随着选举的临近，稳定币立法的希望越来越渺茫

随着国会为选举季做准备，稳定币法案的时间表越来越紧。参议员辛西娅·鲁米斯 (Cynthia Lummis) 和克尔斯滕·吉利布兰德 (Kirsten Gillibrand) 最近提出了一项法案，概述了美国公司发行的稳定币的法规，解决了维持稳定币挂钩和消费者保护等问题。然而，对该法案条款的担忧仍然存在，包括全面禁止算法稳定币以及对 Tether 等外国公司发行的代币进行有限的监管。随着选举季的临近，稳定币立法取得进展的可能性正在减小，任何重大行动都可能被推迟到跛脚鸭会议甚至一月份。

Diminishing Prospects for a Stablecoin Law

稳定币法的前景正在减弱

The legislative timeline for introducing, debating, and passing a stablecoin bill is rapidly closing as Congress enters the election season. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) recently proposed a joint bill addressing stablecoin regulation in the United States, marking the latest attempt to address this pressing issue. However, the likelihood of its success remains uncertain.

随着国会进入选举季节，提出、辩论和通过稳定币法案的立法时间表正在迅速结束。参议员辛西娅·卢米斯（怀俄明州共和党）和克尔斯滕·吉利布兰德（纽约州民主党）最近提出了一项针对美国稳定币监管的联合法案，这是解决这一紧迫问题的最新尝试。然而，其成功的可能性仍然不确定。

Background

背景

Stablecoins, a $160 billion segment of the cryptocurrency market, have garnered significant attention in recent months. They are digital assets pegged to stable values, typically the US dollar, and are often used as a medium of exchange or a store of value. The lack of comprehensive regulation in this sector has become a growing concern, prompting legislative efforts to establish a regulatory framework.

稳定币是加密货币市场价值 1600 亿美元的部分，近几个月来引起了广泛关注。它们是与稳定价值（通常是美元）挂钩的数字资产，通常用作交换媒介或价值储存手段。该行业缺乏全面监管已成为人们日益关注的问题，促使立法努力建立监管框架。

The Lummis-Gillibrand Bill

鲁米斯-吉利布兰德法案

The Lummis-Gillibrand bill proposes a detailed framework for overseeing stablecoins issued by US companies. It outlines requirements for maintaining stable pegs, including a ban on algorithmic stablecoins, which rely solely on market forces to maintain their value. The bill also provides for federal and state oversight of stablecoin issuers and establishes a Federal Deposit Insurance Corporation (FDIC) process for potential collapses.

Lummis-Gillibrand 法案提出了一个监督美国公司发行的稳定币的详细框架。它概述了维持稳定挂钩的要求，包括禁止仅依靠市场力量来维持其价值的算法稳定币。该法案还规定了联邦和州对稳定币发行人的监督，并建立了联邦存款保险公司（FDIC）应对潜在崩溃的流程。

Industry Concerns

业界关注

Industry participants have raised concerns about the bill's limitations. It lacks provisions for crypto-backed tokens like DAI, which are decentralized and not pegged to the US dollar. Moreover, the blanket ban on algorithmic stablecoins has been criticized as overly restrictive.

行业参与者对该法案的局限性表示担忧。它缺乏对 DAI 等加密货币支持的代币的规定，这些代币是去中心化的且不与美元挂钩。此外，对算法稳定币的全面禁令也被批评过于严格。

Foreign Stablecoins

国外稳定币

The bill primarily focuses on stablecoins issued by US companies, leaving the treatment of foreign-issued tokens, such as Tether (USDT), unclear. While the bill's press release states that "malign actors will no longer have the option to use unregulated foreign stablecoins," it lacks a specific mechanism to prevent their use.

该法案主要关注美国公司发行的稳定币，而对 Tether (USDT) 等外国发行的代币的处理则不清楚。尽管该法案的新闻稿指出“恶意行为者将不再可以选择使用不受监管的外国稳定币”，但它缺乏阻止其使用的具体机制。

Domestic Stablecoin Issuers

国内稳定币发行机构

The bill proposes a $10 billion threshold above which stablecoin issuers must be state or federally chartered depository institutions. This provision could significantly impact Circle, the issuer of USDC, the second largest stablecoin by market capitalization.

该法案提出了 100 亿美元的门槛，高于该门槛的稳定币发行人必须是州或联邦特许的存款机构。该条款可能会对市值第二大稳定币 USDC 的发行人 Circle 产生重大影响。

Political Landscape

政治面貌

The upcoming election season presents a significant challenge to the passage of any major legislation. Lawmakers are expected to prioritize campaigning over esoteric issues like stablecoin regulation. Progress is likely to stall during the summer months and resume during the lame-duck session between the election and the inauguration of the new Congress.

即将到来的选举季对任何重大立法的通过都提出了重大挑战。预计立法者将优先考虑竞选活动，而不是稳定币监管等深奥问题。进展可能会在夏季陷入停滞，并在选举和新国会就职之间的跛脚鸭会议期间恢复。

Alternative Efforts

另类努力

Efforts are also underway in the House of Representatives, with reports indicating that House Financial Services Committee Chair Patrick McHenry (R-N.C.) and Ranking Member Maxine Waters (D-Calif.) have discussed attaching a stablecoin bill to other legislation. Additionally, Senate Banking Committee Chairman Sherrod Brown (D-Ohio) has expressed support for legislation that addresses consumer protection and risk mitigation.

众议院也在努力，有报告显示，众议院金融服务委员会主席帕特里克·麦克亨利（北卡罗来纳州共和党）和高级议员玛克辛·沃特斯（加利福尼亚州民主党）已经讨论了将稳定币法案附加到其他立法中。此外，参议院银行委员会主席谢罗德·布朗（俄亥俄州民主党人）表示支持解决消费者保护和风险缓解问题的立法。

Conclusion

结论

The prospects of a stablecoin law being enacted before the end of the year appear slim. The clock is ticking, political realities are shifting, and the legislative landscape is complex. While efforts to establish a regulatory framework for stablecoins are ongoing, their success remains uncertain.

稳定币法在今年年底前颁布的前景似乎很渺茫。时间在流逝，政治现实在变化，立法环境也很复杂。尽管建立稳定币监管框架的努力仍在进行，但其成功仍不确定。