尽管国会表现不佳，但美国众议员弗伦奇·希尔仍然希望数字资产立法今年能够通过

随着美国证券交易委员会 (SEC) 公布 2025 年审查重点，国会议员 Hill (R-AR) 表示，他仍然相信两项与数字资产相关的法案可能会在年底前取得进展。

Despite a lame-duck Congress and the SEC's 2025 examination priorities, Rep. French Hill remains optimistic about the passage of digital asset legislation this year. Meanwhile, the UK's top finance watchdog defended its stance on digital assets amid criticism.

尽管国会和 SEC 的 2025 年审查优先事项都表现不佳，但众议员 French Hill 对今年数字资产立法的通过仍持乐观态度。与此同时，英国最高金融监管机构在批评中捍卫了其对数字资产的立场。

Rep. Hill (R-AR) still believes that two digital asset-related bills could advance before the end of the year, despite the lame-duck Congress. Speaking at a conference on Tuesday, the Arkansas Republican stated that he is “still optimistic” that a digital asset market structure bill and legislation to regulate stablecoins will be considered before the year’s end.

众议员希尔 (R-AR) 仍然认为，尽管国会表现不佳，但两项与数字资产相关的法案可能会在今年年底前取得进展。这位阿肯色州共和党人在周二的一次会议上表示，他“仍然乐观”地认为，数字资产市场结构法案和监管稳定币的立法将在年底前得到考虑。

“I’m still optimistic that FIT21, which is the regulatory framework bill, and the stablecoin bill have possible consideration in the lame duck,” said Hill, speaking to Dr. Christopher Brummer at the 8th Annual Washington DC Fintech Week. Brummer is the founder of DC Fintech Week and a professor of financial technology at Georgetown Law.

“我仍然乐观地认为，监管框架法案 FIT21 和稳定币法案可能会在跛脚鸭中得到考虑，”希尔在第八届华盛顿特区金融科技周上对 Christopher Brummer 博士表示。布鲁默是 DC Fintech Week 的创始人，也是乔治城大学法学院的金融技术教授。

A “lame duck” session occurs when lawmakers meet after an election but before the beginning of the new Congress. With a potentially pivotal election set to take place on November 5, the new Congress will not be seated until January next year.

当立法者在选举后、新一届国会开始之前开会时，就会发生“跛脚鸭”会议。由于潜在的关键选举将于 11 月 5 日举行，新一届国会要到明年 1 月才能就职。

“In all lame duck sessions, they take the direction from who wins the top of the ticket, so that will govern a bit of what we’re dealing with,” said Hill. This means that Vice President Kamala Harris or former President Donald Trump will determine how the lame duck will proceed.

“在所有跛脚鸭会议中，他们都会根据谁赢得了最高票来决定方向，因此这将控制我们正在处理的一些事情，”希尔说。这意味着副总统卡马拉·哈里斯或前总统唐纳德·特朗普将决定跛脚鸭将如何进行。

The digital asset-related bills that Hill hopes to see progress are the Financial Innovation and Technology (FIT) for the 21st Century Act, which passed a full U.S. House of Representatives vote in May, and the Clarity for Payment Stablecoins Act of 2023, which passed Committee stage last July but has since been languishing in the House.

希尔希望看到进展的数字资产相关法案是《21 世纪金融创新和技术 (FIT) 法案》，该法案于 5 月获得美国众议院全体投票通过，以及《2023 年支付稳定币清晰度法案》去年七月通过了委员会阶段，但此后一直在众议院陷入困境。

The latter seeks to create a regulatory framework for the issuance and oversight of payment stablecoins, including, amongst other measures, defining stablecoins, mandating stablecoin issuers to obtain licenses from state regulators, and requiring issuers to maintain reserves equal to the value of the stablecoins in circulation.

后者旨在为支付稳定币的发行和监督建立一个监管框架，其中包括定义稳定币、要求稳定币发行人获得国家监管机构的许可，以及要求发行人维持与稳定币价值相等的储备金。循环。

While lawmakers are still motivated to pass stablecoin legislation this year, FIT21 is perhaps the more significant bill. It aims to provide broader regulatory certainty for digital assets and eliminate some of the gray areas in oversight.

尽管立法者今年仍然有动力通过稳定币立法，但 FIT21 可能是更重要的法案。它旨在为数字资产提供更广泛的监管确定性，并消除监管中的一些灰色地带。

If passed, it would give the Commodity Futures Trading Commission (CFTC) power over digital commodities while clarifying the SEC’s mandate to oversee digital assets offered as part of an investment contract. The bill also outlines a process for firms to certify with the SEC that their projects are adequately decentralized, allowing them to register digital assets as digital commodities with the CFTC.

如果获得通过，它将赋予商品期货交易委员会（CFTC）管理数字商品的权力，同时明确 SEC 监督作为投资合同一部分提供的数字资产的授权。该法案还概述了公司向 SEC 证明其项目已充分去中心化的流程，从而允许他们将数字资产作为数字商品向 CFTC 注册。

Rep. Hill leads the House Financial Services subcommittee focused on digital assets and has also put his hat in the ring to lead the full House Financial Services Committee if Republicans remain in control of the House next year. Current Chair Patrick McHenry (R-NC) announced his plans to retire at the beginning of 2025.

希尔众议员领导着专注于数字资产的众议院金融服务小组委员会，如果共和党明年继续控制众议院，他也将领导整个众议院金融服务委员会。现任主席帕特里克·麦克亨利 (R-NC) 宣布计划于 2025 年初退休。

Hill said on Tuesday that if legislation doesn’t happen this year, it will be a “top priority” for next year. The comments came just a day after the SEC announced its priorities for 2025.

希尔周二表示，如果今年没有立法，这将是明年的“首要任务”。该评论是在 SEC 宣布 2025 年优先事项的一天后发表的。

2025 regulatory goals

2025年监管目标

On Monday, the SEC Division of Examinations—responsible for conducting inspections and oversight of financial firms, such as investment advisers, broker-dealers and other regulated entities, to ensure compliance with securities laws and regulations—published its “examination priorities” for 2025, which included plans to focus on the “offer, sale, recommendation, advice, trading, and other activities involving crypto assets.”

周一，美国证券交易委员会考试部（负责对投资顾问、经纪交易商和其他受监管实体等金融公司进行检查和监督，以确保遵守证券法律法规）公布了 2025 年“考试重点”，其中包括计划重点关注“涉及加密资产的提供、销售、推荐、建议、交易和其他活动”。

According to the SEC, “given the volatility and activity involving the crypto asset markets, the Division will continue to monitor and, when appropriate, conduct examinations of registrants offering crypto asset-related services.”

美国证券交易委员会表示，“鉴于加密资产市场的波动性和活动，该部门将继续监控并在适当的时候对提供加密资产相关服务的注册人进行检查。”

It added that “the Division will assess registrant practices to address the technological risks associated with the use of blockchain and distributed ledger technology, including risks pertaining to the security of crypto assets.”

它补充说，“该部门将评估注册人的做法，以解决与使用区块链和分布式账本技术相关的技术风险，包括与加密资产安全相关的风险。”

A notable addition to the 2025 examination priorities was the inclusion of spot BTC and ETH exchange-traded products (ETPs), after the SEC approved the former in January, followed by the latter in May.

2025 年审查重点中的一个显着增加是纳入了现货 BTC 和 ETH 交易所交易产品 (ETP)，SEC 在 1 月份批准了前者，随后于 5 月份批准了后者。

The SEC’s Acting Director of the Division of Examinations, Keith Cassidy, said on Monday that the list of priorities represented “key areas of potentially increased risks and related harm for investors,” while SEC Chair Gary Gensler said the division would be “working with registrants” to help them “understand the rules” and ensure that the markets “work for investors and issuers alike.”

美国证券交易委员会考试部代理主任基思·卡西迪 (Keith Cassidy) 周一表示，优先事项清单代表了“对投资者而言风险和相关损害可能增加的关键领域”，而美国证券交易委员会主席加里·詹斯勒 (Gary Gensler) 表示，该部门将“与注册人合作” ”以帮助他们“理解规则”并确保市场“为投资者和发行人服务”。

The pair’s comments hinted that the SEC’s approach to digital assets in 2025 will be similar to its current—much criticized—approach, which some have described as excessively heavy-handed.

两人的评论暗示，美国证券交易委员会在 2025 年对数字资产采取的做法将类似于其目前备受批评的做法，一些人认为这种做法过于严厉。

But it’s not just the U.S. regulator that has

但不仅仅是美国监管机构