摩根大通（JPMorgan

Cointelegraph最近分享了这一点，阐明了拟议立法对Tether储备金组成和更广泛的加密市场的潜在影响。

JPMorgan analysts have expressed concerns that Tether (USDT), the issuer of the world’s largest stablecoin, may be forced to sell a portion of its Bitcoin holdings in order to comply with upcoming U.S. stablecoin regulations.

摩根大通（JPMorgan）分析师表示担心世界上最大的稳定股（USDT）可能被迫出售其比特币持有量的一部分，以遵守即将到来的美国Stablecoin法规。

According to a recent report by Cointelegraph, the analysis by JPMorgan suggests that a significant part of Tether’s current reserve assets may not meet the criteria outlined in the proposed regulations. The report estimates that only 66% of Tether’s reserves would meet regulatory requirements under the Stablecoin Transparency and Accountability Act (STABLE Act) in the House, while approximately 83% would align with the U.S. Stablecoin Innovation and Establishment Act (GENIUS Act) in the Senate.

根据CoIntelegraph的最新报告，摩根大通的分析表明，Tether当前的储备金资产的很大一部分可能不符合拟议法规中概述的标准。该报告估计，根据众议院的《稳定透明度和责任法》（稳定法案），Tether的储量中只有66％可以满足监管要求，而大约83％的人将与参议院中的《美国稳定创新与建立法》（Genius Act）一致。

Both bills in the U.S. Congress aim to establish guidelines for stablecoin issuers. The legislation proposes stringent requirements, including mandatory licensing, enhanced risk management protocols, and a stipulation that stablecoins be backed by reserves on a one-to-one basis with high-quality liquid assets.

美国国会的两项法案旨在为Stablecoin发行人建立准则。该立法提出了严格的要求，包括强制性许可，增强的风险管理协议，并规定，储备金以高质量的液体资产的一对一支持稳定的股份。

The analysis suggests that Tether might be compelled to restructure its reserve composition, necessitating the sale of non-compliant assets, including its substantial Bitcoin holdings. This move would involve reallocating reserves into assets that are deemed acceptable under the proposed laws, such as U.S. Treasury bonds and other highly liquid instruments.

分析表明，可能会迫使系绳重组其储备组成，因此需要出售不合格的资产，包括其大量的比特币持有量。此举将涉及将储量重新分配给根据拟议法律（例如美国国库债券和其他高度流动工具）所接受的资产。

As of the latest reports, Tether holds approximately 83,758 BTC, valued at over $8 billion. Notably, liquidating part of these holdings could have broader implications for the cryptocurrency market, especially if the sales are executed rapidly or in large quantities.

截至最新报告，Tether持有约83,758 BTC，价值超过80亿美元。值得注意的是，这些持股的一部分可能对加密货币市场具有更广泛的影响，尤其是在销售迅速执行或大量执行时。

A significant Bitcoin sell-off by Tether could introduce additional volatility in an already斯克尔iptable market, potentially affecting investor sentiment and BTC’s short-term price action.

Tether的大量比特币抛售可能会在本来已经有可观的市场中引入额外的波动，这可能会影响投资者的情绪和BTC的短期价格行动。

The proposed regulations also emphasize increased transparency and more frequent audits of stablecoin reserves. Given Tether’s dominant position in the U.S. market, these regulatory changes could present challenges, potentially affecting its operations and market share. The company has faced scrutiny over the composition of its reserves, with critics questioning its level of transparency.

拟议的法规还强调了透明度的提高和对稳定储量的审核。鉴于Tether在美国市场中的主导地位，这些监管变化可能会带来挑战，可能会影响其运营和市场份额。该公司对其储备的组成面临审查，批评家质疑其透明度水平。

In response to JPMorgan’s analysis, Tether’s CEO, Paolo Ardoino, dismissed the concerns, suggesting that the analysts’ perspectives might be influenced by their lack of Bitcoin holdings. Tether has repeatedly assured the market of its financial stability, arguing that its reserves are managed prudently. However, with increasing regulatory pressure, the company may need to adjust its approach to ensure continued compliance with U.S. laws.

为了回应摩根大通的分析，Tether的首席执行官Paolo Ardoino驳回了担忧，这表明分析师的观点可能受到缺乏比特币持有的影响。 Tether一再向市场保证其财务稳定性，认为其储备是谨慎管理的。但是，随着监管压力的增加，该公司可能需要调整其方法以确保继续遵守美国法律。

As the regulatory environment evolves, Tether’s strategies to align with new compliance standards will be closely monitored by industry stakeholders, given the potential impacts on the company and the wider cryptocurrency ecosystem. If the proposed regulations are enacted, they could set a precedent for stablecoin regulation worldwide, influencing how other major issuers manage their reserves.

随着监管环境的发展，鉴于对公司和更广泛的加密货币生态系统的潜在影响，Tether与新合规标准保持一致的策略将受到行业利益相关者的密切监控。如果制定了拟议的法规，他们可以为全球稳定法规的先例树立先例，从而影响其他主要发行人如何管理其储备。