新账单可能禁止在美国发行USDT，使交换清单变得复杂

一项规范稳定币的新国会法案可能会阻止萨尔瓦多的系带在美国发行新的USDT数字美元。

Two new congressional bills that aim to regulate stablecoins in the United States could have a significant impact on Tether, the world’s largest stablecoin issuer. The bills, one in the Senate and the other in the House, would impose strict compliance requirements on stablecoin issuers, including a one-to-one reserve ratio and an audit by a U.S.-based accounting firm.

旨在规范美国稳定稳定的两项新国会法案可能会对全球最大的Stablecoin发行人Tether产生重大影响。账单是参议院，另一个在众议院中，将对Stablecoin发行人施加严格的合规要求，包括一对一的储备比和一家总部位于美国的会计师事务所的审计。

If Tether fails to meet these requirements, it could be barred from issuing new USDT digital dollars in the United States and face the possibility of being delisted from major exchanges like Coinbase, Kraken, and Gemini.

如果系泰特（Tether）无法满足这些要求，则可以禁止在美国发行新的USDT数字资金，并面临从Coinbase，Kraken和Gemini等重大交易所中脱颖而出的可能性。

Tether has never produced an audit, although it does provide quarterly attestations of its reserves through the accounting firm BDO. Its latest report, released last week, showed that Tether had $143 billion in assets against the outstanding supply of USDT at the time ($137 billion).

Tether从未进行过审核，尽管它确实通过会计师事务所BDO提供了对储备的季度证明。该报告上周发布的最新报告表明，特特（Tether）当时有1430亿美元的资产，而当时的USDT供应不足（1,370亿美元）。

Tether CEO Paolo Ardoino has previously expressed a willingness to get audited but claims that no U.S. firm will take them on as a client. In a July 2024 interview with Forbes, he said, “A big auditing firm might service 50,000 banks, and each of those banks would pay them maybe $1 million annually. Imagine that you have these 50,000 banks, and then you have one stablecoin company. What would your 50,000 customers say about the fact that you onboarded a stablecoin that is probably its strongest competitor? So, it is not very easy as a selling point for the big four companies (Deloitte, PwC, KPMG and EY).”

Tether首席执行官Paolo Ardoino此前表示愿意接受审核，但声称没有美国公司将其作为客户。他在2024年7月接受《福布斯》的采访中说：“一家大型审计公司可能会为50,000家银行提供服务，每家银行每年都会向他们支付100万美元。想象一下，您拥有这50,000家银行，然后您拥有一家Stablecoin公司。您的50,000个客户对您登上可能是最强竞争者的稳定币的事实会有什么？因此，作为四大公司（Deloitte，PWC，KPMG和EY）的卖点并不容易。”

Tether did not respond to a request for comment.

Tether没有回应置评请求。

The stablecoin legislation could also complicate decisions from U.S. exchanges regarding whether to keep USDT on their platform at all. The asset was delisted late last year from many prominent European exchanges that had to come in compliance with the Markets in CryptoAsset Legislation (MiCA).

Stablecoin立法还可能使美国交流的决策复杂化，即是否将USDT放在其平台上。去年年底，这项资产是从许多著名的欧洲交易所中脱颖而出的，这些交流必须符合CryptoAsset立法（MICA）的市场。

However, neither congressional bill makes that explicit demand.

但是，国会法案都没有提出明确的需求。

“While U.S. regulated exchanges would likely prioritize compliant stablecoins, delisting isn’t an automatic requirement,” explained Laurenth Alba, an attorney and Head of Business Development at Rome Protocol. “Instead, exchanges will assess risk; if Tether does not obtain a federal or state-issued stablecoin license, some platforms may voluntarily reduce exposure or restrict U.S. customers from trading USDT to avoid regulatory risk.”

罗马协议的律师兼业务发展主管Laurenth Alba解释说：“尽管美国受监管的交易所可能会优先考虑合规性的稳定剂，但并不是自动要求。” “相反，交流将评估风险；如果Tether没有获得联邦或州立的Stablecoin许可证，则某些平台可能会自愿减少曝光率或限制美国客户交易USDT以避免监管风险。”

Coinbase, Kraken, and Gemini did not respond to requests for comment.

Coinbase，Kraken和Gemini没有回应置评请求。

Even if USDT is not delisted at exchanges, there could still be complications. One lawyer who had examined the stablecoin legislation thought it likely that a forthcoming market structure bill would instruct crypto companies to work with regulated stablecoin issuers, “If you were to structure a regulation that would reward people for complying, you also have to take steps to make it harder to operate for people who don’t comply,” he explained.

即使USDT没有在交流中脱颖而出，仍然可能会有并发症。一位审查了Stablecoin立法的律师认为，即将到来的市场结构法案可能会指示加密货币公司与受监管的Stablecoin发行人合作：“如果您要构建一项奖励人们遵守人们的法规，您还必须采取措施，您还必须采取措施使不遵守的人更难操作。”他解释说。

Neither bill provides a grace period for Tether, or anyone else, to meet all of the stated requirements. However, it will likely still take months for the companion bills to pass both chambers of congress and eventually be signed into law by President Donald Trump.

任何法案都没有提供绳索或其他任何人的宽限期，以满足所有既定要求。但是，同伴法案通过国会的两个议会可能仍需要几个月的时间，并最终被唐纳德·特朗普总统签署为法律。

One factor that could help Tether is that Trump’s nominee to lead the Department of Commerce, the billionaire Chief Executive Officer of asset manager Cantor Fitzgerald, is a long-time business partner and investor in the company. The lawyer familiar with the stablecoin legislation said they believed Tether did “not lack the resources” to become compliant if they so desired.

可以帮助束缚的一个因素是，特朗普的提名人领导商务部，亿万富翁资产经理坎托·菲茨杰拉德（Cantor Fitzgerald）的亿万富翁首席执行官是该公司的长期业务伙伴和投资者。熟悉Stablecoin立法的律师说，他们认为Tether“不缺乏资源”，如果他们愿意的话，他们就可以合规。

Representatives for Hagerty and Hill did not respond to requests for comment by press time.

Hagerty和Hill的代表没有回应发稿时置评请求。