Lummis-Gillibrand 稳定币法案公布，旨在改变加密货币格局

参议员克尔斯滕·吉利布兰德 (Kirsten Gillibrand) 和辛西娅·鲁米斯 (Cynthia Lummis) 提出了《鲁米斯-吉利布兰德负责任金融创新法案》，旨在规范稳定币行业并降低 Terra 崩溃后的风险。该法案提议允许银行和非银行机构通过子公司发行稳定币，实施1:1支持的资本和审计要求，并禁止在美国使用Terra USD等算法稳定币。

Lummis-Gillibrand Stablecoin Act: A Comprehensive Regulatory Framework for the Crypto Landscape

Lummis-Gillibrand 稳定币法案：加密货币领域的综合监管框架

In a highly anticipated move, Senators Kirsten Gillibrand and Cynthia Lummis have unveiled their comprehensive stablecoin regulation bill, known as the Lummis-Gillibrand Responsible Financial Innovation Act. This landmark legislation aims to reshape the stablecoin industry, addressing the risks exposed by the catastrophic collapse of TerraUSD and bolstering investor confidence in digital assets.

在备受期待的举措中，参议员克尔斯滕·吉利布兰德 (Kirsten Gillibrand) 和辛西娅·鲁米斯 (Cynthia Lummis) 公布了全面的稳定币监管法案，即《鲁米斯-吉利布兰德负责任金融创新法案》。这项具有里程碑意义的立法旨在重塑稳定币行业，解决 TerraUSD 灾难性崩溃所带来的风险，并增强投资者对数字资产的信心。

Key Provisions: A Holistic Approach to Stablecoin Oversight

主要条款：稳定币监管的整体方法

The bill encompasses a wide range of provisions, meticulously crafted to address the complexities of the stablecoin ecosystem. Central to the framework is the authorization for banks and non-bank trust companies to issue stablecoins through specialized subsidiaries. This measure seeks to bring stability to the industry by leveraging the established infrastructure and regulatory oversight of traditional financial institutions.

该法案包含一系列广泛的条款，都是为了解决稳定币生态系统的复杂性而精心设计的。该框架的核心是授权银行和非银行信托公司通过专业子公司发行稳定币。该措施旨在通过利用传统金融机构的现有基础设施和监管监督为行业带来稳定。

Moreover, the bill imposes stringent capital and audit requirements on all stablecoin issuers, ensuring that every stablecoin is fully backed on a one-to-one basis. This requirement aligns with the practices of established stablecoin companies such as Tether and Circle, which already provide regular audited attestations of their reserves.

此外，该法案对所有稳定币发行人提出了严格的资本和审计要求，确保每种稳定币都得到一对一的充分支持。这一要求与 Tether 和 Circle 等成熟稳定币公司的做法一致，这些公司已经定期提供经过审计的储备证明。

Algorithmic Stablecoins: A High-Risk Proposition

算法稳定币：一个高风险的提议

One of the most notable aspects of the bill is its explicit ban on algorithmic stablecoins within the United States. This prohibition stems from the inherent risks associated with algorithmic stablecoins, as exemplified by the spectacular implosion of TerraUSD (UST) in May 2022, which resulted in losses exceeding $40 billion for unsuspecting investors.

该法案最引人注目的方面之一是明确禁止美国境内的算法稳定币。这一禁令源于与算法稳定币相关的固有风险，2022 年 5 月 TerraUSD (UST) 的惊人内爆就是例证，这给毫无戒心的投资者带来了超过 400 亿美元的损失。

Algorithmic stablecoins, unlike traditional stablecoins backed by cash or other liquid assets, maintain their value through an intricate system of arbitrage mechanisms. However, as exemplified by the TerraUSD debacle, these complex mechanisms can crumble under extreme market conditions, leaving investors vulnerable to catastrophic losses. Hence, the bill seeks to shield consumers from these treacherous investments by prohibiting their issuance and circulation in the United States.

与由现金或其他流动资产支持的传统稳定币不同，算法稳定币通过复杂的套利机制系统来维持其价值。然而，正如 TerraUSD 崩溃所证明的那样，这些复杂的机制可能在极端的市场条件下崩溃，使投资者容易遭受灾难性损失。因此，该法案旨在通过禁止这些投资在美国发行和流通来保护消费者免受这些危险投资的影响。

Impact on Current Stablecoin Offerings

对当前稳定币产品的影响

The passage of the Lummis-Gillibrand Stablecoin Act would have significant implications for the stability and legality of various stablecoins operating in the market. One notable example is Ethena USDe, a rapidly growing stablecoin with a market capitalization of over $2.4 billion and a sizable holder base exceeding 154,000.

《鲁米斯-吉利布兰德稳定币法案》的通过将对市场上运营的各种稳定币的稳定性和合法性产生重大影响。一个著名的例子是 Ethena USDe，这是一种快速增长的稳定币，市值超过 24 亿美元，拥有超过 154,000 名庞大的持有者。

USDe has gained popularity among investors due to its high yield, reaching 17.2%, far exceeding the returns offered by traditional fiat currencies or even other stablecoins. However, the complex mechanism used to generate these high returns has raised concerns about its long-term sustainability and the risks it poses to investors. The bill's ban on algorithmic stablecoins would effectively render USDe illegal within the United States, leaving its future hanging in the balance.

USDe因其高收益率而受到投资者的青睐，达到17.2%，远超传统法币甚至其他稳定币的回报。然而，用于产生这些高回报的复杂机制引起了人们对其长期可持续性及其给投资者带来的风险的担忧。该法案对算法稳定币的禁令实际上将使 USDe 在美国境内变得非法，使其未来悬而未决。

Other stablecoins that could potentially face regulatory challenges under the proposed legislation include Frax, Justin Sun's USDD, and Liquity USD (LUSD). These stablecoins employ similar algorithmic mechanisms to maintain their value, raising questions about their compliance with the bill's stringent requirements.

根据拟议立法，其他可能面临监管挑战的稳定币包括 Frax、孙宇晨的 USDD 和 Liquity USD (LUSD)。这些稳定币采用类似的算法机制来维持其价值，引发了人们对其是否遵守该法案严格要求的质疑。

Political Hurdles and the Path Forward

政治障碍和前进的道路

While the Lummis-Gillibrand Stablecoin Act represents a comprehensive attempt to address the risks associated with stablecoins and promote financial stability in the digital asset space, its passage through the politically divided US Senate and the dysfunctional House of Representatives remains uncertain. The bill requires 60 votes to pass the Senate, a tall order given the partisan dynamics at play. The House of Representatives, known for its gridlock and lack of consensus, poses an even greater challenge.

尽管《鲁米斯-吉利布兰德稳定币法案》代表了解决稳定币相关风险并促进数字资产领域金融稳定的全面尝试，但该法案能否在政治分裂的美国参议院和功能失调的众议院获得通过仍存在不确定性。该法案需要 60 票才能在参议院获得通过，考虑到党派之争，这是一项艰巨的任务。以僵局和缺乏共识着称的众议院构成了更大的挑战。

Despite these potential obstacles, the introduction of the Lummis-Gillibrand Stablecoin Act marks a significant step towards establishing a robust regulatory framework for stablecoins. The bill's comprehensive approach, if enacted, would bolster investor confidence, reduce the risks of another Terra-like collapse, and contribute to the maturation of the digital asset ecosystem.

尽管存在这些潜在的障碍，《鲁米斯-吉利布兰德稳定币法案》的出台标志着朝着建立稳健的稳定币监管框架迈出了重要一步。该法案的综合方法如果获得通过，将增强投资者的信心，降低另一次类似 Terra 崩溃的风险，并有助于数字资产生态系统的成熟。