穩定幣監管沒有抓到重點：私人紙幣已經合法

私人銀行以紙本或電子形式發行可贖回票據在美國似乎已經合法。

Stablecoin regulation is a hot-button issue in the cryptocurrency space. Recent reports from U.S. regulators and the Biden Administration have warned that stablecoins could threaten financial stability, though many are skeptical of that claim. Past proposals have sought to govern the transparency, issuance and licensing of stablecoins, but no legislation has yet been passed.

穩定幣監管是加密貨幣領域的熱門議題。美國監管機構和拜登政府最近的報告警告稱，穩定幣可能會威脅金融穩定，儘管許多人對此說法表示懷疑。過去的提案試圖管理穩定幣的透明度、發行和許可，但尚未通過任何立法。

This debate, however, may be missing an important point: The issuance of redeemable notes by private banks, whether in paper or electronic form, appears to already be legal in the United States.

然而，這場辯論可能忽略了一個重要的一點：私人銀行發行可贖回票據，無論是紙本或電子形式，在美國似乎已經合法。

Thomas Hogan is a senior fellow at the American Institute for Economic Research. He was formerly the chief economist for the U.S. Senate Committee on Banking, Housing, & Urban Affairs. This article is part of CoinDesk’s “Policy Week.”

托馬斯·霍根是美國經濟研究所的高級研究員。他曾任美國參議院銀行、住房和城市事務委員會首席經濟學家。本文是 CoinDesk 「政策週」的一部分。

Private banknotes were used extensively as a medium of exchange for the majority of U.S. history. Before the establishment of the Federal Reserve in 1913, banks issued paper notes that were redeemable for an equivalent amount of some asset, usually gold. Even after the gold standard ended in 1933, notes issued by national banks continued to circulate, though their numbers dwindled to around $20 million in circulation by 1970.

在美國歷史的大部分時間裡，私人紙幣都被廣泛用作交換媒介。 1913 年聯準會成立之前，銀行發行紙幣，可以兌換等值的某種資產（通常是黃金）。即使在 1933 年金本位制結束之後，各國銀行發行的紙幣仍繼續流通，儘管其流通數量到 1970 年已減少至 2,000 萬美元左右。

Today, the issuance of private banknotes is common practice in several countries. In Hong Kong, Scotland and Northern Ireland, for example, private banks issue paper notes that are redeemable for their respective local currencies. Altogether, private bank-issued currency is legal in dozens of countries around the world.

如今，發行私人紙幣已成為一些國家的常見做法。例如，在香港、蘇格蘭和北愛爾蘭，私人銀行發行可兌換各自當地貨幣的紙幣。總的來說，私人銀行發行的貨幣在全球數十個國家是合法的。

See also: What Is a Stablecoin?

另請參閱：什麼是穩定幣？

Electronic stablecoins are the modern analog to paper banknotes. Stablecoins are crypto tokens whose value is pegged to some other asset, such as the U.S. dollar. The total market value of the top four U.S. dollar-linked stablecoins is currently around $135 billion, which although quite large, is modest compared to the U.S. monetary base of about $5.4 trillion.

電子穩定幣是紙幣的現代模擬。穩定幣是一種加密代幣，其價值與美元等其他資產掛鉤。與美元掛鉤的四大穩定幣的總市值目前約為 1,350 億美元，雖然規模相當大，但與美國約 5.4 兆美元的貨幣基礎相比，這個數字並不高。

Most stablecoins are redeemable on demand, just like deposits in a checking or savings account. Tether (USDT), the largest stablecoin by market capitalization, promises redeemability in U.S. dollars. Some stablecoins, such as the dai (DAI) token, require more than 100% collateralization to help ensure token holders’ funds are secure even if the collateral value falls.

大多數穩定幣都可以按需贖回，就像支票或儲蓄帳戶中的存款一樣。 Tether（USDT）是市值最大的穩定幣，承諾以美元贖回。一些穩定幣，例如 dai (DAI) 代幣，需要超過 100% 的抵押，以幫助確保代幣持有者的資金安全，即使抵押品價值下跌也是如此。

Legal authority

法律權限

In 2001, U.S. Department of the Treasury economist Kurt Schuler found that the issuance of private banknotes is technically legal in the United States. The tax on state-chartered notes, which effectively prohibited the practice, was repealed in 1976. The laws preventing issuance by nationally chartered banks were repealed in 1994, although a semi-annual tax (totaling 1% per year on the value of notes in circulation) would still apply.

2001年，美國財政部經濟學家庫爾特·舒勒發現，私人紙幣的發行在技術上在美國是合法的。對國家特許票據徵稅實際上禁止了這種做法，並於1976 年被廢除。 1% 的稅）。

If Schuler is correct, then no law or regulation currently restricts the issuance of private banknotes. A white paper from the Clearing House, a bank association, supports this view, noting that stablecoin-related activities “clearly fall within the existing legal authority of banks.” Further, they write, “no legislative change is required to permit banks to issue digitized deposits” in the form of stablecoins. In 2012, I calculated that U.S. banks could earn billions in profits by issuing their own private notes.

如果舒勒是正確的，那麼目前沒有法律或法規限制私人紙幣的發行。銀行協會清算所的一份白皮書支持這一觀點，指出與穩定幣相關的活動「顯然屬於銀行現有的法律權限範圍」。此外，他們寫道，「無需修改立法即可允許銀行以穩定幣的形式發行數位化存款」。 2012年，我計算美國銀行發行自己的私人票據可以賺取數十億美元的利潤。

For regulatory purposes, redeemable stablecoins would presumably be treated like banknotes or other non-interest-bearing liabilities. They would not be subject to reserve requirements, which apply only to transaction accounts and were lowered to zero in 2020. Prior to 1994, national banknotes were required to be fully collateralized, but that requirement is no longer in effect.

出於監管目的，可贖回穩定幣可能會被視為紙幣或其他無息負債。它們不受準備金要求的約束，準備金要求僅適用於交易帳戶，並於 2020 年降至零。

See also: Circle CEO: US Stablecoin Legislation Is ‘Lowest-Hanging Fruit’

另請參閱：Circle 執行長：美國穩定幣立法是“最容易實現的成果”

Bank-issued stablecoins would also not be subject to insurance from the Federal Deposit Insurance Corporation (FDIC), which applies only to specific types of accounts, such as checking and savings accounts.

銀行發行的穩定幣也不受聯邦存款保險公司（FDIC）的保險約束，該保險僅適用於特定類型的帳戶，例如支票帳戶和儲蓄帳戶。

State-chartered banks would likely enjoy more regulatory flexibility in issuing stablecoins. Some states, such as New York, have put off the crypto industry with restrictive regulatory regimes, but others including Wyoming have welcomed cryptocurrencies, and might provide a regulatory environment that is more amenable to stablecoins.

國營銀行在發行穩定幣方面可能享有更大的監管彈性。紐約等一些州透過限制性監管制度推遲了加密行業的發展，但懷俄明州等其他州則歡迎加​​密貨幣，並可能提供更適合穩定幣的監管環境。

Another question is whether anti-money laundering (AML) laws, such as know-your-customer (KYC) requirements, would apply to bank-issued stablecoins. Some might argue that holding a stablecoin is like having a bank deposit, but a more apt comparison is to personal or cashier’s checks, which require only the check writer to have an account at the issuing bank. Signed checks can be passed on to other users who eventually redeem them. AML and KYC laws do not apply to intermediate holders of the check, only the check writer and possibly the redeemer. This standard should

另一個問題是反洗錢（AML）法律，例如了解你的客戶（KYC）要求，是否適用於銀行發行的穩定幣。有些人可能會認為持有穩定幣就像擁有銀行存款，但更恰當的比較是個人支票或銀行本票，只要求支票作者在發行銀行擁有帳戶。簽名的支票可以傳遞給最終兌換它們的其他用戶。 AML 和 KYC 法律不適用於支票的中間持有者，僅適用於支票撰寫者，也可能適用於贖回者。本標準應