穩定幣對決：魯米斯-吉利布蘭德法案點燃監管戰場

參議院銀行委員會正在考慮兩項監管穩定幣的法案，其中一項由參議員 Lummis 和 Gillibrand 提出，另一項由眾議員 McHenry 和 Waters 提出。這兩項法案都旨在解決對非法金融的擔憂並強制遵守美國金融犯罪規則。 Lummis-Gillibrand 法案將要求穩定幣發行人向 OCC 或州非存款信託公司註冊，維持 1:1 的現金或現金等價物儲備，並在一個工作日內兌現贖回請求。麥克亨利-沃特斯法案將為穩定幣創建一個新的監管框架，包括註冊要求、準備金要求和對演算法穩定幣的限制。

Stablecoin Legislation: A Comprehensive Analysis

穩定幣立法：綜合分析

Amidst the turbulence of the 118th Congress, a significant piece of legislation known as the Lummis-Gillibrand Payment Stablecoin Act of 2024 has been introduced, aiming to bring order to the tumultuous $157 billion stablecoin market.

在第 118 屆國會的動盪中，一項名為《2024 年 Lummis-Gillibrand 支付穩定幣法案》的重要立法出台，旨在為動蕩的 1570 億美元穩定幣市場帶來秩序。

The Political Divide and Regulatory Battleground

政治分歧與監管戰場

The legislation, a collaborative effort between Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY), seeks to establish a regulatory framework for stablecoins, digital assets pegged to the value of fiat currencies like the US dollar. However, the path forward is clouded by partisan divisions and competing regulatory jurisdictions.

該立法是參議員克爾斯滕·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）共同努力的結果，旨在為穩定幣和與美元等法定貨幣價值掛鉤的數字資產建立監理框架。然而，前進的道路因黨派分歧和相互競爭的監管管轄區而蒙上陰影。

The House of Representatives has been grappling with a similar proposal, the Clarity for Payment Stablecoins Act of 2023, which has been languishing due to a dispute over regulatory oversight. Republicans favor state-level regulation, while Democrats advocate for a more active federal role.

眾議院一直在努力解決一項類似的提案，即《2023 年支付穩定幣清晰度法案》，該法案由於監管方面的爭議而處於停滯狀態。共和黨人贊成州級監管，民主黨人主張聯邦發揮更積極的作用。

Bridging the Divide: The Lummis-Gillibrand Compromise

彌合分歧：魯米斯-吉利布蘭德妥協

The Lummis-Gillibrand bill attempts to bridge this divide by allowing state non-depository trust companies to issue stablecoins with market caps below $10 billion, while the federal Office of the Comptroller of the Currency (OCC) would oversee larger stablecoins with caps exceeding $10 billion.

Lummis-Gillibrand 法案試圖彌合這一分歧，允許州非存款信託公司發行市值低於 100 億美元的穩定幣，而聯邦貨幣監理署 (OCC) 將監管市值超過 100 億美元的較大穩定幣。

This compromise grants some autonomy to states while also ensuring sufficient federal oversight to address systemic risks.

這種妥協賦予各州一定的自主權，同時也確保聯邦有足夠的監督來應對系統性風險。

Curbing Algorithmic Stablecoins and Enforcing Transparency

遏制演算法穩定幣並加強透明度

The bill prohibits algorithmic stablecoins, such as the infamous TerraUSD (UST), which collapsed in May 2022, exposing the fragility of their pegged value mechanisms.

該法案禁止演算法穩定幣，例如臭名昭​​著的 TerraUSD (UST)，該幣於 2022 年 5 月崩潰，暴露了其錨定價值機制的脆弱性。

To ensure transparency and accountability, stablecoin issuers would be required to maintain reserves on a 1:1 cash or cash-equivalent basis and submit monthly reports on asset holdings, market cap, and outstanding stablecoins.

為了確保透明度和問責制，穩定幣發行人需要按照 1:1 現金或現金等價物的比例維持儲備，並提交有關資產持有量、市值和未償穩定幣的月度報告。

Tether's Achilles' Heel: Audit and Redemption

Tether 的致命弱點：審計與贖回

Tether, the dominant stablecoin issuer but also shrouded in controversy, would face significant compliance challenges under this legislation. The bill would mandate third-party audits of Tether's reserves, a demand Tether has steadfastly resisted.

Tether 作為主要的穩定幣發行商，但也飽受爭議，根據這項立法，將面臨重大的合規挑戰。該法案將要求第三方對 Tether 的儲備進行審計，但 Tether 一直堅決抵制這項要求。

Furthermore, the bill would require stablecoin issuers to honor redemption requests within one business day, regardless of the amount. Tether has often refused to redeem USDT tokens below $100,000, sparking concerns about its liquidity and ability to maintain its peg.

此外，該法案將要求穩定幣發行人在一個工作天內滿足贖回請求，無論金額多少。 Tether 經常拒絕贖回低於 10 萬美元的 USDT 代幣，引發了對其流動性和維持掛鉤能力的擔憂。

Crosshairs on Tether: Illicit Finance and Regulatory Heft

Tether 上的十字準線：非法金融和監管力度

Senator Gillibrand expressed that the legislation is a crucial step towards combating illicit finance and bringing transparency to the crypto ecosystem. She emphasized the bill's "real regulatory heft and teeth," indicating its potential to hold bad actors accountable.

吉利布蘭德參議員表示，該立法是打擊非法金融和提高加密生態系統透明度的關鍵一步。她強調了該法案“真正的監管力度和力度”，表明該法案有可能追究不良行為者的責任。

The accompanying press release explicitly states that the legislation would "immediately cripple a source of funds" for illicit actors, including Hamas, North Korea, and Russian sanctions evaders, suggesting that Tether's dealings with these entities could be under scrutiny.

隨附的新聞稿明確指出，該立法將「立即削弱」包括哈馬斯、北韓和俄羅斯制裁逃避者在內的非法行為者的資金來源，這表明 Tether 與這些實體的交易可能會受到審查。

Ambiguous Impact on US Exchanges and Tether's US Operations

對美國交易所和 Tether 在美國業務的模糊影響

While the bill does not explicitly name Tether, its provisions could have significant implications for the company's US operations. Coinbase, Tether's largest trading partner in the United States, could benefit from increased demand for USDC, another compliant stablecoin. Kraken, known as a popular platform for USDT trading, would likely be negatively affected by any restrictions or sanctions targeting Tether.

雖然該法案沒有明確點名 Tether，但其條款可能對該公司的美國業務產生重大影響。 Tether 在美國最大的貿易夥伴 Coinbase 可能會受益於對另一種合規穩定幣 USDC 需求的增加。 Kraken 作為 USDT 交易的熱門平台，可能會受到針對 Tether 的任何限製或製裁的負面影響。

Warren's Dissent and Anti-Money Laundering Concerns

華倫的異議和反洗錢擔憂

Senators Elizabeth Warren (D-MA) and Sherrod Brown (D-NY) have expressed reservations about the legislation, calling for stronger anti-money laundering (AML) provisions. Senator Warren has written to Treasury Secretary Janet Yellen, urging her to incorporate a broader range of AML tools into any stablecoin regulation.

參議員伊麗莎白·沃倫（馬薩諸塞州民主黨）和謝羅德·布朗（紐約州民主黨）對該立法表示保留，呼籲制定更強有力的反洗錢（AML）條款。參議員沃倫已寫信給財政部長珍妮特耶倫，敦促她將更廣泛的反洗錢工具納入任何穩定幣監管中。

Tether's Resistance to Regulation

Tether 對監管的抵制

Tether CEO Paolo Ardoino has been vocal in his opposition to certain regulatory frameworks, such as the European Union's Markets in Crypto Assets (MiCA) legislation. He has argued that MiCA's requirements, including strict reserve management and bank deposits, are impractical and hinder crypto adoption in Europe.

Tether 執行長 Paolo Ardoino 一直直言不諱地反對某些監管框架，例如歐盟的加密資產市場 (MiCA) 立法。他認為 MiCA 的要求，包括嚴格的準備金管理和銀行存款，是不切實際的，並且阻礙了加密貨幣在歐洲的採用。

Ardoino's stance reflects Tether's ongoing struggle to find compliant banking partners and its reluctance to disclose the composition and location of its reserves.

Ardoino 的立場反映出 Tether 一直在努力尋找合規的銀行合作夥伴，並且不願透露其儲備金的組成和位置。

UK Regulatory Shadow and Time Running Out

英國監管陰影和時間所剩無幾

Tether's challenges extend beyond the United States. The United Kingdom is also preparing to implement stablecoin regulations this summer, which could further restrict Tether's operations in the region.

Tether 面臨的挑戰不僅限於美國。英國也準備在今年夏天實施穩定幣監管，這可能會進一步限制 Tether 在該地區的營運。

With new rules looming, Tether's time to comply is dwindling, and its resistance to regulation could have severe consequences.

隨著新規則的臨近，Tether 遵守規定的時間越來越短，對監管的抵制可能會產生嚴重後果。

Conclusion: A Decisive Battle for Stablecoin Regulation

結論：穩定幣監管的決戰

The Lummis-Gillibrand Payment Stablecoin Act of 2024 is a pivotal piece of legislation that will determine the future of stablecoins in the United States. Its success or failure will hinge on the ability of lawmakers to reconcile partisan differences, address concerns about illicit finance, and establish a regulatory framework that balances innovation with consumer protection.

2024 年《Lummis-Gillibrand 支付穩定幣法案》是一項關鍵立法，將決定美國穩定幣的未來。其成敗將取決於立法者調和黨派分歧、解決對非法金融的擔憂以及建立平衡創新與消費者保護的監管框架的能力。

The implications for stablecoin issuers, particularly Tether, are profound. The legislation's stringent requirements and oversight mechanisms could force companies to adopt more transparent and responsible practices or face penalties. The outcome of this regulatory battle will shape the fate of the stablecoin market and its impact on the broader financial ecosystem.

這對穩定幣發行人（尤其是 Tether）的影響是深遠的。該立法的嚴格要求和監督機制可能會迫使公司採取更透明和負責任的做法，否則將面臨處罰。這場監管之爭的結果將決定穩定幣市場的命運及其對更廣泛的金融生態系統的影響。