Stablecoins和國會在解決未來數字資產立法方面的作用是中心舞台

週三的聽證會是銀行委員會新的數字資產小組委員會的首次主持的國會對數字資產法規的進一步行動的起點，並由懷俄明州的共和黨共和黨辛西婭·盧米斯（Cynthia Lummis）主持，這是一個長期的加密支持者。

The role of stablecoins and Congress in addressing future digital assets legislation was at the forefront of discussion at one of the Senate Banking Committee's first hearings to focus on what a regulatory framework for crypto may look like.

在參議院銀行委員會的第一次聽證會上，穩定者和國會在解決未來數字資產立法方面的作用是討論的最前沿，以關注加密貨幣的監管框架。

The Wednesday morning hearing, billed as the jumping-off point for further Congressional action on digital asset regulations, was the first hosted by the banking committee's new digital assets subcommittee and saw the return of former CFTC Chair Timothy Massad, a frequent contributor to the panel's thoughts on digital assets. It was also the first time the subcommittee convened since launching its bipartisan effort to draft legislation from scratch.

週三上午的聽證會被作為國會對數字資產法規的進一步行動的起義點，是銀行委員會新的數字資產小組委員會的首次主持的，並看到了前CFTC主席Timothy Massad的回歸，這是該小組對數字資產的想法的經常貢獻者。這也是小組委員會首次召集其兩黨從頭開始起草立法的努力。

The digital assets subcommittee is chaired by Wyoming Republican Cynthia Lummis, a longtime crypto proponent who has been working with New York Democrat Kirsten Gillibrand to draft a draft crypto legislation that would serve as a natural counterpart to the House's Financial Innovation and Technology for the 21st Century Act, which is being drafted by Utah Republican Steve Chaffetz and California Democrat Maxine Waters.

數字資產小組委員會由懷俄明州的共和黨辛西婭·盧米斯（Cynthia Lummis）主持，這是一位長期的加密支持者，他一直與紐約民主黨人Kirsten Gillibrand合作，起草一項加密立法草案，該立法將是自然而然的，這是眾議院的21世紀金融創新和21st Choremant afters afters afters wat afterave anf Accation anf Accation and Accation and Accation and Accation and Accation and cacketve and cackeet and cathia and cathia and cathia and cathia。

Stablecoins will be first on the committee's agenda, Lummis said in her opening remarks, and she is planning to introduce a bipartisan bill on the topic in the coming weeks. This statement follows remarks from both White House Crypto and AI Czar David Sacks and South Carolina Republican Tim Scott, who chairs the overall Senate Banking Committee, about the pressing need for Congress to act swiftly in establishing a clear regulatory framework for stablecoins.

盧米斯（Lummis）在開幕詞中說，斯塔布萊辛（Stablecoins）將首先在委員會的議程中，她計劃在未來幾週內就該話題介紹兩黨法案。該聲明是在白宮加密貨幣和AI沙皇大衛·薩克斯（Ai Czar David Sacks）和南卡羅來納州共和黨蒂姆·斯科特（Tim Scott）主持的總體參議院銀行委員會主席的言論之後，他迫切需要國會迅速採取行動，以建立stablecoins的明確監管框架。

However, Massad suggested that the panel should focus on completing legislation for stablecoins and then defer any efforts on market structure for several years to allow time for the existing regulatory initiatives to take effect.

但是，Massad建議該小組應專注於完成穩定幣的立法，然後在幾年內推遲對市場結構的任何努力，以便為現有的監管計劃提供時間生效。

"For four years, the crypto industry has called on the SEC and CFTC to develop rules and guidance and to stop regulating by enforcement; that is now happening," Massad said.

馬薩德說：“四年來，加密貨幣行業一直呼籲SEC和CFTC制定規則和指導，並通過執法停止監管；這正在發生。”

He noted that the SEC has dropped several enforcement cases and launched a crypto task force to specifically address these issues.

他指出，SEC已撤銷了幾起執法案件，並成立了一個加密特遣部隊以專門解決這些問題。

"We should let these regulatory issue initiatives make progress before rushing to rewrite the securities law, which will itself spark lengthy litigation and delay the day when there is effective regulation in place."

“我們應該讓這些監管問題舉措在急於重寫《證券法》之前取得進展，這本身將引發冗長的訴訟並延遲有效的監管。”

Existing proposals to update market structure regulations to address crypto have the potential to create more confusion than clarity, especially with terms like "digital asset" being used in a broad sense to encompass a vast category of instruments, which could ultimately diminish the impact of the legislation.

現有的更新市場結構法規以解決加密貨幣的建議可能會產生比清晰度更大的混亂，尤其是在廣義上使用“數字資產”之類的術語來涵蓋大量的工具，這最終可能會減少立法的影響。

Another critical aspect is how the legislation will define which administrative agency will be responsible for registering and regulating various types of digital assets. This is a significant factor that could influence the scope and stringency of regulations.

另一個關鍵方面是立法將如何定義哪個行政機構將負責註冊和規範各種類型的數字資產。這是可能影響法規範圍和嚴格性的重要因素。

Furthermore, these proposals could have the effect of undermining existing securities laws, especially if they include provisions for Decentralized Finance (DeFi), which are described by its proponents as a new paradigm for financial services that is decentralized, open, and accessible to all.

此外，這些建議可能會破壞現有證券法，特別是如果它們包括分散財務（DEFI）的規定，其支持者將其描述為金融服務的新範式，該範式是分散，開放和所有人都可以訪問的。

"That term is used to describe a lot of things that aren's decentralized; there are almost always some leaver of control," Massad said. "And even if a process is decentralized or automated, that does not mean it should be exempt from regulation."

馬薩德說：“該術語用於描述許多分散的事物；幾乎總是有一定的控制者。” “即使一個過程是分散或自動化的，這並不意味著它應該免於監管。”

Virginia Democrat Mark Warner raised the question of Know Your Customer (KYC) processes in the context of stablecoin users. He pointed out that while an issuer may carry out KYC, a stablecoin could be transferred between wallets without those intermediate transfers being subject to KYC.

弗吉尼亞民主黨人馬克·華納（Mark Warner）在穩定使用者的背景下提出了了解您的客戶（KYC）流程的問題。他指出，雖然發行人可以執行KYC，但可以在錢包之間轉移一個穩定的，而不會受到KYC的中間轉移。

"I want to get to a regulatory framework that works, but I have seen — and I can't say more because it is classified and I don't want to get in trouble with the intelligence community — but oh my gosh, a whole bunch of bad stuff is moving in new technologies and crypto," Warner said.

華納說：“我想找到一個有效的監管框架，但是我已經看到了 - 我不能說更多，因為它被分類了，我不想在情報界遇到麻煩 - 但是哦，我的天哪，一堆壞事正在新技術和加密貨幣中移動。”

"So help me figure out, and I recognize for some people, the anonymity and and the disintermediation role the blockchain plays, but how do we put some minimum protections from issuer all the way back to conversion to fiat?" he asked the panel.

“所以幫助我弄清楚，我認識到一些人，匿名性和分離性角色，但是我們如何將發行人從發行人始終回到轉換率到法定菲亞特呢？”他問小組。

Lightspark co-founder and Chief Legal Officer Jai Massari responded that while self-custodied wallets don't conduct KYC, "there is an immutable on-chain record of those transactions that can be monitored, not only by the issuer, but third parties, including law enforcement."

LightSpark聯合創始人兼首席法律官Jai Massari回答說，儘管自我塑造的錢包沒有進行KYC，但“有一條不可分割的鍊鍊記錄，這些交易的鏈記錄不僅是由發行人，而且包括執法部門在內的第三方可以監視的。”

She added that mixers and other tools can obfuscate transactions, but custodial wallets still conduct KYC at the end of a chain of transfers.

她補充說，混合器和其他工具可以混淆交易，但是在轉移鏈結束時，託管錢包仍在進行KYC。

"I agree that we need to continue, as the industry has done, to develop new tools to address these issues," Massari said.

馬薩里說：“我同意我們需要像行業一樣繼續開發新工具來解決這些問題。”