参议员沃伦（D-MA）对新的Stablecoin立法发出警报，声称他们会给埃隆·马斯克（Elon Musk

如果这听起来过于戏剧化，那是因为它是。这些法案实际上是这样做的：《天才法案》和《稳定法案》旨在为稳定的护栏创建负责任的护栏

Sen. Elizabeth Warren (MA-D) recently sounded the alarm over new proposals on stablecoin legislation, claiming they’d give Elon Musk a “clear runway” to control U.S. money and payments.

参议员伊丽莎白·沃伦（Elizabeth Warren）（MA-D）最近对Stablecoin立法的新提案发出了警报，声称他们会给埃隆·马斯克（Elon Musk）提供“清晰的跑道”，以控制美国的货币和付款。

If that sounds overly-dramatic, it’s because it is.

如果这听起来过于戏剧化，那是因为它是。

Here's what these bills actually do: the GENIUS Act and the STABLE Act aim to create responsible guardrails for stablecoins, ensuring consumer protection and financial stability while encouraging innovation. Far from handing the keys to a single billionaire, they lay out clear standards so that no one — the world’s richest man or otherwise — can dominate payment infrastructure by sidestepping important safeguards.

这些法案实际上是这样做的：《天才法案》和《稳定法案》旨在为稳定币创建负责任的护栏，确保消费者的保护和财务稳定，同时鼓励创新。他们没有将钥匙交给单个亿万富翁，而是制定了明确的标准，因此没有人（世界上最富有的人或其他人）可以通过避开重要保障措施来主导付款基础设施。

At their core, stablecoins are digital assets designed to maintain a constant value—most commonly tied to the U.S. dollar and backed by a basket of reserves. However, the transparency and composition of an issuer’s dollar reserves may vary, which some regulatory proposals aim to clarify.

Stablecoins的核心是旨在保持恒定价值的数字资产，通常与美元息息相关，并以一篮子的储备为支持。但是，发行人的美元储备的透明度和组成可能会有所不同，一些监管建议旨在澄清。

By definition, dollar-denominated stablecoins reinforce the dollar’s role in the global economy rather than undermining it. Contrary to the claim that these bills would allow one person to “print money,” the GENIUS Act and STABLE Act are chiefly about setting minimum reserve, auditing, and licensing standards for stablecoin issuers. The fundamental idea is to ensure transparent, fully backed stablecoins under a clear regulatory regime, not to let a tech titan mint unbacked currency at will.

根据定义，以美元为基础的稳定稳定增强了美元在全球经济中的作用，而不是破坏它。与这些法案将允许一个人“打印资金”的说法相反，《天才法》和《稳定法》主要是为了为Stablecoin发行人设定最低限度储备，审计和许可标准。基本的想法是确保在明确的监管制度下确保透明，完全支持的稳定者，而不是随意让科技泰坦薄荷薄荷的货币。

Stablecoins offer innovations the legacy financial system has long struggled to provide: efficient, low-cost transfers, potentially faster settlements, and ability to instantly execute transactions that can fuel new financial products. They can be sent globally in near-real time, lowering barriers and giving everyday users more autonomy over their money, whether that be for remittances or payments for everyday purchases.

Stablecoins提供创新，传统金融体系长期以来一直在努力提供：高效，低成本的转移，潜在的更快的定居点以及能够立即执行可以推动新金融产品的交易的能力。它们可以在近乎实际的时间内在全球范围内发送，降低障碍，并为日常用户提供更多的自主权，无论是用于日常购买的汇款还是付款。

The size of the global stablecoin ecosystem is notable and is forcing traditional financial entities into the market. The growth in transaction volumes is hard to ignore; they climbed to $710 billion in February, compared with $521 billion in the same month last year.

全球Stablecoin生态系统的规模是显着的，并且正在迫使传统的金融实体进入市场。交易量的增长很难忽略。他们在2月攀升至7100亿美元，而去年同期为5210亿美元。

This future of finance is an upgrade over traditional infrastructure, which is dominated by large financial institutions that often dictate costs and limit options for smaller players. By replacing cumbersome, expensive intermediaries, stablecoins empower consumers to transact more directly, preserving their privacy and autonomy without sacrificing efficiency.

财务的未来是对传统基础设施的升级，该基础设施由大型金融机构主导，这些机构通常会决定成本并限制较小参与者的选择。通过取代繁琐，昂贵的中介机构，Stablecoins使消费者能够更直接地进行交易，从而在不牺牲效率的情况下保留其隐私和自主权。

Stablecoins also bolster national security and support the U.S. dollar’s global dominance. The U.S. dollar’s position as the world’s reserve currency provides significant geopolitical and economic advantages. With the rise of alternative financial systems, including foreign-issued digital assets, the United States must ensure that emerging technologies remain dollar-denominated.

Stablecoins还支持国家安全，并支持美元的全球统治地位。美元作为全球储备货币的地位提供了重要的地缘政治和经济优势。随着包括外国发行的数字资产在内的替代金融体系的兴起，美国必须确保新兴技术仍然以美元计价。

If innovators cannot operate within the U.S. under clear rules, they may turn to foreign jurisdictions, effectively weakening the dollar’s role. Encouraging stablecoin issuers to hold traditional U.S. treasuries as backing — rather than synthetic or foreign-issued substitutes — helps maintain steady demand for U.S. debt instruments and keeps the dollar anchored at the heart of global finance.

如果创新者无法根据明确的规定在美国境内运作，他们可能会转向外国司法管辖区，从而有效地削弱了美元的作用。鼓励Stablecoin发行人将传统的美国国债作为支持（而不是综合或外国发行的替代品）有助于维持对美国债务工具的稳定需求，并使美元固定在全球金融的核心。

At the same time, other countries are exploring strategies to reassert the dollar in ways that loop out American influence — so-called “de-dollarization” plans where foreign governments structure their trades and bonds in dollar equivalents without the traditional oversight or support of U.S. institutions.

同时，其他国家正在探索以逐渐消除美国影响力的方式重新确定美元的策略 - 所谓的“贬值”计划，外国政府以美元等价人的交易和债券在没有传统的监督或支持美国机构的情况下构建其交易和债券。

If we do not modernize our own financial infrastructure, we risk losing control over the direction of dollar-based innovation. Providing a predictable regulatory framework for stablecoins helps encourage developers and businesses to keep building on U.S. soil, ensuring that America remains at the forefront of this next wave of finance.

如果我们不现代化自己的金融基础设施，我们可能会失去对基于美元创新方向的控制权。为Stablecoins提供可预测的监管框架有助于鼓励开发商和企业继续在美国的土壤上建立建立，从而确保美国仍然处于下一浪潮的最前沿。

Both the GENIUS Act and STABLE Act propose guardrails to ensure stablecoin issuers meet baseline requirements for consumer protection and operational soundness. While each may have its strengths and weaknesses, they reflect a growing effort in Congress to produce thoughtful, bipartisan legislation.

《天才法案》和《稳定法》都提出了护栏，以确保稳定的发行人满足消费者保护和运营健全性的基准要求。尽管每个人都有其优点和劣势，但它们反映了国会制定周到的两党立法的日益努力。

Such legislation would reduce uncertainty, spur responsible innovation, and promote healthy competition in the digital asset marketplace. By clarifying legal obligations around reserve composition, auditing, and anti-money laundering practices, these bills aim to foster an environment where stablecoins can thrive under proper oversight — protecting consumers, upholding financial stability, and supporting national security interests.

这样的立法将减少不确定性，刺激负责任的创新，并促进数字资产市场的健康竞争。通过阐明围绕储备金组成，审计和反洗钱做法的法律义务，这些法案旨在促进一个环境，在这种环境下，稳定的股份可以在适当的监督下蓬勃发展 - 保护消费者，维护财务稳定以及支持国家安全利益。

Elon Musk’s interest in digital payments, as with any ambitious project, highlights the larger trend: private sector initiatives are moving rapidly, sometimes outpacing existing laws. Establishing solid regulatory foundations for stablecoins is the first step in ensuring that emerging ventures — whether they come from tech entrepreneurs or established financial giants—must operate within rules that protect the public and preserve vital U.S. interests.

与任何雄心勃勃的项目一样，埃隆·马斯克（Elon Musk）对数字支付的兴趣强调了更大的趋势：私营部门倡议正在迅速发展，有时超过了现有法律。为确保新兴企业（无论是来自科技企业家还是既定的金融巨头）确保新兴企业的第一步是在保护公众并保留美国重要利益的规则之内运作的第一步。

Proper legislation isn’t about letting a billionaire corner the market. It’s about providing certainty and accountability so that when a product like “X Money” or another innovative payment system inevitably comes along, it must meet rigorous standards for consumer protection and financial stability.

适当的立法不是让亿万富翁在市场上转弯。这是关于提供确定性和问责制，以便当“ X Money”或其他创新支付系统等产品不可避免地会出现时，它必须符合严格的消费者保护和财务稳定标准。

The future of money is poised to be more digital, transparent, and

金钱的未来有望更具数字性，透明性，并且