具有里程碑意义的法案出台，以增强数字货币领域的稳定性和信任

参议员辛西娅·鲁米斯 (Cynthia Lummis) 和克尔斯滕·吉利布兰德 (Kirsten Gillibrand) 公布了一项全面法案，旨在为美国稳定币的发行建立明确的监管框架。该立法旨在通过对稳定币发行人提出严格要求，包括美元储备的强制支持、严格监管以及排除无抵押的算法稳定币等，确保这一快速增长的数字资产市场的安全和负责任的增长。

Landmark Legislation Unveiled to Reinforce Stability and Trust in the Digital Currency Realm

具有里程碑意义的立法出台，以加强数字货币领域的稳定性和信任

In a bold move towards establishing clear and comprehensive regulations for stablecoins, Senators Cynthia Lummis and Kirsten Gillibrand have introduced a groundbreaking legislation that aims to bring order to this burgeoning sector of the digital asset ecosystem. Recognizing the pivotal role stablecoins play in facilitating transactions and settlements, the proposed law seeks to instill confidence among users by ensuring the trustworthiness and reliability of these digital tokens.

参议员辛西娅·鲁米斯 (Cynthia Lummis) 和克尔斯滕·吉利布兰德 (Kirsten Gillibrand) 采取了大胆的举措，为稳定币制定明确而全面的法规，提出了一项开创性的立法，旨在为数字资产生态系统的这一新兴领域带来秩序。认识到稳定币在促进交易和结算方面发挥的关键作用，拟议的法律旨在通过确保这些数字代币的可信度和可靠性来向用户灌输信心。

Rigorous Standards for Stablecoin Issuance

稳定币发行的严格标准

At the heart of the proposed legislation lies a robust set of requirements designed to safeguard the stability and integrity of stablecoins. Issuers of these digital assets will be subject to stringent oversight, mandating the creation of dedicated subsidiaries solely responsible for stablecoin production. To bolster their credibility, these issuers must maintain dollar reserves that fully back each token issued, precluding the use of segregated reserve accounts.

拟议立法的核心是一系列旨在保障稳定币稳定性和完整性的严格要求。这些数字资产的发行人将受到严格的监督，要求成立专门的子公司，专门负责稳定币的生产。为了增强其可信度，这些发行人必须维持美元储备，以充分支持所发行的每个代币，从而排除使用独立储备账户的情况。

Transparency and Disclosure: Building Trust in the Market

透明度和披露：建立市场信任

The bill also emphasizes the paramount importance of transparency and disclosure in fostering trust within the digital currency market. Stablecoin issuers will be legally bound to publicly disclose the assets they hold as reserves, providing users with a clear and comprehensive understanding of the underlying financial stability of the tokens they hold. This measure is pivotal in reassuring users that their digital assets are backed by tangible, verifiable assets.

该法案还强调透明度和披露对于培养数字货币市场内的信任至关重要。稳定币发行人将有法律义务公开披露其作为储备的资产，从而使用户能够清楚、全面地了解其所持有代币的潜在财务稳定性。这一措施对于让用户确信他们的数字资产是由有形的、可验证的资产支持的至关重要。

Exclusivity for Regulated Entities: Ensuring Stability and Liquidity

受监管实体的排他性：确保稳定性和流动性

The proposed legislation meticulously outlines the entities authorized to issue payment stablecoins, limiting this privilege to non-depository institutions equivalent to the Federal Reserve or authorized deposit banks. These institutions are subject to rigorous federal and state supervision, ensuring adherence to established regulatory frameworks and maintaining the highest standards of financial probity. Additionally, the bill establishes a substantial mandatory reserve fund, empowering stablecoin issuers to seamlessly convert their digital assets into U.S. dollars upon demand, thereby guaranteeing liquidity and stability.

拟议的立法仔细概述了有权发行支付稳定币的实体，将这一特权限制于相当于美联储或授权存款银行的非存款机构。这些机构受到严格的联邦和州监管，确保遵守既定的监管框架并维持最高的财务诚信标准。此外，该法案还设立了大量的强制性准备金，使稳定币发行者能够根据需要将其数字资产无缝转换为美元，从而保证流动性和稳定性。

Algorithmic Stablecoins: Mitigating Risk and Volatility

算法稳定币：降低风险和波动性

Recognizing the potential risks associated with algorithmic stablecoins that lack collateralization, the bill expressly excludes them from the proposed regulatory framework. These cryptocurrencies, whose value is governed by complex algorithms, are deemed more susceptible to volatility and instability compared to traditional fiat currencies.

该法案认识到与缺乏抵押的算法稳定币相关的潜在风险，明确将其排除在拟议的监管框架之外。与传统法定货币相比，这些加密货币的价值受到复杂算法的控制，被认为更容易受到波动和不稳定的影响。

A Cap on Non-Depository Commodity Trust Issuance

非存款类商品信托发行上限

To prevent excessive concentration in the hands of a few entities, the legislation imposes a $10 billion limit on the issuance of payment stablecoins by non-depository commodity trusts. Entities seeking to exceed this threshold must secure national authorization, effectively reserving this privilege for major financial players rather than smaller entities.

为了防止过度集中在少数实体手中，立法对非存款性商品信托发行支付稳定币施加了 100 亿美元的限制。寻求超过这一门槛的实体必须获得国家授权，有效地将这一特权保留给主要金融参与者而不是较小的实体。

Part of a Broader Regulatory Push

更广泛监管推动的一部分

The introduction of this bill is part of a broader effort by U.S. lawmakers to establish a comprehensive regulatory framework for the digital currency market. Senators Lummis and Gillibrand have been instrumental in drafting legislation aimed at formalizing and regulating digital assets, including their groundbreaking work on decentralized finance legislation. Their tireless advocacy for clear and fair regulations underscores their commitment to fostering innovation and growth while safeguarding consumer interests.

该法案的推出是美国立法者为数字货币市场建立全面监管框架而做出的更广泛努力的一部分。参议员卢米斯和吉利布兰德在起草旨在规范和监管数字资产的立法方面发挥了重要作用，包括他们在去中心化金融立法方面的开创性工作。他们孜孜不倦地倡导明确和公平的法规，突显了他们在保护消费者利益的同时促进创新和增长的承诺。

Strategic Coupling for Enhanced Chances of Passage

战略耦合以提高通过机会

In a shrewd strategic move, the stablecoin bill has been coupled with popular must-pass legislation, such as the Federal Aviation Administration Reauthorization Act, to enhance its chances of passage. This tactical maneuver increases the likelihood that the bill will clear both chambers of Congress and be signed into law.

作为一项精明的战略举措，稳定币法案与《联邦航空管理局重新授权法案》等流行的必须通过的立法相结合，以提高其通过的机会。这一策略增加了该法案获得国会参众两院通过并签署成为法律的可能性。

Strong Support for Consumer Safeguards

消费者保障的大力支持

Senator Sherrod Brown, the influential chairman of the Senate Banking Committee, has indicated his support for stablecoin legislation that includes robust consumer safeguards. The bill introduced by Senators Lummis and Gillibrand, with its focus on transparency, disclosure, and financial stability, has garnered bipartisan support, increasing its prospects for success.

参议员谢罗德·布朗（Sherrod Brown）是参议院银行委员会颇具影响力的主席，他表示支持稳定币立法，其中包括强有力的消费者保障措施。该法案由参议员卢米斯和吉利布兰德提出，重点关注透明度、信息披露和金融稳定，获得了两党的支持，增加了其成功的前景。

Conclusion

结论

The proposed legislation on stablecoins represents a significant step towards establishing a clear and comprehensive regulatory framework for the digital asset sector. By mandating rigorous standards for issuance, emphasizing transparency and disclosure, and limiting the issuance of algorithmic stablecoins, the bill aims to instill confidence among users and promote the long-term stability and growth of the market. The concerted efforts of Senators Lummis and Gillibrand, coupled with the strategic coupling of the bill with must-pass legislation and the support of key lawmakers, increase the likelihood of its passage into law. This legislation has the potential to usher in a new era of trust and stability in the digital currency realm, paving the way for widespread adoption and mainstream acceptance.

拟议的稳定币立法代表着为数字资产行业建立清晰、全面的监管框架迈出了重要一步。该法案通过规定严格的发行标准，强调透明度和披露，并限制算法稳定币的发行，旨在向用户灌输信心，促进市场的长期稳定和增长。参议员卢米斯和吉利布兰德的共同努力，加上该法案与必须通过的立法的战略结合以及主要立法者的支持，增加了其通过法律的可能性。这项立法有可能开创数字货币领域信任和稳定的新时代，为广泛采用和主流接受铺平道路。