Lummis-Gillibrand 稳定币立法出台，旨在建立清晰的加密框架

参议员 Lummis 和 Gillibrand 提出了一项全面的稳定币法案，概述了发行和维护支付稳定币的明确规定。该法案要求发行人通过子公司开展活动，维持一对一的储备，并禁止算法稳定币。根据稳定币的流通价值，适用不同的规定，并对违规行为规定了执法措施。

Lummis-Gillibrand Stablecoin Legislation: A Comprehensive Framework for Crypto Assets in the US

Lummis-Gillibrand 稳定币立法：美国加密资产的综合框架

On Wednesday, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Lummis-Gillibrand Payment Stablecoin Act, a comprehensive 117-page bill that seeks to establish a clear regulatory framework for stablecoins, a class of crypto assets pegged to fiat currencies.

周三，参议员 Cynthia Lummis（怀俄明州共和党）和 Kirsten Gillibrand（纽约州民主党）提出了 Lummis-Gillibrand 支付稳定币法案，这是一项长达 117 页的综合法案，旨在为稳定币（一类加密资产）建立明确的监管框架与法定货币挂钩。

Key Elements of the Bill

该法案的关键要素

The bill provides detailed definitions for various aspects of the stablecoin sector, including issuers, reserves, and redemption rights. It outlines specific rules for companies issuing payment stablecoins, requiring them to do so through subsidiaries and conduct thorough risk assessments and audits.

该法案为稳定币行业的各个方面提供了详细的定义，包括发行人、储备金和赎回权。它概述了发行支付稳定币的公司的具体规则，要求它们通过子公司发行支付稳定币，并进行彻底的风险评估和审计。

To ensure stability, the bill mandates that stablecoin issuers maintain one-to-one reserves for their coins. These reserves must consist of highly liquid assets, such as US Treasuries or cash. Algorithmic stablecoins, which rely on trading incentives to maintain their peg, are prohibited under the bill.

为了确保稳定性，该法案要求稳定币发行者为其代币维持一对一的储备。这些储备必须由高流动性资产组成，例如美国国债或现金。该法案禁止依靠交易激励来维持挂钩的算法稳定币。

Regulatory Oversight

监管监督

The bill establishes a tiered regulatory framework for stablecoin issuers based on the outstanding value of their coins. Issuers with less than $10 billion in circulation would be subject to state-level regulation, while those with more would fall under the supervision of the federal government.

该法案根据稳定币的流通价值为稳定币发行人建立了分层监管框架。流通量低于100亿美元的发行人将受到州级监管，而流通量超过100亿美元的发行人将受到联邦政府的监管。

Market Impact

市场影响

The Lummis-Gillibrand bill has been met with mixed reactions from the crypto industry. Some experts welcomed the clarity it provides, while others expressed concerns about the potential for over-regulation. The bill may have a significant impact on the stablecoin market, particularly for issuers that currently operate under different compliance regimes.

加密货币行业对 Lummis-Gillibrand 法案反应不一。一些专家对它所提供的清晰度表示欢迎，而另一些专家则对过度监管的可能性表示担忧。该法案可能会对稳定币市场产生重大影响，特别是对于目前在不同合规制度下运营的发行人而言。

Political Context

政治背景

The introduction of the Lummis-Gillibrand bill marks a renewed attempt at regulating stablecoins. Previous efforts have stalled in Congress, but the senators are optimistic that this legislation could gain traction. They are aiming to incorporate it into a bill reauthorizing the Federal Aviation Administration (FAA).

Lummis-Gillibrand 法案的推出标志着监管稳定币的新尝试。此前的努力在国会陷入停滞，但参议员们乐观地认为这项立法可能会获得支持。他们的目标是将其纳入重新授权联邦航空管理局（FAA）的法案中。

Senator Lummis's Advocacy

卢米斯参议员的主张

Senator Lummis has been a vocal advocate for cryptocurrency on Capitol Hill. She believes that stablecoins have the potential to revolutionize the financial system, but emphasizes the need for clear rules to ensure their safety and stability.

卢米斯参议员一直是国会山加密货币的直言不讳的倡导者。她认为稳定币有潜力彻底改变金融体系，但强调需要明确的规则来确保其安全性和稳定性。

Historical Context

历史背景

The Lummis-Gillibrand bill follows other recent legislative efforts to regulate crypto, including the Lummis-Gillibrand Responsible Financial Innovation Act, which attempts to delineate the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in crypto oversight.

Lummis-Gillibrand 法案是继近期其他监管加密货币的立法努力之后推出的，其中包括《Lummis-Gillibrand 负责任金融创新法案》，该法案试图界定美国证券交易委员会 (SEC) 和商品期货交易委员会 (CFTC) 在加密货币监管中的作用。

Challenges Ahead

未来的挑战

Despite the senators' optimism, the passage of the Lummis-Gillibrand Payment Stablecoin Act faces several challenges. It must navigate a complex political landscape and address concerns from various stakeholders, including regulators, industry players, and consumer advocates.

尽管参议员们持乐观态度，但《鲁米斯-吉利布兰德支付稳定币法案》的通过仍面临一些挑战。它必须应对复杂的政治格局，并解决包括监管机构、行业参与者和消费者权益倡导者在内的各个利益相关者的担忧。

Conclusion

结论

The Lummis-Gillibrand Payment Stablecoin Act represents a significant step towards establishing a comprehensive regulatory framework for stablecoins in the United States. Its passage would provide much-needed clarity for issuers and investors and help to ensure the stability of this growing asset class. However, the bill faces an uncertain fate in Congress, where numerous factors, including political maneuvering and competing priorities, could influence its progress.

《鲁米斯-吉利布兰德支付稳定币法案》代表着美国朝着建立稳定币全面监管框架迈出的重要一步。它的通过将为发行人和投资者提供急需的清晰度，并有助于确保这一不断增长的资产类别的稳定性。然而，该法案在国会面临着不确定的命运，其中包括政治操纵和相互竞争的优先事项等众多因素可能会影响其进展。