穩定幣監管：國家安全當務之急

在布魯金斯學會最近的一篇論文中，美國商品期貨交易委員會(CFTC) 前主席蒂莫西·馬薩德(Timothy Massad) 強調，由於穩定幣具有無與倫比的、不可預見的可擴展性，因此必須進行嚴格的監管。馬薩德認為，與 20 世紀 60 年代至 70 年代歐洲美元的崛起不同，穩定幣可能不符合國家利益，並強調美國政府對穩定幣的控制有限。該文件強調了國家安全監管的迫切需要，而沃倫參議員則呼籲在錢包和驗證器層面遵守反洗錢規則。

Urgent Call for Robust Stablecoin Regulations: National Security Imperative

迫切需要強而有力的穩定幣監管：國家安全勢在必行

In a groundbreaking paper for the Brookings Institute, former Commodity and Futures Trading Commission (CFTC) Chair Timothy Massad has issued a stark warning about the burgeoning stablecoin industry, urging lawmakers to enact stringent regulations without delay. Massad's incisive analysis underscores the national security risks posed by the rapid proliferation of stablecoins, which have the potential to undermine the traditional financial system and facilitate criminal activities.

在布魯金斯學會的一篇開創性論文中，前商品和期貨交易委員會（CFTC）主席蒂莫西·馬薩德（Timothy Massad）對蓬勃發展的穩定幣行業發出了嚴厲警告，敦促立法者立即制定嚴格的法規。馬薩德的精闢分析強調了穩定幣快速擴散帶來的國家安全風險，穩定幣有可能破壞傳統金融體系並為犯罪活動提供便利。

Beyond Eurodollars: Unique Threats Posed by Stablecoins

超越歐洲美元：穩定幣帶來的獨特威脅

Unlike the rise of Eurodollars in the 1960s and 1970s, Massad argues that the emergence of stablecoins poses unprecedented challenges due to their distinct characteristics. Unlike Eurodollars, which were primarily used by multinational corporations for legitimate business transactions, stablecoins are widely accessible to individuals and institutions, including criminal actors. Their availability in digital form also presents significant risks for money laundering, terrorist financing, and other illicit activities.

與 1960 年代和 1970 年代歐洲美元的崛起不同，馬薩德認為，穩定幣的出現因其獨特的特徵而帶來了前所未有的挑戰。與主要被跨國公司用於合法商業交易的歐洲美元不同，穩定幣可以廣泛地被個人和機構（包括犯罪分子）使用。它們以數位形式存在也給洗錢、恐怖主義融資和其他非法活動帶來了巨大風險。

Bearer Nature Undermines Government Control

承載性質破壞政府管制

Moreover, the bearer nature of stablecoins further complicates regulatory efforts. Unlike traditional bank deposits, which are subject to government oversight and reporting requirements, stablecoins can be transferred anonymously, making it difficult for authorities to track their movements. This anonymity poses a significant risk for both national security and financial stability.

此外，穩定幣的無記名性質使監管工作更加複雜。與受政府監督和報告要求的傳統銀行存款不同，穩定幣可以匿名轉移，這使得當局很難追蹤其動向。這種匿名性為國家安全和金融穩定帶來了重大風險。

AML/KYC Enforcement: Fundamental to Safeguarding National Interests

AML/KYC 執法：維護國家利益的基礎

To mitigate these risks, Massad advocates for robust stablecoin regulation at the federal level. He calls for the implementation of anti-money laundering (AML) and know-your-customer (KYC) rules at all levels of the stablecoin ecosystem, including wallet providers and validators. This comprehensive approach is essential to ensure that stablecoins are not used to facilitate illicit activities that threaten national security interests.

為了減輕這些風險，馬薩德主張在聯邦層級實施強而有力的穩定幣監管。他呼籲在穩定幣生態系統的各個層面（包括錢包提供者和驗證器）實施反洗錢（AML）和了解你的客戶（KYC）規則。這種全面的方法對於確保穩定幣不會被用來促進威脅國家安全利益的非法活動至關重要。

Proactive Issuer Responsibility: Monitoring Suspicious Activity

主動發行人的責任：監控可疑活動

Beyond AML/KYC enforcement, Massad argues that stablecoin issuers must play a proactive role in preventing misuse of their coins. He proposes that issuers establish robust monitoring systems to detect and freeze suspicious transactions, and even refuse redemption in certain cases. This heightened level of issuer responsibility would significantly curtail the ability of criminals to exploit stablecoins for nefarious purposes.

Massad 認為，除了 AML/KYC 執法之外，穩定幣發行人還必須在防止其代幣被濫用方面發揮積極主動的作用。他建議發行人建立健全的監控系統，以偵測和凍結可疑交易，甚至在某些情況下拒絕贖回。發行人責任的提高將大大削弱犯罪者利用穩定幣進行邪惡目的的能力。

Decentralization vs. Regulatory Compliance: An Ideological Clash

權力下放與監管合規：意識形態衝突

The proposed regulations have sparked a heated debate between advocates of decentralization and those who prioritize compliance with existing financial laws. While some proponents of decentralization argue that blockchain networks, with their vast and distributed nature, are impervious to government oversight, others maintain that the rule of law must apply to all financial instruments, regardless of their technological underpinnings.

擬議的法規引發了權力下放的倡導者和優先考慮遵守現有金融法的人之間的激烈辯論。雖然一些去中心化的支持者認為區塊鏈網路因其龐大和分散式的性質而不受政府監督，但其他人則認為法治必須適用於所有金融工具，無論其技術基礎如何。

Uniswap Lawsuit: A Test Case for Regulatory Reach

Uniswap 訴訟：監管範圍的測試案例

The recent Securities and Exchange Commission (SEC) lawsuit against Uniswap, a supposedly decentralized exchange, has ignited this debate further. The outcome of this case will provide valuable insights into the extent to which decentralized platforms can evade regulatory scrutiny or must ultimately comply with the law.

最近，美國證券交易委員會 (SEC) 對 Uniswap（一家所謂的去中心化交易所）提起訴訟，進一步引發了這場爭論。本案的結果將為了解去中心化平台在多大程度上可以逃避監管審查或最終必須遵守法律提供寶貴的見解。

Criminal Misuse: Limited Options for Evading Detection

犯罪濫用：逃避檢測的有限選擇

Despite the challenges posed by stablecoin anonymity, Massad warns that criminals hoping to use stablecoins for illicit purposes will face significant obstacles. While assets like Monero may offer some degree of anonymity, their limited liquidity and the industry-wide delisting of such assets make their use for large-scale criminal activities impractical.

儘管穩定幣匿名性帶來了挑戰，但馬薩德警告說，希望將穩定幣用於非法目的的犯罪分子將面​​臨重大障礙。雖然像門羅幣這樣的資產可能提供一定程度的匿名性，但其有限的流動性以及此類資產在全行業範圍內的退市使得它們用於大規模犯罪活動是不切實際的。

Conclusion: Urgent Action Required to Protect National Security

結論：保護國家安全需要緊急行動

The proliferation of stablecoins has created an urgent need for robust and comprehensive regulation to safeguard national security and financial stability. The recommendations outlined by Massad in his Brookings Institute paper provide a roadmap for policymakers to address the unique risks posed by this emerging asset class. Failure to act swiftly could have dire consequences, undermining the integrity of our financial system and exposing our nation to significant vulnerabilities.

穩定幣的激增迫切需要強而有力和全面的監管，以維護國家安全和金融穩定。馬薩德在布魯金斯學會論文中概述的建議為政策制定者解決這一新興資產類別帶來的獨特風險提供了路線圖。如果不迅速採取行動，可能會產生可怕的後果，破壞我們金融體系的完整性，並使我們的國家面臨嚴重的脆弱性。