随着加密货币粉丝唐纳德·特朗普准备接管政府，CFPB 迈出了监管稳定币的第一步

CFPB 采取了第一步程序，于周五公开征求公众意见，该提案将建立一个框架，将《电子资金转账法》应用于虚拟钱包和稳定币

The U.S. Consumer Financial Protection Bureau has proposed new regulations that would significantly impact stablecoin issuers and wallet providers, but the future of the proposal is uncertain as Donald Trump prepares to take office.

美国消费者金融保护局提出了新的法规，将对稳定币发行商和钱包提供商产生重大影响，但随着唐纳德·特朗普准备上任，该提案的未来尚不确定。

The CFPB took the first procedural step on Friday to open a proposal for public comment that would set up a framework to apply the Electronic Fund Transfer Act to virtual wallets and stablecoins, the digital tokens pegged to the value of a steady asset, usually the U.S. dollar. While that has major implications for the way U.S. stablecoin firms and crypto wallet providers would do business, it's at a preliminary stage with Trump about to arrive at the White House with the power to appoint a new CFPB chief.

CFPB 周五采取了第一步程序，公开征求公众意见，该提案将建立一个框架，将《电子资金转账法》应用于虚拟钱包和稳定币，这些数字代币与稳定资产（通常是美国）的价值挂钩美元。虽然这对美国稳定币公司和加密钱包提供商的经营方式产生重大影响，但目前还处于初步阶段，特朗普即将入主白宫，并有权任命一位新的 CFPB 负责人。

Unlike other agency heads, such as those at the Securities and Exchange Commission and the Commodity Futures Trading Commission, CFPB Director Rohit Chopra appears unlikely to step down voluntarily. Since the agency's creation after the 2008 global financial meltdown, its leaders have often taken a more aggressive stance than other regulators, and Republican lawmakers have actively sought to weaken the CFPB's powers.

与美国证券交易委员会和商品期货交易委员会等其他机构负责人不同，CFPB 主任罗希特·乔普拉 (Rohit Chopra) 似乎不太可能主动辞职。自 2008 年全球金融危机后该机构成立以来，其领导人往往采取比其他监管机构更为激进的立场，共和党立法者也积极寻求削弱 CFPB 的权力。

In 2020, the Supreme Court confirmed the president can fire and replace the director at will, a power Trump is expected to exercise.

2020年，最高法院确认总统可以随意解雇和更换主任，预计特朗普将行使这一权力。

This last-minute regulatory effort would have to survive the arrival of a Trump-appointed leader before it could be finalized and put into effect. Even if this were a final rule, the Republican-led Congress would have a chance to erase it with its Congressional Review Act authority.

这项最后一刻的监管努力必须等到特朗普任命的领导人上任后才能最终确定并付诸实施。即使这是最终规则，共和党领导的国会也有机会利用《国会审查法案》的权力来废除它。

If it were to survive, the regulation as proposed - and now opened for a public comment period - looks at stablecoins as a payment mechanism. The existing law's reference to "funds" should include stablecoins, the proposal suggests, and it could also apply to other more volatile cryptocurrencies such as bitcoin. "Under this interpretation, the term 'funds' would include stablecoins, as well as any other similarly-situated fungible assets that either operate as a medium of exchange or as a means of paying for goods or services," the proposal stated.

如果要生存下去，拟议的法规（现已开放公众意见征询期）将稳定币视为一种支付机制。该提案建议，现行法律对“基金”的提及应包括稳定币，并且也可能适用于比特币等其他波动性较大的加密货币。该提案指出：“根据这种解释，‘基金’一词将包括稳定币，以及任何其他类似情况的可替代资产，这些资产要么作为交换媒介，要么作为支付商品或服务的手段。”

It additionally said the law's reach into financial "accounts" should include "virtual currency wallets that can be used to buy goods and services or make person-to-person transfers," specifically if they're being used for retail transactions and not the buying and selling of securities or commodities.

它还表示，该法律对金融“账户”的影响应包括“可用于购买商品和服务或进行人对人转账的虚拟货币钱包”，特别是如果它们用于零售交易而不是购买以及出售证券或商品。

Institutions who provide such accounts would fall under regulatory requirements to make consumer disclosures and provide protections against unauthorized transactions and the ability to cancel improper transfers. Those government demands could run counter to the way crypto operations are often set up - such as in decentralized finance (DeFi) - as person-to-person platforms without outside interference, or with wallet technology provided for users to run themselves.

提供此类账户的机构将遵守监管要求，要求披露消费者信息，并提供针对未经授权交易的保护以及取消不当转账的能力。这些政府要求可能与加密货币操作通常建立的方式背道而驰——例如在去中心化金融（DeFi）中——作为不受外界干扰的人对人平台，或者为用户提供自行运行的钱包技术。

Consumer advocacy group Better Markets welcomed the agency's proposal on Friday.

消费者权益倡导组织“更好的市场”周五对该机构的提议表示欢迎。

"The CFPB’s proposal today extends the EFTA protections to non-bank digital payment mechanisms," Dennis Kelleher, the group's president, said in a statement. "That would not only protect consumers, but also level the playing field among digital payment mechanisms whether involving a bank checking or savings account or another consumer asset account such as those used by crypto and video game firms."

“CFPB 今天的提案将 EFTA 的保护范围扩大到非银行数字支付机制，”该组织主席丹尼斯·凯莱赫 (Dennis Kelleher) 在一份声明中表示。 “这不仅可以保护消费者，还可以为数字支付机制提供公平的竞争环境，无论是涉及银行支票或储蓄账户还是其他消费者资产账户，例如加密货币和视频游戏公司使用的账户。”

The Cato Institute's Jack Solowey, a policy analyst at the conservative think tank, countered in a post on social-media site X that the CFPB's arguments for this rule are "embarrassingly conclusory," without even dealing with decentralized ledgers and self-hosted wallets.

保守派智库卡托研究所 (Cato Institute) 的政策分析师杰克·索洛维 (Jack Solowey) 在社交媒体网站 X 上的一篇帖子中反驳说，CFPB 对于这一规则的论点是“令人尴尬的结论”，甚至没有涉及去中心化账本和自托管钱包。

Bill Hughes, director of global regulatory matters at Consensys, the Ethereum development company, also railed against the move on X, suggesting, "Add this to the list of 'law by decree' problems that need to be fixed."

以太坊开发公司 Consensys 的全球监管事务主管 Bill Hughes 也对 X 的举动提出了批评，他建议，“将其添加到需要解决的‘法令法’问题清单中。”