稳定币法案在国会获得通过，可能被纳入美国联邦航空局重新授权

正如众议院领导层和参议院多数党领袖舒默之间的讨论所表明的那样，稳定币立法的进展可能会在今年夏天或在跛脚鸭会议期间实现。 Punchbowl News 和 Politico 均报道称，舒默会见了众议院金融服务委员会主席麦克亨利，并与民主党人沃特斯会面，讨论众议院主导的稳定币法案。立法者考虑将该法案附加到美国联邦航空局的重新授权中，但可能会被纳入其他年终法案或跛脚鸭会议期间。

Stablecoin Legislation Advances in Congress, Attachment to FAA Reauthorization Possible

稳定币立法在国会取得进展，可能获得美国联邦航空管理局 (FAA) 重新授权

Legislative efforts to establish a regulatory framework for stablecoins gained momentum recently following discussions between top House and Senate leaders. Investment bank TD Cowen reported that House Financial Services Chair Patrick McHenry (R-N.C.) and ranking Democrat Maxine Waters (D-Calif.) met with Senate Majority Leader Chuck Schumer (D-N.Y.) last week to deliberate on the House-led stablecoin legislation.

经过参众两院高层领导人的讨论，建立稳定币监管框架的立法努力最近取得了势头。投资银行 TD Cowen 报道称，众议院金融服务业主席帕特里克·麦克亨利（北卡罗来纳州共和党人）和民主党资深民主党人玛克辛·沃特斯（加利福尼亚州民主党人）上周会见了参议院多数党领袖查克·舒默（纽约州民主党人），商讨众议院-主导稳定币立法。

According to Punchbowl News and Politico, the lawmakers explored the possibility of attaching the bill to the upcoming Federal Aviation Administration (FAA) reauthorization, which may also include cannabis banking legislation. The FAA reauthorization expires on May 10, but the urgency to address Iran's attack on Israel could afford lawmakers more time, TD Cowen noted on Monday. Stablecoin legislation could also be incorporated into end-of-year bills such as the National Defense Authorization Act.

据 Punchbowl News 和 Politico 报道，立法者探讨了将该法案附加到即将到来的联邦航空管理局（FAA）重新授权的可能性，其中可能还包括大麻银行立法。 TD Cowen 周一指出，美国联邦航空局的重新授权将于 5 月 10 日到期，但解决伊朗袭击以色列的紧迫性可能会给立法者提供更多时间。稳定币立法也可以纳入年终法案，例如《国防授权法》。

"There is a path for stable coin legislation," said the TD Cowen Washington Research Group in a note. "It would require the backing of Team Biden and the inclusion of AML/BSA crypto controls. It also could be paired with a Democratic priority."

TD Cowen 华盛顿研究小组在一份报告中表示：“稳定币立法有一条道路。” “这需要拜登团队的支持，并纳入 AML/BSA 加密货币控制。它也可以与民主党的优先事项相结合。”

The House and Senate have passed their respective versions of FAA reauthorization bills and are reconciling differences, with safety issues taking precedence, according to Ron Hammond, director of government relations at the Blockchain Association.

区块链协会政府关系总监罗恩·哈蒙德表示，众议院和参议院已经通过了各自版本的美国联邦航空局重新授权法案，并正在协调分歧，其中安全问题优先。

Hammond highlighted the necessity of passing the FAA reauthorization bill but cautioned about potential last-minute drama. He expressed concerns that including a stablecoin bill in the FAA reauthorization could encourage other lawmakers to add their own bills as the year-end approaches, potentially jeopardizing the passage of the legislation.

哈蒙德强调了通过美国联邦航空局重新授权法案的必要性，但警告说可能会出现最后一刻的戏剧性事件。他表示担心，将稳定币法案纳入美国联邦航空局的重新授权可能会鼓励其他立法者在年底临近时添加自己的法案，从而可能危及该立法的通过。

Current Status of Legislation

立法现状

Representatives Waters and McHenry have been collaborating on a regulatory framework for stablecoins, although industry sources indicate that discussions regarding the primary regulator for stablecoin issuers have stalled. The bill passed through their committee over the summer, but it was met with partisan opposition. Congressional Republicans attributed the resistance to the White House. Waters criticized the bill as "deeply problematic" because it allows state regulators to approve stablecoin issuances without Federal Reserve oversight.

众议员沃特斯和麦克亨利一直在合作制定稳定币的监管框架，尽管行业消息人士表示，有关稳定币发行人主要监管机构的讨论已经陷入僵局。该法案于今年夏天通过了他们的委员会，但遭到了党派的反对。国会共和党人将抵制归咎于白宫。沃特斯批评该法案“存在严重问题”，因为它允许州监管机构在没有美联储监督的情况下批准稳定币发行。

In the Senate, Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) announced their plans to introduce a stablecoin bill aimed at defining stablecoins and safeguarding consumers.

在参议院，参议员辛西娅·鲁米斯（怀俄明州共和党）和克尔斯滕·吉利布兰德（纽约州民主党）宣布计划推出一项稳定币法案，旨在定义稳定币并保护消费者。

Potential Compromise and Challenges

潜在的妥协和挑战

Reports suggest a potential compromise to secure the passage of a stablecoin bill. Senate Democrats advocate for a marijuana banking bill, the Secure and Fair Enforcement Regulation Banking Act, which could be traded off against a stablecoin bill. The banking bill would permit financial institutions to provide services to the marijuana industry.

报告提出了一种可能的妥协方案，以确保稳定币法案的通过。参议院民主党人主张制定一项大麻银行法案，即《安全和公平执行监管银行法》，该法案可以与稳定币法案进行权衡。银行法案将允许金融机构向大麻产业提供服务。

Should the Senate reach a compromise, it would still face obstacles in the House, where Speaker Mike Johnson (R-La.) has consistently opposed the marijuana banking bill, according to several news outlets.

据多家新闻媒体报道，即使参议院达成妥协，它仍将在众议院面临障碍，众议院议长迈克·约翰逊（路易斯安那州共和党人）一直反对大麻银行法案。

Despite these challenges, Hammond remains optimistic about the prospects of stablecoin legislation passing this year. He stated that if the bill is not attached to the FAA reauthorization, it has opportunities through the NDAA, an aid bill, or during the lame-duck session after the elections.

尽管存在这些挑战，哈蒙德仍然对今年通过稳定币立法的前景持乐观态度。他表示，如果该法案不附加美国联邦航空局的重新授权，它有机会通过《国防授权法案》、一项援助法案，或者在选举后的跛脚鸭会议期间获得机会。