參議員沃倫（D-MA）對新的Stablecoin立法發出警報，聲稱他們會給埃隆·馬斯克（Elon Musk

如果這聽起來過於戲劇化，那是因為它是。這些法案實際上是這樣做的：《天才法案》和《穩定法案》旨在為穩定的護欄創建負責任的護欄

Sen. Elizabeth Warren (MA-D) recently sounded the alarm over new proposals on stablecoin legislation, claiming they’d give Elon Musk a “clear runway” to control U.S. money and payments.

參議員伊麗莎白·沃倫（Elizabeth Warren）（MA-D）最近對Stablecoin立法的新提案發出了警報，聲稱他們會給埃隆·馬斯克（Elon Musk）提供“清晰的跑道”，以控制美國的貨幣和付款。

If that sounds overly-dramatic, it’s because it is.

如果這聽起來過於戲劇化，那是因為它是。

Here's what these bills actually do: the GENIUS Act and the STABLE Act aim to create responsible guardrails for stablecoins, ensuring consumer protection and financial stability while encouraging innovation. Far from handing the keys to a single billionaire, they lay out clear standards so that no one — the world’s richest man or otherwise — can dominate payment infrastructure by sidestepping important safeguards.

這些法案實際上是這樣做的：《天才法案》和《穩定法案》旨在為穩定幣創建負責任的護欄，確保消費者的保護和財務穩定，同時鼓勵創新。他們沒有將鑰匙交給單個億萬富翁，而是製定了明確的標準，因此沒有人（世界上最富有的人或其他人）可以通過避開重要保障措施來主導付款基礎設施。

At their core, stablecoins are digital assets designed to maintain a constant value—most commonly tied to the U.S. dollar and backed by a basket of reserves. However, the transparency and composition of an issuer’s dollar reserves may vary, which some regulatory proposals aim to clarify.

Stablecoins的核心是旨在保持恆定價值的數字資產，通常與美元息息相關，並以一籃子的儲備為支持。但是，發行人的美元儲備的透明度和組成可能會有所不同，一些監管建議旨在澄清。

By definition, dollar-denominated stablecoins reinforce the dollar’s role in the global economy rather than undermining it. Contrary to the claim that these bills would allow one person to “print money,” the GENIUS Act and STABLE Act are chiefly about setting minimum reserve, auditing, and licensing standards for stablecoin issuers. The fundamental idea is to ensure transparent, fully backed stablecoins under a clear regulatory regime, not to let a tech titan mint unbacked currency at will.

根據定義，以美元為基礎的穩定穩定增強了美元在全球經濟中的作用，而不是破壞它。與這些法案將允許一個人“打印資金”的說法相反，《天才法》和《穩定法》主要是為了為Stablecoin發行人設定最低限度儲備，審計和許可標準。基本的想法是確保在明確的監管制度下確保透明，完全支持的穩定者，而不是隨意讓科技泰坦薄荷薄荷的貨幣。

Stablecoins offer innovations the legacy financial system has long struggled to provide: efficient, low-cost transfers, potentially faster settlements, and ability to instantly execute transactions that can fuel new financial products. They can be sent globally in near-real time, lowering barriers and giving everyday users more autonomy over their money, whether that be for remittances or payments for everyday purchases.

Stablecoins提供創新，傳統金融體係長期以來一直在努力提供：高效，低成本的轉移，潛在的更快的定居點以及能夠立即執行可以推動新金融產品的交易的能力。它們可以在近乎實際的時間內在全球範圍內發送，降低障礙，並為日常用戶提供更多的自主權，無論是用於日常購買的匯款還是付款。

The size of the global stablecoin ecosystem is notable and is forcing traditional financial entities into the market. The growth in transaction volumes is hard to ignore; they climbed to $710 billion in February, compared with $521 billion in the same month last year.

全球Stablecoin生態系統的規模是顯著的，並且正在迫使傳統的金融實體進入市場。交易量的增長很難忽略。他們在2月攀升至7100億美元，而去年同期為5210億美元。

This future of finance is an upgrade over traditional infrastructure, which is dominated by large financial institutions that often dictate costs and limit options for smaller players. By replacing cumbersome, expensive intermediaries, stablecoins empower consumers to transact more directly, preserving their privacy and autonomy without sacrificing efficiency.

財務的未來是對傳統基礎設施的升級，該基礎設施由大型金融機構主導，這些機構通常會決定成本並限制較小參與者的選擇。通過取代繁瑣，昂貴的中介機構，Stablecoins使消費者能夠更直接地進行交易，從而在不犧牲效率的情況下保留其隱私和自主權。

Stablecoins also bolster national security and support the U.S. dollar’s global dominance. The U.S. dollar’s position as the world’s reserve currency provides significant geopolitical and economic advantages. With the rise of alternative financial systems, including foreign-issued digital assets, the United States must ensure that emerging technologies remain dollar-denominated.

Stablecoins還支持國家安全，並支持美元的全球統治地位。美元作為全球儲備貨幣的地位提供了重要的地緣政治和經濟優勢。隨著包括外國發行的數字資產在內的替代金融體系的興起，美國必須確保新興技術仍然以美元計價。

If innovators cannot operate within the U.S. under clear rules, they may turn to foreign jurisdictions, effectively weakening the dollar’s role. Encouraging stablecoin issuers to hold traditional U.S. treasuries as backing — rather than synthetic or foreign-issued substitutes — helps maintain steady demand for U.S. debt instruments and keeps the dollar anchored at the heart of global finance.

如果創新者無法根據明確的規定在美國境內運作，他們可能會轉向外國司法管轄區，從而有效地削弱了美元的作用。鼓勵Stablecoin發行人將傳統的美國國債作為支持（而不是綜合或外國發行的替代品）有助於維持對美國債務工具的穩定需求，並使美元固定在全球金融的核心。

At the same time, other countries are exploring strategies to reassert the dollar in ways that loop out American influence — so-called “de-dollarization” plans where foreign governments structure their trades and bonds in dollar equivalents without the traditional oversight or support of U.S. institutions.

同時，其他國家正在探索以逐漸消除美國影響力的方式重新確定美元的策略 - 所謂的“貶值”計劃，外國政府以美元等價人的交易和債券在沒有傳統的監督或支持美國機構的情況下構建其交易和債券。

If we do not modernize our own financial infrastructure, we risk losing control over the direction of dollar-based innovation. Providing a predictable regulatory framework for stablecoins helps encourage developers and businesses to keep building on U.S. soil, ensuring that America remains at the forefront of this next wave of finance.

如果我們不現代化自己的金融基礎設施，我們可能會失去對基於美元創新方向的控制權。為Stablecoins提供可預測的監管框架有助於鼓勵開發商和企業繼續在美國的土壤上建立建立，從而確保美國仍然處於下一浪潮的最前沿。

Both the GENIUS Act and STABLE Act propose guardrails to ensure stablecoin issuers meet baseline requirements for consumer protection and operational soundness. While each may have its strengths and weaknesses, they reflect a growing effort in Congress to produce thoughtful, bipartisan legislation.

《天才法案》和《穩定法》都提出了護欄，以確保穩定的發行人滿足消費者保護和運營健全性的基準要求。儘管每個人都有其優點和劣勢，但它們反映了國會制定周到的兩黨立法的日益努力。

Such legislation would reduce uncertainty, spur responsible innovation, and promote healthy competition in the digital asset marketplace. By clarifying legal obligations around reserve composition, auditing, and anti-money laundering practices, these bills aim to foster an environment where stablecoins can thrive under proper oversight — protecting consumers, upholding financial stability, and supporting national security interests.

這樣的立法將減少不確定性，刺激負責任的創新，並促進數字資產市場的健康競爭。通過闡明圍繞儲備金組成，審計和反洗錢做法的法律義務，這些法案旨在促進一個環境，在這種環境下，穩定的股份可以在適當的監督下蓬勃發展 - 保護消費者，維護財務穩定以及支持國家安全利益。

Elon Musk’s interest in digital payments, as with any ambitious project, highlights the larger trend: private sector initiatives are moving rapidly, sometimes outpacing existing laws. Establishing solid regulatory foundations for stablecoins is the first step in ensuring that emerging ventures — whether they come from tech entrepreneurs or established financial giants—must operate within rules that protect the public and preserve vital U.S. interests.

與任何雄心勃勃的項目一樣，埃隆·馬斯克（Elon Musk）對數字支付的興趣強調了更大的趨勢：私營部門倡議正在迅速發展，有時超過了現有法律。為確保新興企業（無論是來自科技企業家還是既定的金融巨頭）確保新興企業的第一步是在保護公眾並保留美國重要利益的規則之內運作的第一步。

Proper legislation isn’t about letting a billionaire corner the market. It’s about providing certainty and accountability so that when a product like “X Money” or another innovative payment system inevitably comes along, it must meet rigorous standards for consumer protection and financial stability.

適當的立法不是讓億萬富翁在市場上轉彎。這是關於提供確定性和問責制，以便當“ X Money”或其他創新支付系統等產品不可避免地會出現時，它必須符合嚴格的消費者保護和財務穩定標準。

The future of money is poised to be more digital, transparent, and

金錢的未來有望更具數字性，透明性，並且