稳定币监管：国家安全当务之急

在布鲁金斯学会最近的一篇论文中，美国商品期货交易委员会 (CFTC) 前主席蒂莫西·马萨德 (Timothy Massad) 强调，由于稳定​​币具有无与伦比的、不可预见的可扩展性，因此必须进行严格的监管。马萨德认为，与 20 世纪 60 年代至 70 年代欧洲美元的崛起不同，稳定币可能不符合国家利益，并强调美国政府对稳定币的控制有限。该文件强调了国家安全监管的迫切需要，而沃伦参议员则呼吁在钱包和验证器层面遵守反洗钱规则。

Urgent Call for Robust Stablecoin Regulations: National Security Imperative

迫切需要强有力的稳定币监管：国家安全势在必行

In a groundbreaking paper for the Brookings Institute, former Commodity and Futures Trading Commission (CFTC) Chair Timothy Massad has issued a stark warning about the burgeoning stablecoin industry, urging lawmakers to enact stringent regulations without delay. Massad's incisive analysis underscores the national security risks posed by the rapid proliferation of stablecoins, which have the potential to undermine the traditional financial system and facilitate criminal activities.

在布鲁金斯学会的一篇开创性论文中，前商品和期货交易委员会（CFTC）主席蒂莫西·马萨德（Timothy Massad）对蓬勃发展的稳定币行业发出了严厉警告，敦促立法者立即制定严格的法规。马萨德的精辟分析强调了稳定币快速扩散带来的国家安全风险，稳定币有可能破坏传统金融体系并为犯罪活动提供便利。

Beyond Eurodollars: Unique Threats Posed by Stablecoins

超越欧洲美元：稳定币带来的独特威胁

Unlike the rise of Eurodollars in the 1960s and 1970s, Massad argues that the emergence of stablecoins poses unprecedented challenges due to their distinct characteristics. Unlike Eurodollars, which were primarily used by multinational corporations for legitimate business transactions, stablecoins are widely accessible to individuals and institutions, including criminal actors. Their availability in digital form also presents significant risks for money laundering, terrorist financing, and other illicit activities.

与 20 世纪 60 年代和 1970 年代欧洲美元的崛起不同，马萨德认为，稳定币的出现因其独特的特征而带来了前所未有的挑战。与主要被跨国公司用于合法商业交易的欧洲美元不同，稳定币可以广泛地被个人和机构（包括犯罪分子）使用。它们以数字形式存在也给洗钱、恐怖主义融资和其他非法活动带来了巨大风险。

Bearer Nature Undermines Government Control

承载性质破坏政府控制

Moreover, the bearer nature of stablecoins further complicates regulatory efforts. Unlike traditional bank deposits, which are subject to government oversight and reporting requirements, stablecoins can be transferred anonymously, making it difficult for authorities to track their movements. This anonymity poses a significant risk for both national security and financial stability.

此外，稳定币的无记名性质使监管工作进一步复杂化。与受政府监督和报告要求的传统银行存款不同，稳定币可以匿名转移，这使得当局很难追踪其动向。这种匿名性给国家安全和金融稳定带来了重大风险。

AML/KYC Enforcement: Fundamental to Safeguarding National Interests

AML/KYC 执法：维护国家利益的基础

To mitigate these risks, Massad advocates for robust stablecoin regulation at the federal level. He calls for the implementation of anti-money laundering (AML) and know-your-customer (KYC) rules at all levels of the stablecoin ecosystem, including wallet providers and validators. This comprehensive approach is essential to ensure that stablecoins are not used to facilitate illicit activities that threaten national security interests.

为了减轻这些风险，马萨德主张在联邦层面实施强有力的稳定币监管。他呼吁在稳定币生态系统的各个层面（包括钱包提供商和验证器）实施反洗钱（AML）和了解你的客户（KYC）规则。这种全面的方法对于确保稳定币不被用来促进威胁国家安全利益的非法活动至关重要。

Proactive Issuer Responsibility: Monitoring Suspicious Activity

主动发行人的责任：监控可疑活动

Beyond AML/KYC enforcement, Massad argues that stablecoin issuers must play a proactive role in preventing misuse of their coins. He proposes that issuers establish robust monitoring systems to detect and freeze suspicious transactions, and even refuse redemption in certain cases. This heightened level of issuer responsibility would significantly curtail the ability of criminals to exploit stablecoins for nefarious purposes.

Massad 认为，除了 AML/KYC 执法之外，稳定币发行人还必须在防止其代币被滥用方面发挥积极主动的作用。他建议发行人建立健全的监控系统，以检测和冻结可疑交易，甚至在某些情况下拒绝赎回。发行人责任的提高将大大削弱犯罪分子利用稳定币进行邪恶目的的能力。

Decentralization vs. Regulatory Compliance: An Ideological Clash

权力下放与监管合规：意识形态冲突

The proposed regulations have sparked a heated debate between advocates of decentralization and those who prioritize compliance with existing financial laws. While some proponents of decentralization argue that blockchain networks, with their vast and distributed nature, are impervious to government oversight, others maintain that the rule of law must apply to all financial instruments, regardless of their technological underpinnings.

拟议的法规引发了权力下放的倡导者和优先考虑遵守现有金融法的人之间的激烈辩论。虽然一些去中心化的支持者认为区块链网络因其庞大和分布式的性质而不受政府监督，但其他人则认为法治必须适用于所有金融工具，无论其技术基础如何。

Uniswap Lawsuit: A Test Case for Regulatory Reach

Uniswap 诉讼：监管范围的测试案例

The recent Securities and Exchange Commission (SEC) lawsuit against Uniswap, a supposedly decentralized exchange, has ignited this debate further. The outcome of this case will provide valuable insights into the extent to which decentralized platforms can evade regulatory scrutiny or must ultimately comply with the law.

最近，美国证券交易委员会 (SEC) 对 Uniswap（一家所谓的去中心化交易所）提起诉讼，进一步引发了这场争论。本案的结果将为了解去中心化平台在多大程度上可以逃避监管审查或最终必须遵守法律提供宝贵的见解。

Criminal Misuse: Limited Options for Evading Detection

犯罪滥用：逃避检测的有限选择

Despite the challenges posed by stablecoin anonymity, Massad warns that criminals hoping to use stablecoins for illicit purposes will face significant obstacles. While assets like Monero may offer some degree of anonymity, their limited liquidity and the industry-wide delisting of such assets make their use for large-scale criminal activities impractical.

尽管稳定币匿名性带来了挑战，但马萨德警告说，希望将稳定币用于非法目的的犯罪分子将面临重大障碍。虽然像门罗币这样的资产可能提供一定程度的匿名性，但其有限的流动性以及此类资产在全行业范围内的退市使得它们用于大规模犯罪活动是不切实际的。

Conclusion: Urgent Action Required to Protect National Security

结论：保护国家安全需要采取紧急行动

The proliferation of stablecoins has created an urgent need for robust and comprehensive regulation to safeguard national security and financial stability. The recommendations outlined by Massad in his Brookings Institute paper provide a roadmap for policymakers to address the unique risks posed by this emerging asset class. Failure to act swiftly could have dire consequences, undermining the integrity of our financial system and exposing our nation to significant vulnerabilities.

稳定币的激增迫切需要强有力和全面的监管，以维护国家安全和金融稳定。马萨德在布鲁金斯学会论文中概述的建议为政策制定者解决这一新兴资产类别带来的独特风险提供了路线图。如果不迅速采取行动，可能会产生可怕的后果，破坏我们金融体系的完整性，并使我们的国家面临严重的脆弱性。