在加密货币空间中，稳定霉素的调节已成为一个重要的讨论点

该内容旨在告知，不应被视为财务建议。本文中表达的观点可能包括作者的个人意见，并且不代表小报的观点。

The regulation of stablecoins has become a significant point of discussion in the cryptocurrency space, especially with the introduction of the Genius Act. This act mandates that issuers of payment stablecoins possess the “technological capability to comply with the terms of any lawful order.”

在加密货币空间中的调节已成为一个重要的讨论点，尤其是随着《天才法》的引入。该法令规定，付款稳定币的发行人具有“遵守任何合法命令条款的技术能力”。

This requirement extends to the ability to freeze, burn, or prevent the transfer of stablecoins as stipulated by the Act. To put it simply, if a court tells the issuer to freeze an account or confiscate tokens, the issuer must be able to carry out that order on-chain.

这项要求扩展到冻结，燃烧或防止该法案规定的稳定霉素转移的能力。简而言之，如果法院告诉发行人冻结帐户或没收令牌，则发行人必须能够在链上执行该命令。

A recent discussion on X between legal expert Jeremy Hogan, blockchain researcher ‘Vet,’ and Ripple CTO David Schwartz shed light on how these regulatory expectations align with RLUSD, Ripple’s recently introduced stablecoin. The conversation also clarified Ripple’s reasoning for implementing freeze and clawback functionalities for RLUSD, sparking questions about whether the legislation was tailored with RLUSD in mind.

最近关于法律专家杰里米·霍根（Jeremy Hogan），区块链研究人员“兽医”和Ripple CTO David Schwartz之间的讨论阐明了这些监管期望与Ripple最近引入的Stablecoin Rlusd如何保持一致。对话还阐明了Ripple的推理，用于为RLUSD实施冻结和扣背功能，引发了有关该立法是否是按照RLUSD量身定制的问题。

The Freezing and Clawback Mechanism of RLUSD

RLUSD的冻结和回扣机制

Hogan initially posed an important question:

霍根最初提出了一个重要的问题：

“Can Ripple or Circle actually freeze RLUSD or USDC once it’s transferred? I didn’t think that was possible, for either.”

“转移后，波纹或圆圈能够真正冻结RLUSD或USDC一旦转移吗？我认为这是不可能的。”

Vet responded with a direct confirmation, stating that both Ethereum and the XRP Ledger (XRPL) allow for the freezing and clawback of RLUSD. According to him, Ripple, as the issuer, can freeze or reclaim RLUSD if requested by law enforcement or through court orders.

兽医以直接的确认做出了回应，并指出以太坊和XRP分类帐（XRPL）允许RLUSD的冻结和回扣。据他说，如果执法部门的要求或通过法院命令，则发行人可以冻结或收回RLUSD。

This aligns with the regulatory requirements outlined in the Genius Act, highlighting the need for issuers to retain control over their stablecoins in compliance with legal obligations.

这符合《天才法》中概述的监管要求，强调了发行人必须按照法律义务保留对稳定的人的控制权。

The discussion further revealed that Ripple’s decision to enable clawback functionality had initially delayed the introduction of the RLUSD AMM (Automated Market Maker) pool on the XRPL due to an amendment. However, in light of the regulatory landscape, this move appears to be a strategic and necessary step.

讨论进一步表明，Ripple决定启用回扣功能的决定最初推迟了由于修正案而在XRPL上引入了RLUSD AMM（自动营销商）池。但是，鉴于监管格局，这一举动似乎是战略和必要的步骤。

Understanding Clawback and Its Necessity

了解回击及其必要性

Vet’s exchange with David Schwartz provided deeper insights into why Ripple integrated clawback in addition to freeze for RLUSD. The debate arose when a user, ‘Cookie,’ asked: “Why is clawback needed on a stablecoin?”

兽医与大卫·施瓦茨（David Schwartz）的交流提供了更深入的见解，说明为什么除了冻结RLUSD之外，Ripple Integript intect intect intects intects intects。当用户“ cookie”问：“为什么要在稳定币上需要回扣？”

Vet responded by stating that while other issuers, such as Circle and Tether, have implemented a system of blocking accounts, which serves a similar function to freezing, and input from another user, ‘FIGMENTZCRYPTO,’ highlighted the fact that Tether has also been known to cooperate with authorities in re-routing stolen funds.

兽医回应说，尽管其他发行人（例如Circle和Tether）已经实施了阻止帐户的系统，该系统具有与冻结的功能相似的功能，并从另一个用户“ Figmentzcrypto”中发表了指出，强调了这一事实，即Tether也已知Tether与当局在重新居住的偷偷摸摸的资金中合作。

However, in the case of RLUSD, Schwartz explained that the issuer, in this case, Ripple Labs, retains the ability to adjust the on-chain state of the tokens to reflect changes in legal obligations. This is crucial because, as he put it, “a stablecoin held by a regulated legal entity is supposed to represent a legal obligation.”

但是，在RLUSD的情况下，Schwartz解释说，在这种情况下，发行人保留了调整代币链式状态以反映法律义务变化的能力。这是至关重要的，因为正如他所说，“受管制法律实体持有的稳定者应该代表法律义务。”

If something outside the ledger eliminates the legal obligation but the tokens are still there on the ledger, the ledger’s just wrong. There needs to be a way to fix it.

如果分类帐之外的某些东西消除了法律义务，但代币仍在分类账上，那么账本是错误的。需要有一种修复它的方法。

This statement underscores the fundamental challenge that stablecoins present within a decentralized ledger system. Unlike traditional assets, stablecoins are designed to closely mirror real-world financial claims, which can be altered by legal events.

该声明强调了稳定分类分类帐系统中Stablecoin的基本挑战。与传统资产不同，Stablecoins旨在密切反映现实世界中的财务主张，这可以通过法律事件来改变。

For instance, if a dispute arises between two parties over a claim on a specific portion of RLUSD or if a fraud case leads to the cancellation of an obligation, that change must be reflected on-chain. This is where the capability to clawback becomes necessary.

例如，如果两方之间就特定部分的RLUSD索赔或欺诈案导致取消义务而产生争议，则必须在链子上反映该更改。这是必要回扣的能力。

The Issue with Frozen Trustlines

冷冻信任的问题

Schwartz also explained the distinction between freezing and clawback, especially in cases involving legal disputes. He provided an example:

施瓦茨还解释了冻结和回扣之间的区别，尤其是在涉及法律纠纷的案件中。他提供了一个例子：

“Say there’s a dispute between Alice and Bill, and the issuer doesn’t know who the tokens rightfully belong to. So they freeze the trustline. At this point, they don’t know to whom they owe the dollars those tokens represent. But they owe them to someone. So a frozen trustline can’t mean no legal obligation.”

“说爱丽丝和比尔之间存在争议，发行人不知道令牌是谁属于谁。因此他们冻结了信任线。在这一点上，他们不知道这些代表所代表的钱欠谁。但是他们归功于某人。因此，冷冻的信任线并不意味着没有法律义务。”

This example highlights a key limitation of having only a freeze function. If Alice’s tokens are frozen but later Bob gains a court order proving he is the rightful owner of those funds, the issuer must still settle that obligation with Bob.

此示例突出显示了仅具有冻结功能的关键限制。如果爱丽丝的令牌被冻结，但后来鲍勃获得了法院命令，证明他是这些资金的合法所有者，则发行人仍然必须与鲍勃履行这项义务。

However, without clawback, the frozen tokens would remain in Alice’s account despite her no longer having any legal claim to them. This mismatch between on-chain and off-chain realities creates a situation where the issuer could be held liable for an obligation they can no longer fulfill.

但是，如果没有回扣，尽管她不再对他们有任何法律要求，但冻结的令牌仍将留在爱丽丝的帐户中。链接和链链现实之间的这种不匹配造成了一种情况，在这种情况下，发行人应对他们无法履行的义务承担责任。

But by implementing both freeze and clawback, Ripple ensures that RLUSD accurately reflects the issuer’s obligations at all times. This capability prevents situations where an issuer could be forced to misrepresent their financial position or be unable to respond to a regulator’s demands.

但是，通过同时实施冻结和回击，Ripple确保RLUSD准确地反映了发行人的义务。这种能力阻止了发行人被迫歪曲其财务状况或无法应对监管机构要求的情况。

Does the Genius Act Specifically Target RLUSD?

天才行动是否专门针对RLUSD？

Concluding the discussion, Hogan remarked:

结论讨论，霍根说：

“It’s almost as though this legislation was written with RLUSD in mind.”

“这几乎好像是在牢记RLUSD的文章中写的。”

While the provisions of the Genius Act apply to all

而《天才法》的规定适用于所有人