Coin Center 抨击 Lummis-Gillibrand 稳定币法案违宪、反创新

支持加密货币的组织 Coin Center 严厉批评了最近推出的 Lummis-Gillibrand 支付稳定币法案，称其违宪且反创新。该法案旨在监管稳定币，其中包括要求一对一准备金的条款，从而有效地禁止了算法稳定币。 Coin Center 认为，这样的禁令将侵犯开发商的第一修正案权利。尽管在 Terra-Luna 崩溃后人们对算法稳定币产生了担忧，但该组织还是提出了一种对发行人进行强制 SEC 注册的替代方法。

Stablecoin Regulation: Coin Center Decries Lummis-Gillibrand Bill as Unconstitutional and Anti-Innovation

稳定币监管：硬币中心谴责 Lummis-Gillibrand 法案违宪且反创新

Washington, D.C. - Pro-cryptocurrency organization Coin Center has vehemently denounced a newly proposed legislative bill, the Lummis-Gillibrand Payment Stablecoin Act, deeming it unconstitutional and detrimental to innovation. In a strongly worded public statement released on Friday, the US-based advocacy group criticized the bipartisan bill, alleging that it would stifle the growth and adoption of stablecoins, a rapidly expanding sector within the digital asset ecosystem.

华盛顿特区 - 支持加密货币的组织 Coin Center 强烈谴责新提出的立法法案《鲁米斯-吉利布兰德支付稳定币法案》，认为该法案违宪且不利于创新。在周五发布的一份措辞强硬的公开声明中，这家总部位于美国的倡导组织批评了这项两党法案，声称它将扼杀稳定币的增长和采用，稳定币是数字资产生态系统中迅速扩张的一个领域。

The Lummis-Gillibrand Payment Stablecoin Act, introduced by Senators Kirsten Gillibrand and Cynthia Lummis, seeks to establish a comprehensive regulatory framework for stablecoins, aiming to address concerns over investor protection and market stability. However, Coin Center argues that the proposed legislation goes too far, imposing excessive restrictions that threaten to undermine the very nature of cryptocurrencies.

由参议员 Kirsten Gillibrand 和 Cynthia Lummis 提出的 Lummis-Gillibrand 支付稳定币法案旨在建立一个全面的稳定币监管框架，旨在解决对投资者保护和市场稳定的担忧。然而，硬币中心认为，拟议的立法太过分了，施加了过多的限制，有可能破坏加密货币的本质。

"This bill would effectively outlaw algorithmic stablecoins, which are an important and innovative part of the cryptocurrency ecosystem," said Coin Center Research Director Peter Van Valkenburgh. "Algorithmic stablecoins are not inherently risky, and in fact, they offer several advantages over traditional fiat-backed stablecoins."

硬币中心研究总监 Peter Van Valkenburgh 表示：“该法案将有效地取缔算法稳定币，这是加密货币生态系统的重要且创新的一部分。” “算法稳定币本身并不存在风险，事实上，与传统的法币支持的稳定币相比，它们具有多种优势。”

Algorithmic stablecoins rely on computer algorithms to adjust their supply in response to changes in demand, maintaining their stability without the need for one-to-one reserves. This allows for greater flexibility, efficiency, and accessibility compared to fiat-backed stablecoins, which require issuers to hold reserves equivalent to the value of all outstanding tokens.

算法稳定币依靠计算机算法来调整其供应量以响应需求的变化，保持其稳定性，而不需要一对一的储备。与法币支持的稳定币相比，这具有更大的灵活性、效率和可访问性，后者要求发行人持有相当于所有未偿代币价值的储备金。

According to Coin Center, the outright ban on algorithmic stablecoins proposed in the Lummis-Gillibrand bill is unconstitutional, infringing upon the First Amendment rights of developers to create and publish code. "Software is speech, and the government cannot prohibit or censor it," Van Valkenburgh emphasized.

据 Coin Center 称，Lummis-Gillibrand 法案中提出的对算法稳定币的彻底禁令是违宪的，侵犯了开发者创建和发布代码的第一修正案权利。 “软件就是言论，政府不能禁止或审查它，”范瓦尔肯堡强调。

Moreover, Coin Center contends that the proposed legislation is anti-innovation, sending a chilling effect on the development and adoption of new and innovative stablecoin designs. "This bill would stifle competition and prevent the emergence of potential technological advancements that could benefit consumers," said Neeraj Agrawal, Coin Center's Director of Research and Director of Digital Currency.

此外，硬币中心认为，拟议的立法是反创新的，会对新的和创新的稳定币设计的开发和采用产生寒蝉效应。硬币中心研究总监兼数字货币总监 Neeraj Agrawal 表示：“这项法案将抑制竞争，并阻止可能使消费者受益的潜在技术进步的出现。”

Coin Center also expressed concerns over the bill's requirement for stablecoin issuers to maintain one-to-one reserves, echoing industry experts who believe it could stifle innovation and limit growth. "One-to-one reserves are not a necessary condition for stability," Agrawal noted. "There are other mechanisms that can be employed to mitigate risks associated with stablecoins."

Coin Center 还对该法案要求稳定币发行人维持一对一储备表示担忧，这与行业专家的观点一致，他们认为这可能会扼杀创新并限制增长。阿格拉瓦尔指出：“一对一的储备并不是稳定的必要条件。” “还有其他机制可以用来减轻与稳定币相关的风险。”

In this regard, Coin Center suggested that a more measured approach would be to require issuers of algorithmic stablecoins to register with the Securities and Exchange Commission (SEC) rather than implementing a total ban. "This would provide regulators with oversight while allowing for innovation to continue," Agrawal said.

对此，Coin Center建议，更谨慎的做法是要求算法稳定币的发行者向美国证券交易委员会（SEC）注册，而不是实施全面禁令。阿格拉瓦尔说：“这将为监管机构提供监督，同时允许创新继续进行。”

Alternatively, Coin Center pointed to the "Clarity for Payment Stablecoins Act" introduced in 2021 as a more reasonable approach. This bill proposed a two-year moratorium on the launch of new algorithmic stablecoins, providing ample time for policymakers to study and understand these instruments before imposing restrictive regulations.

另外，Coin Center 指出 2021 年推出的“支付稳定币清晰度法案”是一种更合理的方法。该法案提议暂停两年推出新的算法稳定币，为政策制定者在实施限制性监管之前提供充足的时间来研究和了解这些工具。

In a separate development, the global stablecoins market has experienced significant growth throughout 2024. According to data from DeFiLlama, the total stablecoins market cap has surged by 21.95% from $139.342 billion on January 1, 2024, to its current value of $158.957 billion. Tether USD (USDT) continues to dominate the market, accounting for approximately 69.10% of the total market cap, while USD Coin (USDC) holds a 20.90% share. Other notable stablecoins include Dai (DAI), First Digital USD (FUSD), and Athena USDe (USDe).

另一方面，全球稳定币市场在2024年经历了显着增长。根据DeFiLlama的数据，稳定币总市值从2024年1月1日的1393.42亿美元飙升至目前的1589.57亿美元，增长了21.95%。 Tether USD (USDT) 继续主导市场，约占总市值的 69.10%，而 USD Coin (USDC) 则占据 20.90% 的份额。其他著名的稳定币包括 Dai (DAI)、First Digital USD (FUSD) 和 Athena USDe (USDe)。

Despite the recent growth in stablecoins, the industry remains in its infancy, with the potential for transformative innovation and widespread adoption. However, the threat of overly restrictive regulation looms large, and it is essential for policymakers to approach this emerging sector with a balanced and proportionate approach that encourages responsible growth while safeguarding consumers.

尽管稳定币最近有所增长，但该行业仍处于起步阶段，具有变革性创新和广泛采用的潜力。然而，过度限制性监管的威胁迫在眉睫，政策制定者必须以平衡和相称的方式对待这一新兴行业，以鼓励负责任的增长，同时保护消费者。