美國參議員提出具有里程碑意義的法案來監管穩定幣

參議員吉利布蘭德和魯米斯提出了《魯米斯-吉利布蘭德負責任金融創新法案》，這是一項全面的穩定幣監管法案，旨在簡化行業並防止再次出現 Terra 崩潰。它對以 1:1 為基礎的穩定幣提出了資本和審計要求，並禁止了像 Terra USD 和 Ethena USDe 這樣的演算法穩定幣，理由是它們因 Terra USD 崩盤而風險較高。該法案在分裂的參議院面臨不確定的道路，需要 60 票才能通過。

U.S. Senators Introduce Comprehensive Stablecoin Regulation Bill

美國參議員提出全面的穩定幣監管法案

Washington, D.C. - In a landmark move, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) have unveiled the Lummis-Gillibrand Responsible Financial Innovation Act, a highly anticipated bill designed to regulate the emerging stablecoin industry. The legislation aims to mitigate the risks associated with stablecoins, including the potential for another catastrophic collapse like the TerraUSD debacle.

華盛頓特區- 參議員克爾斯滕·吉利布蘭德（紐約州民主黨）和辛西婭·魯米斯（懷俄明州共和黨）推出了《魯米斯-吉利布蘭德負責任金融創新法案》，這是一項備受期待的旨在監管新興穩定幣產業的法案，這是一項具有里程碑意義的舉措。該立法旨在減輕與穩定幣相關的風險，包括再次發生像 TerraUSD 崩潰這樣的災難性崩潰的可能性。

Sweeping Reforms for Stablecoin Issuance and Oversight

穩定幣發行和監管的全面改革

The bill proposes a comprehensive framework for stablecoin regulation, encompassing multiple elements:

該法案提出了一個全面的穩定幣監管框架，包含多個要素：

• Expansion of Issuer Eligibility: Banks and non-bank trust companies would be permitted to issue stablecoins through dedicated subsidiaries.
• Stringent Capital and Audit Requirements: All stablecoins would be subject to stringent capital and audit requirements, ensuring their 1:1 backing by assets of equivalent value.
• Ban on Algorithmic Stablecoins: The bill prohibits the issuance of algorithmic stablecoins, such as TerraUSD and Ethena USDe, in the United States, deeming them inherently risky.

Lessons from TerraUSD Collapse

擴大發行人資格：銀行和非銀行信託公司將被允許透過專門的子公司發行穩定幣。 1:1支持禁止演算法穩定幣：該法案禁止在美國發行演算法穩定幣，例如 TerraUSD 和 Ethena USDe，認為它們本身就存在風險。

The ban on algorithmic stablecoins stems from the disastrous failure of TerraUSD, which wiped out over $40 billion in investor funds. Unlike traditional stablecoins backed by cash or government bonds, algorithmic stablecoins rely on complex arbitrage mechanisms to maintain their peg, making them highly vulnerable to market volatility.

對演算法穩定幣的禁令源於 TerraUSD 的災難性失敗，該失敗導致投資者資金損失超過 400 億美元。與由現金或政府債券支持的傳統穩定幣不同，演算法穩定幣依靠複雜的套利機制來維持其錨定匯率，這使得它們極易受到市場波動的影響。

Targeting Ethena USDe: A Case Study

針對 Ethena USDe：案例研究

If passed, the Lummis-Gillibrand bill would effectively outlaw algorithmic stablecoins like Ethena USDe in the United States. Ethena USDe, one of the fastest-growing stablecoins with over $2.4 billion in assets, offers attractive returns of up to 17.2%.

如果獲得通過，Lummis-Gillibrand 法案將實際上在美國取締像 Ethena USDe 這樣的演算法穩定幣。 Ethena USDe 是成長最快的穩定幣之一，擁有超過 24 億美元的資產，提供高達 17.2% 的誘人回報。

However, similar to TerraUSD, Ethena USDe's high yields are generated through a complex cash-and-carry trading strategy that poses potential risks to investors.

然而，與 TerraUSD 類似，Ethena USDe 的高收益是透過複雜的現金套利交易策略產生的，這給投資者帶來了潛在風險。

Implications for Other Stablecoin Issuers

對其他穩定幣發行人的影響

Other algorithmic stablecoins likely to be impacted by the bill include Frax, Justin Sun's USDD, and Liquity USD (LUSD). These stablecoins employ similar mechanisms to maintain their pegs, raising concerns about their inherent volatility.

其他可能受到該法案影響的演算法穩定幣包括 Frax、孫宇晨的 USDD 和 Liquity USD (LUSD)。這些穩定幣採用類似的機制來維持其掛鉤，引發了人們對其固有波動性的擔憂。

Challenges Ahead

未來的挑戰

While the Lummis-Gillibrand bill has received support from industry experts and policymakers, its passage is not guaranteed. The legislation faces a potentially arduous journey through the politically divided U.S. Senate, requiring 60 votes to advance.

儘管魯米斯-吉利布蘭德法案得到了行業專家和政策制定者的支持，但並不能保證其通過。該法案在政治上存在分歧的美國參議院可能面臨艱難的過程，需要 60 票才能獲得通過。

Moreover, the bill must also navigate the highly dysfunctional House of Representatives, which has been known to obstruct bipartisan legislative efforts.

此外，該法案還必須引導功能失調的眾議院，眾所周知，眾議院阻礙了兩黨的立法努力。

Moving Forward with Caution

謹慎前行

The Lummis-Gillibrand Responsible Financial Innovation Act represents a significant step toward regulating the rapidly evolving stablecoin industry. By imposing strict requirements on issuers and prohibiting algorithmic stablecoins, the bill aims to foster a safer environment for investors and minimize the risks of another TerraUSD-like disaster.

《魯米斯-吉利布蘭德負責任金融創新法案》代表朝著規範快速發展的穩定幣產業邁出的重要一步。透過對發行人提出嚴格要求並禁止演算法穩定幣，該法案旨在為投資者創造一個更安全的環境，並最大限度地減少另一場類似 TerraUSD 災難的風險。

However, the bill's fate remains uncertain, and the stablecoin industry will be closely monitoring its progress as it navigates the intricate maze of U.S. politics.

然而，該法案的命運仍然不確定，穩定幣產業將密切關注其在美國政治錯綜複雜的迷宮中的進展。