硬币中心猛烈抨击稳定币法案违宪、扼杀创新

支持加密货币的组织 Coin Center 强烈反对最近提出的 Lummis-Gillibrand 支付稳定币法案，称其“违宪”且不利于创新。该法案提议禁止算法稳定币，并要求稳定币发行者提供一对一的准备金。 Coin Center 认为该禁令侵犯了开发商的言论自由权，并提出了替代措施，例如为发行人进行 SEC 注册。

Coin Center Denounces Proposed Stablecoin Regulation as Unconstitutional, Impeding Innovation

硬币中心谴责拟议的稳定币监管违宪，阻碍创新

January 27, 2023

2023 年 1 月 27 日

Amidst the rapidly evolving cryptocurrency landscape, Coin Center, a leading non-profit advocating for digital asset law and policy, has vehemently opposed a recently proposed legislative bill, the Lummis-Gillibrand Payment Stablecoin Act. In a comprehensive public statement released last Friday, Coin Center condemned the bill, labeling it as "unconstitutional" and detrimental to the advancement of the digital asset industry.

在快速发展的加密货币格局中，Coin Center 是一家领先的倡导数字资产法律和政策的非营利组织，强烈反对最近提出的一项立法法案，即《鲁米斯-吉利布兰德支付稳定币法案》。在上周五发布的一份全面的公开声明中，Coin Center 谴责了该法案，称其“违宪”，不利于数字资产行业的进步。

Lummis-Gillibrand Payment Stablecoin Act: A Contentious Proposal

Lummis-Gillibrand 支付稳定币法案：一项有争议的提案

Introduced by Senators Kirsten Gillibrand and Cynthia Lummis, the Lummis-Gillibrand Payment Stablecoin Act aims to establish a comprehensive regulatory framework for the use and operation of stablecoins within the United States. Stablecoins are a type of cryptocurrency that is pegged to the value of a fiat currency, such as the US dollar, and are often utilized as a means of payment or as a store of value.

Lummis-Gillibrand 支付稳定币法案由参议员 Kirsten Gillibrand 和 Cynthia Lummis 提出，旨在为美国境内稳定币的使用和运营建立全面的监管框架。稳定币是一种与法定货币（例如美元）价值挂钩的加密货币，通常被用作支付手段或价值储存手段。

The proposed legislation places a strong emphasis on investor protection, mandating strict compliance with existing anti-money laundering and sanction regulations. However, one of the most contentious provisions of the bill is the requirement that stablecoin issuers maintain one-to-one reserves, effectively banning algorithmic stablecoins. Algorithmic stablecoins rely on computer programs to adjust supply based on demand, a mechanism that has been met with skepticism and regulatory concerns in the wake of the Terra-Luna ecosystem collapse in 2022.

拟议的立法高度重视投资者保护，要求严格遵守现有的反洗钱和制裁法规。然而，该法案最具争议的条款之一是要求稳定币发行者维持一对一的准备金，从而有效地禁止了算法稳定币。算法稳定币依靠计算机程序根据需求调整供应，这种机制在 2022 年 Terra-Luna 生态系统崩溃后遭到了怀疑和监管担忧。

Coin Center's Strident Opposition: Innovation and Constitutional Concerns

Coin Center的强烈反对：创新与宪法问题

Coin Center has taken a firm stance against the Lummis-Gillibrand Payment Stablecoin Act, citing concerns about its impact on innovation and its potential violation of the First Amendment. The organization acknowledges the validity of concerns regarding algorithmic stablecoins but argues that an outright ban is an excessive measure that stifles innovation in the crypto space.

Coin Center 对 Lummis-Gillibrand 支付稳定币法案采取了坚定的立场，理由是担心该法案对创新的影响以及可能违反第一修正案。该组织承认对算法稳定币的担忧是正确的，但认为彻底禁令是一种过度措施，会扼杀加密货币领域的创新。

Coin Center maintains that prohibiting algorithmic stablecoins could be interpreted as a violation of the First Amendment rights of developers who publish code, particularly freedom of speech. Instead of a ban, the organization suggests alternative measures, such as mandating issuers of algorithmic stablecoins to register with the Securities and Exchange Commission (SEC) to ensure transparency and accountability.

Coin Center 认为，禁止算法稳定币可能会被解释为侵犯了发布代码的开发人员的第一修正案权利，特别是言论自由。该组织没有提出禁令，而是建议采取替代措施，例如强制算法稳定币的发行人向美国证券交易委员会（SEC）注册，以确保透明度和问责制。

Coin Center also references the "Clarity for Payment Stablecoins Act," introduced in 2021, which proposes a two-year moratorium on newly launched algorithmic stablecoins. While Coin Center does not fully endorse the moratorium, they view it as a more reasonable approach compared to an outright ban, allowing for further research and development to address potential risks.

Coin Center 还引用了 2021 年推出的《支付稳定币清晰度法案》，该法案提议暂停新推出的算法稳定币两年。虽然 Coin Center 并不完全赞同暂停禁令，但他们认为与彻底禁令相比，这是一种更合理的做法，可以进行进一步的研究和开发以解决潜在风险。

Global Stablecoin Market Growth and Regulatory Landscape

全球稳定币市场增长和监管格局

Despite the regulatory uncertainty surrounding stablecoins, the global stablecoin market has witnessed significant growth in recent years. Data from DeFiLlama reveals a notable 21.95% increase in the total stablecoin market cap since January 1, 2023, rising from $139.342 billion to $158.957 billion.

尽管围绕稳定币的监管存在不确定性，但全球稳定币市场近年来仍出现了显着增长。 DeFiLlama 的数据显示，自 2023 年 1 月 1 日以来，稳定币总市值显着增长 21.95%，从 1,393.42 亿美元增至 1,589.57 亿美元。

Tether USD (USDT) continues to dominate the market, accounting for a substantial 69.10% share, valued at $109.84 billion. USD Coin (USDC) holds a respectable 20.90% market share, with a cap of $33.223 billion. Other notable stablecoins include Dai (DAI), First Digital USD (FUSD), and Athena USDe (USDe).

Tether USD（USDT）继续主导市场，占据 69.10% 的份额，价值 1098.4 亿美元。美元币（USDC）占据了可观的 20.90% 市场份额，上限为 332.23 亿美元。其他著名的稳定币包括 Dai (DAI)、First Digital USD (FUSD) 和 Athena USDe (USDe)。

The debate over stablecoin regulations is expected to continue evolving, with stakeholders like Coin Center advocating for a balanced approach that encourages innovation while addressing concerns about investor protection and stability in the crypto market.

关于稳定币监管的争论预计将继续发展，Coin Center 等利益相关者主张采取平衡的方法，鼓励创新，同时解决对投资者保护和加密市场稳定性的担忧。

Balancing Innovation and Regulation: A Delicate Task

平衡创新与监管：一项艰巨的任务

The Lummis-Gillibrand Payment Stablecoin Act highlights a fundamental tension in the crypto space: how to ensure investor protection without hampering technological progress. While regulation is necessary to address concerns and protect consumers, it must be crafted carefully to avoid unintended consequences.

《鲁米斯-吉利布兰德支付稳定币法案》凸显了加密货币领域的根本紧张局势：如何在不阻碍技术进步的情况下确保投资者保护。虽然监管对于解决问题和保护消费者是必要的，但必须谨慎制定以避免意外后果。

For stablecoins and the broader crypto ecosystem to remain sustainable, regulators and industry advocates must find common ground. By fostering dialogue and collaboration, it is possible to develop a regulatory framework that strikes the delicate balance between innovation and investor protection, allowing the digital asset industry to thrive while mitigating potential risks.

为了使稳定币和更广泛的加密生态系统保持可持续发展，监管机构和行业倡导者必须找到共同点。通过促进对话与合作，可以制定一个监管框架，在创新和投资者保护之间取得微妙的平衡，从而使数字资产行业蓬勃发展，同时降低潜在风险。