美国参议院的新数字资产小组委员会举行了有关Stablecoin和市场结构立法的首次听证会

周三，参议院银行委员会的新数字资产小组委员会举行了有关探索两党立法框架数字资产的首次听证会。

The U.S. Senate’s new digital assets subcommittee held its first hearing on stablecoin and market structure legislation, while the CEO of the market-leading stablecoin believes his competitors are plotting a murder.

美国参议院的新数字资产小组委员会举行了首次关于Stablecoin和市场结构立法的听证会，而市场领先的Stablecoin首席执行官认为他的竞争对手正在谋杀谋杀案。

The Senate Banking Committee’s subcommittee on digital assets began rolling this year with a session titled Exploring Bipartisan Legislative Frameworks for Digital Assets.

参议院银行委员会的数字资产小组委员会于今年开始滚动，标题为“探索两党的数字资产立法框架”。

The Senate is currently contemplating several legislative proposals addressing digital assets, including a planned market structure bill similar to last year’s FIT21. But the immediate focus is squarely on stablecoins.

参议院目前正在考虑一些有关数字资产的立法提案，其中包括一项与去年FIT21相似的计划市场结构法案。但是，直接的重点是稳定的。

In the Senate, there’s the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act introduced by Sen. Bill Hagerty (R-TN). There are two stablecoin bills in the House, the GOP-led Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, and the ‘bipartisan’ discussion draft introduced last week by Rep. Maxine Waters (D-CA) based on work she and now-retired Rep. Patrick McHenry (R-NC) did in the last Congress.

在参议院中，参议员比尔·哈格蒂（Bill Hagerty）（R-TN）提出了为美国稳定者（GENIUS）的指导和建立国家创新。房屋中有两项稳定的法案，共和党领导的稳定性透明度和对更好的销售经济法（稳定）法案（稳定）法案，以及上周由众议员Maxine Waters（D-CA）推出的“两党制”讨论草案，其基于她和现已退休的Patrick Mchenry（R-NC）的工作，在最后一家中涉及。

We’ll get to the hearing in a moment, but we first want to highlight some interesting chatter that emerged in the days before the Senate hearing. On February 24, Vance Spencer, co-founder of crypto-friendly venture capital group Framework Ventures, tweeted a claim that the “soon-to-be revealed stablecoin markup apparently has requirements to shut off access to the [U.S. Treasury bill] market to centralized international stablecoin issuers.”

我们将稍后进行听证会，但我们首先想强调参议院听证会前几天出现的一些有趣的chat不休。 2月24日，加密友好的风险投资集团框架合作公司Vance Spencer在推特上发表了一条声称，“即将揭示的Stablecoin Markup显然有要求关闭进入[美国财政部帐单]对集中的国际Stablecoin发行人的访问权的要求。”

Spencer called this alleged plan “a blatant attempt at regulatory capture by U.S. players done at the expense of U.S. national interest … The largest stablecoins today are built overseas, and the largest source of demand is overseas … The future of stablecoins can be U.S. dollar based only if we allow a broader competitive set of stablecoin issuers to flourish and deny gatekeeping/gaslighting by those interested in regulatory capture[.]”

斯宾塞称这项涉嫌计划“公然以牺牲我们国家利益为代价的美国球员进行监管捕获的尝试……当今最大的斯塔布莱币是在海外建造的，最大的需求来源是海外的来源……只有我们允许在更广泛的竞争者中启动和拒绝的竞争力，才能以更广泛的竞争者为基础。

It’s no secret that the stablecoin bills currently up for discussion appear intended to favor U.S.-based Circle—issuer of the USDC stablecoin via a partnership with the Coinbase (NASDAQ:COIN) digital asset exchange—at the expense of USDT, the highly controversial market-leading stablecoin issued by Tether.

当前进行讨论的Stablecoin法案似乎是为了支持美国基于美国的圈子的稳定账单，这是USDC Stablecoin的成立者通过与Coinbase（NASDAQ：COIN）数字资产交换的合作伙伴关系的，这是USDT的代价，这是一个极为有争议的市场领先的STABLECOIN。

The day before the hearing, Bloomberg quoted Circle CEO Jeremy Allaire saying stablecoin legislation “is the first priority” of President Donald Trump’s administration. But Allaire claimed that there shouldn’t be a “free pass” for stable issuers who “just ignore the U.S. law and go do whatever the hell you want wherever and sell into the United States.” Issuers looking to offer dollar-denominated stables in America “should need to register in the U.S. just like we have to go register everywhere else.”

听证会的前一天，彭博社援引Circle首席执行官杰里米·阿莱尔（Jeremy Allaire）的话说，唐纳德·特朗普（Donald Trump）总统政府的立法“是首要任务”。但是Allaire声称，对于稳定的发行人来说，不应该有“免费的通行证”，他们“只是忽略美国法律，然后去任何您想在任何地方进行地狱，然后卖入美国。”希望在美国提供以美元计价的马s的发行人“应该像我们必须在其他任何地方注册一样在美国注册。”

Coinbase CEO Brian Armstrong recently stated a goal of making USDC the “number one dollar stablecoin” while suggesting that Coinbase would delist USDT should the U.S. approve regulations with which Tether is unable to comply. Coinbase and other exchanges have already delisted USDT in Europe to comply with the EU’s Markets in Crypto-Assets (MiCA) regulations.

Coinbase首席执行官Brian Armstrong最近指出了将USDC成为“第一美元Stablecoin”的目标，同时建议Coinbase如果美国批准了Tether无法遵守的法规，Coinbase将使USDT脱颖而出。 Coinbase和其他交易所已经使USDT在欧洲划分，以遵守加密资产（MICA）法规中的欧盟市场。

Those at Circle/Coinbase aren’t the only ones targeting Tether’s dominance. On February 25, Bloomberg quoted PayPal (NASDAQ:PYPL) execs saying they’re looking to expand merchant usage of PYUSD, the dollar-denominated stablecoin the company launched in August 2023.

那些在Circle/Coinbase的人并不是唯一针对系绳主导地位的人。 2月25日，彭博（Bloomberg）引用了PayPal（NASDAQ：PYPL）高管的话说，他们正在寻求扩大以美元计价的稳定股的商人使用，该公司于2023年8月成立。

PYUSD currently claims a market cap of just $700 million, down from $1 billion shortly after its launch, but the company hopes to reverse that slide in part by making PYUSD available through Hyperwallet, the platform that PayPal acquired in 2018. Hyperwallet focuses on payments for “marketplace sales, commissions, insurance settlements, charities, clinical study reimbursements, airlines, and employee benefits.” The plan is for Hyperwallet to begin offering a PYUSD option by mid-year.

PYUSD目前声称的市值仅为7亿美元，低于推出后不久的10亿美元，但该公司希望通过使Pyusd通过Hyperwallet提供，该平台在2018年获得的平台，HyperWallet在2018年获得的平台。HyperWallet专注于“市场销售，佣金，佣金，委员会的益处，委托人，临床研究，并雇用待遇者，并雇用了空费，并雇用了空费，并雇用了空中委员会。该计划是让Hyperwallet在年中开始提供PYUSD选项。

It’s not just crypto operators who are making a move, as Bank of America (BoA) CEO Brian Moynihan said this week that his firm might issue its own dollar-denominated tokens linked to dollar deposit accounts. According to Moynihan, if they make that legal, we will go into that business, although “what it’s useful for is going to be interesting.” (We’ll say.)

正如美国银行（BOA）首席执行官布莱恩·莫尼汉（Brian Moynihan）本周表示，他的公司可能会发布与美元存款帐户相关的以美元计价的代币，这不仅是加密运营商正在采取行动。根据Moynihan的说法，如果他们合法，我们将开始从事这项业务，尽管“它的用处将很有趣”。 （我们要说的。）

And don’t expect BoA to be a banking-stable outlier for long. Earlier this month, Federal Reserve Governor Christopher Waller said, “a U.S. regulatory and supervisory framework … should allow both non-banks and banks to issue regulated stablecoins.”

而且不要期望BOA长期成为银行业稳定的异常值。美联储州长克里斯托弗·沃勒（Christopher Waller）本月早些时候说：“美国的监管和监督框架……应该允许非银行和银行签发受监管的稳定股。”

Tether finds more friends in Trump’s inner circle

系车在特朗普的内心圈子中找到了更多朋友

While Waters has been emphatic in her desire to keep Tether out of a U.S. regulated stablecoin market, all the bills currently circulating would impose conditions that Tether has steadfast

尽管沃特斯（Waters）一直在渴望将束缚脱离美国受监管的稳定市场的愿望，但目前流通的所有账单都将施加束缚的条件