn’t happen this year, it will be a “top priority” for next year. The comments came just a day after the SEC announced its priorities for 2025.

希爾週二表示，如果今年沒有立法，這將是明年的「首要任務」。該評論是在 SEC 宣布 2025 年優先事項的一天后發表的。

2025 regulatory goals

2025年監理目標

On Monday, the SEC Division of Examinations—responsible for conducting inspections and oversight of financial firms, such as investment advisers, broker-dealers and other regulated entities, to ensure compliance with securities laws and regulations—published its “examination priorities” for 2025, which included plans to focus on the “offer, sale, recommendation, advice, trading, and other activities involving crypto assets.”

週一，美國證券交易委員會考試部門（負責對投資顧問、經紀交易商和其他受監管實體等金融公司進行檢查和監督，以確保遵守證券法律和法規）發布了 2025 年“考試重點”，其中包括計劃重點關注「涉及加密資產的提供、銷售、推薦、建議、交易和其他活動」。

According to the SEC, “given the volatility and activity involving the crypto asset markets, the Division will continue to monitor and, when appropriate, conduct examinations of registrants offering crypto asset-related services.”

美國證券交易委員會表示，“鑑於加密資產市場的波動性和活動，該部門將繼續監控並在適當的時候對提供加密資產相關服務的註冊人進行檢查。”

It added that “the Division will assess registrant practices to address the technological risks associated with the use of blockchain and distributed ledger technology, including risks pertaining to the security of crypto assets.”

它補充說，“該部門將評估註冊人的做法，以解決與使用區塊鏈和分散式帳本技術相關的技術風險，包括與加密資產安全相關的風險。”

A notable addition to the 2025 examination priorities was the inclusion of spot BTC and ETH exchange-traded products (ETPs), after the SEC approved the former in January, followed by the latter in May.

2025 年審查重點中的一個顯著增加是納入了現貨 BTC 和 ETH 交易所交易產品 (ETP)，SEC 在 1 月批准了前者，隨後於 5 月批准了後者。

The SEC’s Acting Director of the Division of Examinations, Keith Cassidy, said on Monday that the list of priorities represented “key areas of potentially increased risks and related harm for investors,” while SEC Chair Gary Gensler said the division would be “working with registrants” to help them “understand the rules” and ensure that the markets “work for investors and issuers alike.”

美國證券交易委員會考試部代理主任基思·卡西迪(Keith Cassidy) 週一表示，優先事項清單代表了“對投資者而言風險和相關損害可能增加的關鍵領域”，而美國證券交易委員會主席加里·詹斯勒(Gary Gensler) 表示，該部門將「與註冊人合作」 」以幫助他們「理解規則」並確保市場「為投資者和發行人服務」。

The pair’s comments hinted that the SEC’s approach to digital assets in 2025 will be similar to its current—much criticized—approach, which some have described as excessively heavy-handed.

兩人的評論暗示，美國證券交易委員會在 2025 年對數位資產採取的做法將類似於其目前備受批評的做法，有些人認為這種做法過於嚴厲。

But it’s not just the U.S. regulator that has

但不只是美國監管機構