布莱恩·阿姆斯特朗（Brian Armstrong）呼吁更改拟议的稳定法律

Coinbase首席执行官Brian Armstrong呼吁更改拟议的Stablecoin法律，该法律将允许持有人直接从其数字资产中赚取利息，类似于传统的银行帐户。

Coinbase CEO Brian Armstrong is calling for changes to proposed legislation on stablecoins to enable interest to be paid directly to holders of the digital assets, similar to traditional bank accounts.

Coinbase首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）呼吁更改拟议的稳定法规，以使利息直接向数字资产的持有人支付，类似于传统的银行帐户。

In a March 31 post on X, formerly Twitter, Armstrong argued that this approach would be “consistent with a free market approach” and that stablecoin issuers should be “allowed to, and incentivized to, share interest with consumers.”

阿姆斯特朗（Armstrong）在3月31日的X上发表的文章中，认为这种方法“与自由市场方法一致”，并且应“允许并激励与消费者分享利益”。

Currently, two competing pieces of federal stablecoin legislation are working through the U.S. legislative process. These are the STABLE Act, which stands for Stablecoin Transparency, Accountability, and Better Ledger Economy, and the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act.

目前，两项相互竞争的联邦Stablecoin立法正在通过美国立法程序进行。这些是稳定的法案，它代表了稳定的透明度，问责制和更好的账本经济，以及为美国Stablecoins或Genius Act的指导和建立国家创新。

Neither bill currently allows for interest-bearing stablecoins. The STABLE Act includes language that explicitly prohibits “payment stablecoin” issuers from paying yield to holders.

目前，两项账单都没有允许使用利息的稳定股。稳定的法案包括明确禁止“付款Stablecoin”发行人向持有人支付收益的语言。

Similarly, the GENIUS Act, which recently passed the Senate Banking Committee with an 18-6 vote, has been amended to exclude interest-bearing instruments from its definition of a “payment stablecoin.”

同样，《天才法》（Genius Act）最近以18票对6票通过了参议院银行委员会，已修改，以将带有利息的工具排除在其“付款Stablecoin”的定义之外。

According to Armstrong, this addition lessens the chances of the bill advancing in the House, as it would require a new vote in the Senate to amend the bill further.

根据阿姆斯特朗的说法，这一补充减少了众议院法案前进的机会，因为这需要在参议院进行新的投票才能进一步修改该法案。

“The good news is that we still have time to get this right,” Armstrong stated.

阿姆斯特朗说：“好消息是，我们仍然有时间做到这一点。”

Highlighting the potential benefits, Armstrong pointed out that while stablecoins have found a market fit by “digitizing the dollar and other fiat currencies,” adding onchain interest would allow “the average person, and the U.S. economy, to reap the full benefits.”

阿姆斯特朗（Armstrong）强调了潜在的收益，但虽然Stablecoins通过“数字化美元和其他法定货币”发现了一个适合市场的市场，但补充说，OnChain权益将使“普通人和美国经济获得全部利益”。

According to Armstrong, if legislative changes allowed stablecoin issuers to pay interest to holders, U.S. consumers could earn a yield of around 4% on their holdings.

根据阿姆斯特朗的说法，如果立法变更允许Stablecoin发行人向持有人支付利息，那么美国消费者的持股量约为4％。

This rate stands in stark contrast to the 2024 average interest yield on consumer savings accounts, which Armstrong cited as 0.41%. With inflation nearing 3%, many Americans are actually losing purchasing power with traditional savings accounts.

该利率与2024年的消费者储蓄账户的平均利息收益率形成鲜明对比，消费者储蓄账户为0.41％。随着通货膨胀率接近3％，许多美国人实际上正在使用传统储蓄帐户失去购买力。

Stablecoin issuers already hold U.S. dollar reserves in low-risk investments such as short-term U.S. Treasuries. But unlike banks, they typically retain the interest earned rather than distributing it to stablecoin holders.

Stablecoin发行人已经持有低风险投资（例如美国国债）的美元储备。但是与银行不同，他们通常保留所获得的利息，而不是将其分发给稳定持有人。

Armstrong defines onchain interest as “the ability of a stablecoin to function as a form of payment and directly deliver interest earned on reserve assets to the stablecoin holder, effectively an interest-bearing checking account.”

阿姆斯特朗将OnChain权益定义为“稳定币作为付款形式的能力，并直接向储备金中获得的利息向Stablecoin持有人提供了利息，实际上是一个带有利息的支票帐户。”

The Coinbase CEO argues that onchain interest could benefit the broader U.S. economy by incentivizing global use of U.S. dollar stablecoins. This could extend “dollar dominance in an increasingly digital global economy,” according to Armstrong.

Coinbase首席执行官认为，OnChain的利益可以通过激励全球使用美元稳定的稳定性来使美国更广泛的经济受益。阿姆斯特朗说，这可能会扩大“在日益数字化的全球经济中的统治力”。

He also suggested that the potential for higher yields than traditional savings accounts would result in “more yield in consumers’ hands means more spending, saving, investing — fueling economic growth in all local economies where stablecoins are held.”

他还建议，比传统储蓄账户更高的收益率的潜力将导致“消费者手中的收益更多意味着更多的支出，储蓄，投资 - 助长了持有稳定的所有地方经济体的经济增长。”

Without onchain interest, Armstrong warned that “the U.S. misses out on billions more USD users and trillions in potential cash flows.”

没有Onchain的兴趣，阿姆斯特朗警告说：“美国错过了数十亿美元的使用者和数万亿美元的潜在现金流量。”

This push for interest-bearing stablecoins has also been supported by Bitwise Chief Investment Officer Matt Hougan, who expressed agreement with Armstrong's point of view.

Bitwise首席投资官Matt Hougan也支持了承担兴趣的稳定股的这种推动，他与阿姆斯特朗的观点表示了同意。

Responding to arguments that suggested stablecoin issuers offering interest could affect bank deposits and their ability to offer mortgages, Hougan stated that "free markets will develop a new way for customers to get loans to buy houses."

在回应提出利息的Stablecoin发行人可能会影响银行存款及其提供抵押能力的论点时，Hougan表示：“自由市场将为客户获得贷款购买房屋的新方式。”

This would align with the broader economic shifts unfolding as a result of technological advancements, according to Hougarti. In his words, "every generation has to solve the same problems with the tools and technologies available to them."

据Hougarti称，这将与技术进步的更广泛的经济转变相吻合。用他的话说：“每一代人都必须通过可用的工具和技术解决相同的问题。”

Framing the issue as one of fairness, Armstrong concluded his post by stating, "Consumers deserve a bigger piece of the pie. Opening the door for onchain interest will force us all to up our game for the ultimate benefit of consumers, and will keep this innovation onshore."

阿姆斯特朗将这个问题作为公平性的问题之一，总结了他的帖子，并说：“消费者应该得到更大的馅饼。为Onchain的兴趣打开了大门，将迫使我们所有人为消费者的最终利益增强游戏，并将在岸上保持这一创新。”

Some regulatory experts have pointed out that yield-bearing stablecoins might be subject to more complex regulation due to similarities with securities. This is likely why the current legislation has avoided including provisions for interest-bearing features.

一些监管专家指出，由于与证券的相似之处，承担屈服的稳定剂可能受到更复杂的监管。这可能就是为什么当前的立法避免了包括利息特征的规定。

As reported by Blockworks, Representative Bryan Steil, a key figure in crafting the STABLE Act, commented on the varying versions of the bill.

正如Blockworks报道的那样，制定稳定法案的关键人物Bryan Steil代表对该法案的不同版本发表了评论。

During a recent episode of the Crypto in America podcast, hosted by Eleanor Terrett, Steil mentioned that the two pieces of legislation are converging following feedback from various stakeholders.

在埃莉诺·特雷特（Eleanor Terrett）主持的美国加密货币播客的最新一集中，斯蒂尔（Steil）提到，这两项立法在来自各种利益相关者的反馈后正在汇聚。

"At the end of the day, I think there’s recognition that we want to work with our Senate colleagues to get this across the line," Steil remarked about the path forward for stablecoin legislation.

史蒂尔（Steil）指出，归根结底，我认为我们想与参议院同事合作，以使这一行程成为现实。”