稳定币对决：鲁米斯-吉利布兰德法案点燃监管战场

参议院银行委员会正在考虑两项监管稳定币的法案，其中一项由参议员 Lummis 和 Gillibrand 提出，另一项由众议员 McHenry 和 Waters 提出。这两项法案都旨在解决对非法金融的担忧并强制遵守美国金融犯罪规则。 Lummis-Gillibrand 法案将要求稳定币发行人向 OCC 或州非存款信托公司注册，维持 1:1 的现金或现金等价物储备，并在一个工作日内兑现赎回请求。麦克亨利-沃特斯法案将为稳定币创建一个新的监管框架，包括注册要求​​、准备金要求和对算法稳定币的限制。

Stablecoin Legislation: A Comprehensive Analysis

稳定币立法：综合分析

Amidst the turbulence of the 118th Congress, a significant piece of legislation known as the Lummis-Gillibrand Payment Stablecoin Act of 2024 has been introduced, aiming to bring order to the tumultuous $157 billion stablecoin market.

在第 118 届国会的动荡中，一项名为《2024 年 Lummis-Gillibrand 支付稳定币法案》的重要立法出台，旨在为动荡的 1570 亿美元稳定币市场带来秩序。

The Political Divide and Regulatory Battleground

政治分歧和监管战场

The legislation, a collaborative effort between Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY), seeks to establish a regulatory framework for stablecoins, digital assets pegged to the value of fiat currencies like the US dollar. However, the path forward is clouded by partisan divisions and competing regulatory jurisdictions.

该立法是参议员克尔斯滕·吉利布兰德（纽约州民主党）和辛西娅·鲁米斯（怀俄明州共和党）共同努力的结果，旨在为稳定币和与美元等法定货币价值挂钩的数字资产建立监管框架。然而，前进的道路因党派分歧和相互竞争的监管管辖区而蒙上阴影。

The House of Representatives has been grappling with a similar proposal, the Clarity for Payment Stablecoins Act of 2023, which has been languishing due to a dispute over regulatory oversight. Republicans favor state-level regulation, while Democrats advocate for a more active federal role.

众议院一直在努力解决一项类似的提案，即《2023 年支付稳定币清晰度法案》，该法案由于监管方面的争议而一直处于停滞状态。共和党人赞成州级监管，而民主党人主张联邦发挥更积极的作用。

Bridging the Divide: The Lummis-Gillibrand Compromise

弥合分歧：鲁米斯-吉利布兰德妥协

The Lummis-Gillibrand bill attempts to bridge this divide by allowing state non-depository trust companies to issue stablecoins with market caps below $10 billion, while the federal Office of the Comptroller of the Currency (OCC) would oversee larger stablecoins with caps exceeding $10 billion.

Lummis-Gillibrand 法案试图弥合这一分歧，允许州非存款信托公司发行市值低于 100 亿美元的稳定币，而联邦货币监理署 (OCC) 将监管市值超过 100 亿美元的较大稳定币。

This compromise grants some autonomy to states while also ensuring sufficient federal oversight to address systemic risks.

这种妥协赋予各州一定的自主权，同时也确保联邦有足够的监督来应对系统性风险。

Curbing Algorithmic Stablecoins and Enforcing Transparency

遏制算法稳定币并加强透明度

The bill prohibits algorithmic stablecoins, such as the infamous TerraUSD (UST), which collapsed in May 2022, exposing the fragility of their pegged value mechanisms.

该法案禁止算法稳定币，例如臭名昭​​著的 TerraUSD (UST)，该币于 2022 年 5 月崩溃，暴露了其锚定价值机制的脆弱性。

To ensure transparency and accountability, stablecoin issuers would be required to maintain reserves on a 1:1 cash or cash-equivalent basis and submit monthly reports on asset holdings, market cap, and outstanding stablecoins.

为了确保透明度和问责制，稳定币发行人需要按照 1:1 现金或现金等价物的比例维持储备，并提交有关资产持有量、市值和未偿稳定币的月度报告。

Tether's Achilles' Heel: Audit and Redemption

Tether 的致命弱点：审计与赎回

Tether, the dominant stablecoin issuer but also shrouded in controversy, would face significant compliance challenges under this legislation. The bill would mandate third-party audits of Tether's reserves, a demand Tether has steadfastly resisted.

Tether 作为主要的稳定币发行商，但也饱受争议，根据这项立法，将面临重大的合规挑战。该法案将要求第三方对 Tether 的储备进行审计，但 Tether 一直坚决抵制这一要求。

Furthermore, the bill would require stablecoin issuers to honor redemption requests within one business day, regardless of the amount. Tether has often refused to redeem USDT tokens below $100,000, sparking concerns about its liquidity and ability to maintain its peg.

此外，该法案将要求稳定币发行人在一个工作日内满足赎回请求，无论金额多少。 Tether 经常拒绝赎回低于 10 万美元的 USDT 代币，引发了对其流动性和维持挂钩能力的担忧。

Crosshairs on Tether: Illicit Finance and Regulatory Heft

Tether 上的十字准线：非法金融和监管力度

Senator Gillibrand expressed that the legislation is a crucial step towards combating illicit finance and bringing transparency to the crypto ecosystem. She emphasized the bill's "real regulatory heft and teeth," indicating its potential to hold bad actors accountable.

参议员吉利布兰德表示，该立法是打击非法金融和提高加密生态系统透明度的关键一步。她强调了该法案“真正的监管力度和力度”，表明该法案有可能追究不良行为者的责任。

The accompanying press release explicitly states that the legislation would "immediately cripple a source of funds" for illicit actors, including Hamas, North Korea, and Russian sanctions evaders, suggesting that Tether's dealings with these entities could be under scrutiny.

随附的新闻稿明确指出，该立法将“立即削弱”包括哈马斯、朝鲜和俄罗斯制裁逃避者在内的非法行为者的资金来源，这表明 Tether 与这些实体的交易可能会受到审查。

Ambiguous Impact on US Exchanges and Tether's US Operations

对美国交易所和 Tether 在美国业务的模糊影响

While the bill does not explicitly name Tether, its provisions could have significant implications for the company's US operations. Coinbase, Tether's largest trading partner in the United States, could benefit from increased demand for USDC, another compliant stablecoin. Kraken, known as a popular platform for USDT trading, would likely be negatively affected by any restrictions or sanctions targeting Tether.

虽然该法案没有明确点名 Tether，但其条款可能对该公司的美国业务产生重大影响。 Tether 在美国最大的贸易伙伴 Coinbase 可能会受益于对另一种合规稳定币 USDC 需求的增加。 Kraken 作为 USDT 交易的热门平台，可能会受到针对 Tether 的任何限制或制裁的负面影响。

Warren's Dissent and Anti-Money Laundering Concerns

沃伦的异议和反洗钱担忧

Senators Elizabeth Warren (D-MA) and Sherrod Brown (D-NY) have expressed reservations about the legislation, calling for stronger anti-money laundering (AML) provisions. Senator Warren has written to Treasury Secretary Janet Yellen, urging her to incorporate a broader range of AML tools into any stablecoin regulation.

参议员伊丽莎白·沃伦（马萨诸塞州民主党）和谢罗德·布朗（纽约州民主党）对该立法表示保留，呼吁制定更强有力的反洗钱（AML）条款。参议员沃伦已写信给财政部长珍妮特·耶伦，敦促她将更广泛的反洗钱工具纳入任何稳定币监管中。

Tether's Resistance to Regulation

Tether 对监管的抵制

Tether CEO Paolo Ardoino has been vocal in his opposition to certain regulatory frameworks, such as the European Union's Markets in Crypto Assets (MiCA) legislation. He has argued that MiCA's requirements, including strict reserve management and bank deposits, are impractical and hinder crypto adoption in Europe.

Tether 首席执行官 Paolo Ardoino 一直直言不讳地反对某些监管框架，例如欧盟的加密资产市场 (MiCA) 立法。他认为 MiCA 的要求，包括严格的准备金管理和银行存款，是不切实际的，并且阻碍了加密货币在欧洲的采用。

Ardoino's stance reflects Tether's ongoing struggle to find compliant banking partners and its reluctance to disclose the composition and location of its reserves.

Ardoino 的立场反映出 Tether 一直在努力寻找合规的银行合作伙伴，并且不愿披露其储备金的构成和位置。

UK Regulatory Shadow and Time Running Out

英国监管阴影和时间所剩无几

Tether's challenges extend beyond the United States. The United Kingdom is also preparing to implement stablecoin regulations this summer, which could further restrict Tether's operations in the region.

Tether 面临的挑战不仅限于美国。英国也准备在今年夏天实施稳定币监管，这可能会进一步限制 Tether 在该地区的运营。

With new rules looming, Tether's time to comply is dwindling, and its resistance to regulation could have severe consequences.

随着新规则的临近，Tether 遵守规定的时间越来越短，其对监管的抵制可能会产生严重后果。

Conclusion: A Decisive Battle for Stablecoin Regulation

结论：稳定币监管的决战

The Lummis-Gillibrand Payment Stablecoin Act of 2024 is a pivotal piece of legislation that will determine the future of stablecoins in the United States. Its success or failure will hinge on the ability of lawmakers to reconcile partisan differences, address concerns about illicit finance, and establish a regulatory framework that balances innovation with consumer protection.

2024 年《Lummis-Gillibrand 支付稳定币法案》是一项关键立法，将决定美国稳定币的未来。其成败将取决于立法者调和党派分歧、解决对非法金融的担忧以及建立平衡创新与消费者保护的监管框架的能力。

The implications for stablecoin issuers, particularly Tether, are profound. The legislation's stringent requirements and oversight mechanisms could force companies to adopt more transparent and responsible practices or face penalties. The outcome of this regulatory battle will shape the fate of the stablecoin market and its impact on the broader financial ecosystem.

这对稳定币发行人（尤其是 Tether）的影响是深远的。该立法的严格要求和监督机制可能会迫使公司采取更加透明和负责任的做法，否则将面临处罚。这场监管之争的结果将决定稳定币市场的命运及其对更广泛的金融生态系统的影响。