經過多年的挫敗嘗試正式進行綠燈加密貨幣交易，美國參議院的一個主要小組正在迅速採取行動，以使這些計劃得以實現

參議院銀行委員會的兩黨批准本月《天才法》（S. 919），該委員會將製定基於美元的Stablecoin發行人和交易的標準

After years of thwarted attempts to officially green-light cryptocurrency trading, a key US Senate panel is moving quickly to open that door with bipartisan approval of landmark stablecoin legislation and likely advancing President Donald Trump’s pick for a pro-crypto Wall Street regulator.

經過多年的挫敗嘗試正式進行綠燈加密貨幣交易，美國參議院的一個主要小組正在迅速採取行動，通過兩黨批准了具有里程碑意義的Stablecoin立法，並有可能推動唐納德·特朗普總統對親克賴特托·華爾街監管機構的選擇。

The Senate Banking Committee’s bipartisan approval this month of the GENIUS Act (S. 919), which would set standards for regulating dollar-based stablecoin issuers and transactions, puts the the bill on the fast track for a vote by the full chamber over objections from ranking member Sen. Elizabeth Warren (D-Mass.).

參議院銀行委員會在本月《天才法案》（S. 919）的兩黨批准（該法案）將製定標準，以規範基於美元的Stablecoin發行人和交易，這使該法案在全面投票的票據中，對伊麗莎白·沃倫（Elizabeth Warren）等級成員參議員（D-Mass）進行了反對。

The prospect of the bill becoming law and Paul Atkins securing the helm of the Securities and Exchange Commission signals a crypto-friendly approach all across Washington, in stark contrast to the Biden era. It’s a marked turnaround for an industry that’s learning to flex its political muscle.

法案成為法律的前景和保羅·阿特金斯（Paul Atkins）確保了證券交易委員會的掌舵，這在華盛頓各地都對加密友好的方法表示，與拜登時代形成鮮明對比。對於一個學習鍛煉政治肌肉的行業來說，這是一個明顯的周轉。

The Senate Banking panel approved the stablecoin bill by an 18-6 vote on March 13 with backing from five Democrats, despite critiques that it would enable tech billionaires to take advantage of costly government bailouts and consolidate power for their companies by launching dollar-based tokens.

參議院銀行小組在3月13日以18票對6票批准了五名民主黨人的支持，儘管批評將使科技億萬富翁能夠利用昂貴的政府救助，並通過推出以美元為代價來利用其公司的權力。

“It’s a very lax, lenient act that opens the door very wide with relatively few guardrails and safeguards,” said Arthur Wilmarth, a professor emeritus at George Washington University Law School who studies financial regulation and crises. “It allows essentially almost any type of entity to get into the stablecoin business.”

喬治·華盛頓大學法學院名譽教授亞瑟·威爾馬爾（Arthur Wilmarth）說：“這是一種非常寬鬆的寬大行為，以相對較少的護欄和保障措施打開了大門。” “它基本上允許幾乎任何類型的實體進入Stablecoin業務。”

The act also carves out stablecoins beyond the SEC’s purview, explicitly stating they aren’t securities and that nonbank issuers will be overseen by the Office of the Comptroller of the Currency, which typically focuses on bank regulation and supervision.

該法案還雕刻了SEC權限之外的Stablecoins，明確指出他們不是證券，而非銀行發行人將由貨幣審計長辦公室監督，該貨幣通常著重於銀行監管和監督。

Both regulators have been targeted for staffing cuts, with some 500 employees accepting buyouts for early retirement or resignation at the SEC, while 140 OCC workers accepted buyouts after the agency terminated 76 probationary employees last month.

這兩個監管機構均已針對裁員，約有500名員工接受收購以提前退休或在SEC辭職，而上個月機構終止了76名試用僱員後，有140名OCP工人接受了收購。

“The whole background of our nation’s financial history is that we should keep banking and commerce separate,” Wilmarth said. “If you put these giant commercial institutions together with major financial institutions, problems in one area are going to spill over to the other, inevitably.”

威爾馬斯說：“我們國家財務歷史的全部背景是，我們應該將銀行和商業分開。” “如果您將這些巨大的商業機構與主要的金融機構放在一起，那麼一個地區的問題將不可避免地溢出到另一個地區。”

Stablecoin ‘Diving Board’

Stablecoin'Swiving Board'

Digital-asset industry players spent years attempting to reconcile different state and federal guidelines around stablecoins, said Nassim Eddequiouaq, a co-founder and CEO of stablecoin issuance platform Bastion.

Stablecoin發行平台Bastion的聯合創始人兼首席執行官Nassim Eddequiouaq表示，數字資產行業的參與者花了多年的時間試圖調和圍繞Stablecoins的不同州和聯邦準則。

“The amount of interest that we’ve seen due to the GENIUS Act has been greater in the last two months than in the two years before that.”

“在過去的兩個月中，由於天才行為所看到的興趣數量要比之前的兩個月更大。”

Using blockchain technology to maintain the priority of the US dollar internationally has bipartisan appeal, said Jenny Cieplak, a partner at Latham & Watkins LLP who advises clients on crypto-related regulatory issues.

Latham＆Watkins LLP的合夥人Jenny Cieplak說，使用區塊鏈技術在國際上保持兩黨的吸引力。

“More product evolution is going to make these products more widely adopted,” she said. “Payment services providers are going to find it useful for transfer of funds outside the US, between various jurisdictions, but I don’t think that the real killer app for the regular US market user is there yet.”

她說：“更多的產品發展將使這些產品更廣泛地採用。” “支付服務提供商將發現在各個司法管轄區之間在美國以外的資金轉移非常有用，但是我認為美國常規市場用戶的真正殺手應用程序還沒有。”

The SEC’s former regulatory approach to crypto was far less permissive, exemplified by its enforcement action against Terraform Labs over alleged fraud involving its TerraUSD stablecoin, leading to a $4.47 billion settlement last year.

SEC對加密貨幣的前監管方法的允許範圍要少得多，這是針對Terraform Labs的執法行動，因為涉嫌涉及Terrausd Stablecoin的欺詐行動，去年導致了44.7億美元的和解。

Under then-Chair Gary Gensler, the agency also pursued an investigation into a Binance-branded stablecoin, which it ended without an enforcement action against issuer Paxos Trust Co.

在當時的主席Gary Gensler的領導下，該機構還對Binance品牌的Stablecoin進行了調查，該調查在沒有針對發行人Paxos Trust Co.的執法行動的情況下結束了。

The Senate bill and the parallel STABLE Act discussion draft in the House have raised alarms among policy makers—including Warren, House Financial Services Committee ranking member Rep. Maxine Waters (D-Calif., and some Federal Reserve Board members—about a potential bailout in the event of a bank run or collapse.

參議院法案和眾議院的平行穩定法案討論草案在政策制定者中引起了警報，包括沃倫（Warren），眾議院金融服務委員會排名成員眾議員Maxine Waters（D-Calif。和一些聯邦儲備委員會成員）在銀行逃亡或倒閉時可能會救助。

“Everybody and his brother who can now get one of these stablecoin issuers, now they all become candidates for bailouts,” Wilmarth said. “I hope that before this gets to the floor of the Senate that people will reconsider how high that diving board is before jumping off, and exactly how much water is in the pool down below.”

威爾馬斯說：“每個人和他的兄弟現在都可以得到這些Stablecoin發行人之一，現在他們都成為救助者的候選人。” “我希望在此之前，人們將重新考慮跳水前的潛水板有多高，而距離池中有多少水。”

Atkins Returns

阿特金斯返回

The Senate Banking Committee has another chance to fling the door open for crypto industry expansion, with Paul Atkins’ confirmation hearing scheduled for Thursday.

參議院銀行委員會還有另一個機會揭開了加密貨幣行業擴張的開放，保羅·阿特金斯（Paul Atkins）的確認聽證會定於週四舉行。

The SEC under acting Chair Mark Uyeda has drastically pared back crypto scrutiny by dropping the bulk of litigation against digital asset exchanges, refashioning its crypto enforcement team into a smaller cyber unit, and forming a task force to tackle possible crypto rulemaking.

代理椅子下的SEC Mark Uyeda在對數字資產交易所進行大部分訴訟，將其加密執法團隊重新塑造成一個較小的網絡單位，並組建一個工作組來解決可能的加密統治，從而使Crypto的審查大大減少了審查。

With Paul on deck, the SEC is set to be led by a one-time commissioner who became a vocal crypto proponent and adviser to industry players.

在Paul上，SEC將由一名曾經成為人聲加密的擁護者和行業參與者的顧問領導。

Atkins resigned in December from a role as co-chair of the Token Alliance, a crypto advocacy group affiliated with the Digital Chamber, and he’s worked for clients including crypto brokerage FalconX, according to ethics disclosures released

根據Digital Chamber隸屬的加密宣傳集團，Atkins於12月辭去了擔任令牌聯盟聯合主席的職務，他曾為包括Crypto Brokerage Falconx在內的客戶工作。