美国对稳定币的规定返回了辩论的中心

由参议员比尔·哈格蒂（Bill Hagerty）提出的《拟议天才法》（Genius Act）的法规在美国对辩论的中心返回了辩论的中心。

The regulation of stablecoins in the United States has returned to the center of the debate with the proposed Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, presented by Senator Bill Hagerty.

由参议员比尔·哈格蒂（Bill Hagerty）提出的拟议的指导和建立国家创新（GENIUS）法规，对美国的Stablecoins的规定返回了辩论的中心。

According to some industry experts, this regulation could represent an attempt at indirect control over central bank digital currency (CBDC), threatening the financial independence promised by criptovalute.

根据一些行业专家的说法，该法规可能代表了对中央银行数字货币（CBDC）进行间接控制的尝试，从而威胁了Criptovalute承诺的财务独立性。

GENIUS Act: more restrictions in regulation for U.S. stablecoins

天才法：美国稳定的法规限制更多

Jean Rausis, co-founder of the decentralized trading platform Smardex, has raised strong doubts about the real purpose of the GENIUS Act.

分散交易平台Smardex的联合创始人让·劳西斯（Jean Rausis）对《天才法》的真正目的提出了强烈的怀疑。

According to Rausis, the U.S. government could leverage centralized stablecoins to introduce restrictions similar to those planned for CBDCs, thus ensuring control over digital financial transactions:

根据劳西斯（Rausis）的说法，美国政府可以利用集中式稳定的稳定者引入类似于计划的CBDC的限制，从而确保对数字金融交易的控制：

“The government realizes that if it controls stablecoins, it also controls financial transactions.”

“政府意识到，如果它控制稳定币，它也可以控制金融交易。”

In other words, by collaborating with emittenti centralizzati di stablecoin, U.S. authorities could block funds at any time. Thus bypassing the need to create a true valuta digitale della banca centrale.

换句话说，通过与Emittenti Centralizzati di Stablecoin合作，美国当局可以随时阻止资金。因此，绕过需要创建真正的Valuta Digitale Della Banca Centrale的需要。

This control would be masked by an apparent decentralization, making stablecoins a less independent alternative than it seems.

这种控制将被明显的权力下放掩盖，使稳定蛋白成为比看起来更独立的替代方案。

According to Rausis, the only way to counter this form of government control is represented by algorithmic stablecoin and synthetic dollars.

根据劳西斯（Rausis）的说法，应对这种政府控制形式的唯一途径是算法稳定股和合成美元代表的。

That is to say, solutions not supported by centralized reserves that could protect the essence of decentralization in the criptovalute sector.

也就是说，无法保护分解部门权力下放的集中储量支持的解决方案。

Presented on February 4th, the GENIUS Act bill was conceived to regulate overcollateralized stablecoins, such as Tether’s USDT and Circle’s USDC.

于2月4日提出的《天才法案》法案被构想以规范过度补充化的稳定性，例如Tether的USDT和Circle的USDC。

However, on March 13, the measure was updated to include even stricter regulations regarding anti-money laundering, liquidity, and financial reserves.

但是，在3月13日，该措施更新了，包括有关反洗钱，流动性和金融储备的更严格的法规。

Among the added measures are stricter controls on sanctions and new requirements to ensure the stability of stablecoin issuers in the United States.

在附加的措施中，对制裁和新要求的控制更严格，以确保稳定发行人在美国的稳定性。

These provisions could offer an advantage to local companies compared to their offshore competitors. Thus indirectly strengthening the role of the American dollar as the dominant currency in global markets.

与海上竞争对手相比，这些规定可以为当地公司带来优势。因此，间接增强了美元作为全球市场中主要货币的作用。

Stablecoin and the role of the dollar: a strategy of financial hegemony

Stablecoin和Dollar的角色：金融霸权的策略

During the recent White House Crypto Summit, Treasury Secretary Scott Bessent highlighted the central role of stablecoins in the United States strategy:

在最近的白宫加密峰会上，财政部长斯科特·贝斯特（Scott Bessent）强调了stablecoins在美国战略中的核心作用：

“Stablecoins will be used to ensure the hegemony of the dollar in payments and protect its role as a global reserve currency”.

“ Stablecoins将用于确保付款中的美元霸权并保护其作为全球储备货币的作用”。

This approach highlights how the U.S. government views stablecoins as a fundamental geopolitical tool.

这种方法强调了美国政府如何将Stablecoin视为基本的地缘政治工具。

Centralized issuers rely on USA bank deposits and short-term financial instruments, such as Treasury bills, to support the value of digital tokens.

集中的发行人依靠美国银行存款和短期金融工具（例如财政账单）来支持数字代币的价值。

This dependency increases the demand for both US dollars and government debt securities, further strengthening the American financial system.

这种依赖性增加了美元和政府债务证券的需求，进一步加强了美国金融体系。

Currently, the centralized stablecoin issuers hold over 120 billion dollars in US Treasury bills. Thus ranking as the 18th largest purchaser of public debt of the country.

目前，集中的Stablecoin发行人在美国国库账单中持有超过1,200亿美元。因此，排名为该国的第18大公共债务购买者。

This data highlights the significant impact that these digital assets can have on the American economy and on long-term monetary policies.

这些数据凸显了这些数字资产可以对美国经济和长期货币政策产生的重大影响。

Regulation or masked control?

法规还是蒙版控制？

The proposed GENIUS Act could redefine the landscape of stablecoins in the United States.

拟议的《天才法》可以重新定义美国稳定的景观。

However, experts like Jean Rausis warn that this regulation could turn into a real instrument of control. That is, similar to that of CBDCs, effectively limiting the financial freedom of citizens.

但是，像让·劳西斯（Jean Rausis）这样的专家警告说，该法规可能会变成真正的控制工具。也就是说，与CBDC类似，有效地限制了公民的财务自由。

While on one hand the new regulations will ensure greater stability and trust in the stablecoin market, on the other hand they could jeopardize the fundamental principles of decentralization.

一方面，新法规将确保对Stablecoin市场的更大稳定和信任，另一方面，他们可能会危及权力下放的基本原则。

The battle between regulation and financial freedom has just begun, and the future of stablecoins could prove crucial for the entire cryptocurrency ecosystem.

监管与财务自由之间的斗争刚刚开始，Stablecoins的未来可能对整个加密货币生态系统至关重要。