加密行业的拥护者希望美国决策者的紧急行动逐渐消除先前政权的“法规”策略

加密行业的倡导者对特朗普政府领导下的法规清晰度的改善感到乐观，但希望决策者采取紧迫感，以抑制先前政权的执法策略。

Crypto industry representatives urged lawmakers on Feb. 11 to act quickly to improve the regulatory landscape for digital assets, expressing optimism over the Trump administration’s approach but highlighting the need to claw back the previous administration’s “regulation-by-enforcement” tactics.

加密行业代表敦促2月11日立法者迅速采取行动，以改善数字资产的监管格局，表达对特朗普政府的方法的乐观态度，但强调需要抓住前任政府的“逐项监管”策略。

The calls came during a hearing by the US House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, which heard from five witnesses on the future of digital assets regulation.

这些电话在美国众议院小组委员会关于数字资产，金融技术和人工智能的听证会上发出，该召唤从五名证人听到了数字资产法规的未来。

From left to right, Kraken’s Jonathan Jachym, Crypto Council for Innovation’s Ji Hun Kim, Steptoe LLP partner Coy Garrison, PayPal crypto executive Jose Fernandez da Ponte and former CFTC Chairman Timothy Massad. Source: GOP Financial Services

从左到右，Kraken的Jonathan Jachym，Crypto Innovation的Ji Hun Kim，Steptoe LLP合作伙伴Coy Garrison，Paypal Crypto执行官Jose Fernandez Da Ponte和前CFTC主席Timothy Massad。资料来源：共和党金融服务

Jonathan Jachym, deputy general counsel at Kraken, was the first to speak, focusing specifically on the need to pass “fundamental rules for centralized intermediaries.”

克雷肯（Kraken）副法律顾问乔纳森·贾希姆（Jonathan Jachym）是第一个发言的人，专门针对通过“集中式中介机构的基本规则”。

Jachym said effective market structure policy should begin with Congress granting spot market authority to the Commodity Futures Trading Commission (CFTC), which would then “regulate centralized and intermediaries and secondary market transactions in digital commodities.”

Jachym表示，有效的市场结构政策应从国会向商品期货贸易委员会（CFTC）授予现货市场权力开始，该委员会将“规范数字商品的中央集中和中介机构和二级市场交易”。

“We must avoid blunt application of centralized rulebooks to decentralized protocols that do not have centralized governance systems, infrastructure or management,” he said.

他说：“我们必须避免将集中规则手册应用于没有集中治理系统，基础设施或管理的分散协议中。”

Jonathan Jachym, deputy general counsel and global head of policy at Kraken, speaks on Feb. 11. Source: GOP Financial Services

Kraken副总法律顾问兼全球政策负责人Jonathan Jachym于2月11日发表讲话。资料来源：GOP金融服务

Ji Hun Kim, president and acting CEO of the Crypto Council for Innovation, echoed similar sentiments as Jachym.

加密创新委员会主席兼代理首席执行官吉·洪·金（Ji Hun Kim）呼应了与贾希姆（Jachym）一样的观点。

Despite recent progress under President Donald Trump, “more still needs to be done [...] to unwind the significant damage and uncertainty caused by the regulation-by-enforcement approach by the prior administration,” he said while criticizing former Securities and Exchange Commission Chair Gary Gensler.

尽管总统唐纳德·特朗普（Donald Trump）的最新进展，但“仍然需要做更多的事情，以解除先前政府逐项法规造成的重大损害和不确定性。”委员会主席Gary Gensler。

“Unfortunately, during Chairman Gensler’s tenure, the SEC brought over 125 enforcement actions related to digital assets but issued no clear guidance or rulemakings to identify when an asset is, in fact, a security,” said Kim.

“不幸的是，在Gensler任职期间，SEC提出了与数字资产有关的125项执法行动，但没有发布明确的指导或规则制定，无法确定何时何时资产，实际上是安全的，” Kim说。

STABLE Act misses the mark

稳定的表演错过了印记

On Feb. 5, House Financial Services Committee Chair French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chair Bryan Steil released a draft version of the STABLE Act. Building on the efforts of former Committee Chair Patrick McHenry, the draft bill intends to provide clearer regulatory guidance for stablecoin issuers.

2月5日，众议院金融服务委员会主席法国山和数字资产，金融技术和人工智能小组委员会主席Bryan Steil发行了《稳定法案》的草稿版本。根据前委员会主席帕特里克·麦克亨利（Patrick McHenry）的努力，该法案旨在为Stablecoin发行人提供更清晰的监管指南。

“It was in 2014 under my leadership that the CFTC declared Bitcoin a commodity, and since that time, for over 10 years, I’ve been calling for strengthening regulation,” Massad said on Feb. 11. Source: GOP Financial Services

Massad在2月11日说：“正是在我的领导下，CFTC宣布比特币为商品，从那时起，我一直在呼吁加强监管。”

Former CFTC Chair Timothy Massad, who currently represents Harvard University’s Kennedy School of Government as a director of the Digital Assets Policy Project, called stablecoins “the most useful application of [blockchain] technology to date.” However, he said that the STABLE Act misses the mark in several areas:

前CFTC主席蒂莫西·马萨德（Timothy Massad）目前代表哈佛大学的肯尼迪政府学院担任数字资产政策项目的董事，称Stablecoins是“迄今为止[区块链]技术的最有用的应用。”但是，他说，稳定的法案在几个领域都错过了标记：

Specifically, Massad raised five issues with the proposed legislation. Firstly, it creates “far too much risk of weak state standards and [has] an inadequate review process” because “there is no ongoing federal supervision of state issuers.”

特别是，马萨德提出了拟议的立法提出了五个问题。首先，它造成了“州标准较弱的风险，并且[审查过程不足），因为“没有正在进行的联邦政府对国家发行人的监督”。

Timothy Massad and Cointelegraph’s Sam Bourgi on a DeFi panel at the 2023 Collision conference. Source: Cointelegraph

Timothy Massad和Cointelegraph的Sam Bourgi在2023年碰撞会议上的Defi面板上。资料来源：Cointelegraph

Secondly, the legislation does not address what happens if a stablecoin issuer goes bankrupt, and thirdly, it does not do enough to “address the risks of financial crime and the evasion of sanctions,” he said.

其次，该立法并未解决如果稳定发行人破产，第三，它做得不足以“应对金融犯罪的风险和逃避制裁的风险”。

The fourth issue is that the STABLE Act might not have “much impact on Tether,” the company behind the $140 billion USDt stablecoin.

第四个问题是，稳定法案可能不会“对绳索产生太大影响”，该公司背后的1400亿美元Stablecoin背后。

“The legislation says it’s unlawful to issue a stablecoin that isn’t chartered, but there’s no enforcement mechanism for that and no penalties. It needs to have those and an explicit territoriality provision,” said Massad.

“该立法说，发行未租用的稳定币是违法的，但没有任何执行机制，也没有罚款。它需要有这些和明确的领土规定。”马萨德说。

The fifth problem is that the act “doesn’t give regulators enough authority and discretion, given that [stablecoins] could become a very significant market and will evolve in ways we can’t predict.”

第五个问题是，该法案“没有给予监管机构足够的权威和酌处权，因为[Stablecoins]可能会成为一个非常重要的市场，并且会以我们无法预测的方式发展。”

Stablecoins — including USDt, Circle’s USD Coin (

Stablecoins - 包括USDT，Circle的USD硬币（