穩定幣立法展望：2023 年希望渺茫，2025 年可能成為法律框架年

儘管參議院銀行委員會最近提出了一項兩黨穩定幣法案，但人們認為 5 月通過此類立法的可能性不大。然而，產業專家預測，2025 年美國將頒布穩定幣法律，理由是共和黨的支持以及解決快速成長的穩定幣市場的需求。儘管歐盟和英國已採取措施監管穩定幣，但美國在建立明確的法律框架方面仍然落後。

Stablecoin Legislation: Prospects Dim for 2023, 2025 Emerges as Promising Year for Legal Framework

穩定幣立法：2023 年前景黯淡，2025 年成為法律框架大有希望的一年

The recent introduction of a bipartisan stablecoin bill by the Senate Banking Committee has sparked renewed optimism within the cryptocurrency industry, igniting hopes for the long-awaited passage of stablecoin legislation. However, analysts caution that the likelihood of these bills becoming law in the near term remains slim.

參議院銀行委員會最近推出的兩黨穩定幣法案在加密貨幣行業內重新燃起了樂觀情緒，點燃了人們期待已久的穩定幣立法通過的希望。然而，分析人士警告稱，這些法案在短期內成為法律的可能性仍然很小。

Industry experts and analysts hold the view that 2023 is not likely to witness the passage of stablecoin legislation due to the complexities involved in reaching a consensus among lawmakers. However, the year 2025 has emerged as a promising timeline for the establishment of a comprehensive legal framework for stablecoins in the United States.

產業專家和分析師認為，由於立法者達成共識的複雜性，2023 年穩定幣立法不太可能獲得通過。然而，2025 年已成為美國建立穩定幣全面法律框架的一個充滿希望的時間表。

Jonathan Padilla, a former head of blockchain strategy at PayPal and founder of Snickerdoodle Labs, asserts that the year 2025 will be pivotal for the passage of stablecoin legislation in the US. Padilla bases his prediction on the anticipated Republican control of the government, particularly the Senate, in 2025. Republicans, according to Padilla, have a natural advantage in the Senate and a political will to address the regulation of stablecoins.

PayPal 前區塊鏈戰略主管、Snickerdoodle Labs 創始人 Jonathan Padilla 斷言，2025 年對於美國穩定幣立法的通過至關重要。帕迪拉的預測是基於共和黨預計在 2025 年控制政府，特別是參議院。

Since the cryptocurrency industry has emerged as a significant source of campaign contributions for Republicans, their support for stablecoin legislation is seen as a strategic move. Democrats, on the other hand, have also played an active role in shaping stablecoin bills, with one bipartisan bill clearing the House Financial Services Committee in July 2022.

由於加密貨幣產業已成為共和黨競選捐款的重要來源，他們對穩定幣立法的支持被視為一項策略性舉措。另一方面，民主黨也在製定穩定幣法案方面發揮了積極作用，一項兩黨法案於 2022 年 7 月獲得了眾議院金融服務委員會的批准。

The introduction of a new bipartisan stablecoin bill in the Senate Banking Committee signals the ongoing efforts to establish clear guidelines for the rapidly growing stablecoin market, which currently stands at $159 billion in value. The need for stablecoin regulation has become increasingly urgent as the industry expands rapidly.

參議院銀行委員會推出新的兩黨穩定幣法案，標誌著雙方正在努力為快速增長的穩定幣市場制定明確的指導方針，該市場目前價值 1590 億美元。隨著產業的快速擴張，穩定幣監管的需求變得越來越迫切。

In the global regulatory landscape, the European Union is poised to implement the Markets in Crypto-Assets (MiCA) regulation in 2024, with stablecoin-specific rules set to take effect initially. The United Kingdom has also announced plans to introduce its own stablecoin regulations by mid-2023.

在全球監管格局中，歐盟準備在 2024 年實施加密資產市場（MiCA）監管，穩定幣特定規則將首先生效。英國也宣布計劃在 2023 年中期引入自己的穩定幣法規。

In contrast, the United States remains without a comprehensive legal framework for stablecoins, despite widespread bipartisan consensus on the necessity of regulation to address concerns over systemic risks and the potential threat of foreign central bank digital currencies to the dominance of the US dollar.

相較之下，儘管兩黨就必須進行監管以解決對系統性風險以及外國央行數位貨幣對美元主導地位的潛在威脅的擔憂達成了廣泛共識，但美國仍然沒有針對穩定幣的全面法律框架。

Despite the lack of existing legislation, a glimmer of hope remains for the passage of stablecoin bills in 2023. Sponsors of the House bill are reportedly engaged in negotiations to incorporate it into a broader legislative package related to aviation spending, which is set to be voted on in May.

儘管缺乏現有立法，但穩定幣法案在2023 年獲得通過仍然存在一線希望。進行投票於五月。

Similarly, Senate Banking Committee Chairman Sherrod Brown, a Democrat from Ohio, has expressed willingness to explore the inclusion of a stablecoin bill in a larger legislative package. However, the likelihood of these bills passing through Congress, particularly in the midst of an election year, is considered low.

同樣，參議院銀行委員會主席、俄亥俄州民主黨人謝羅德布朗表示願意探索將穩定幣法案納入更大的立法方案。然而，這些法案在國會獲得通過的可能性被認為很低，特別是在選舉年期間。

Senator Brown, known for his skepticism towards cryptocurrencies, is expected to scrutinize any proposed legislation closely to ensure that it meets his standards and does not allow for excessive leniency towards stablecoin issuers.

布朗參議員以對加密貨幣持懷疑態度而聞名，預計他將仔細審查任何擬議的立法，以確保其符合他的標準，並且不允許對穩定幣發行人過度寬容。

As a result, the industry is now setting its sights on 2025 as the year in which the United States will finally establish a comprehensive legal framework for stablecoins.

因此，該產業現在將目光投向2025年，美國最終將建立全面的穩定幣法律框架。