稳定币和 CBDC：对美国经济和监管格局的影响

与美元挂钩的稳定币被认为对美国经济有利：Cantor Fitzgerald 首席执行官霍华德·卢特尼克 (Howard Lutnick) 认为，与美元挂钩的稳定币对美国经济有积极贡献。 Lutnick 表示，Tether 和 Circle 等稳定币得到了充分的支持，在刺激美国国债需求方面发挥着至关重要的作用，同时又不构成系统性风险。

Stablecoins and CBDCs: Implications for the US Economy and Regulatory Landscape

稳定币和 CBDC：对美国经济和监管格局的影响

Introduction

介绍

The advent of digital currencies, particularly stablecoins and central bank digital currencies (CBDCs), has sparked significant debate on their potential impact on the US economy and financial system. Howard Lutnick, CEO of Cantor Fitzgerald, recently weighed in on the issue, expressing his support for stablecoins while raising concerns about CBDCs.

数字货币，特别是稳定币和央行数字货币（CBDC）的出现，引发了关于其对美国经济和金融体系潜在影响的激烈争论。 Cantor Fitzgerald 首席执行官霍华德·卢特尼克 (Howard Lutnick) 最近介入了这个问题，表达了他对稳定币的支持，同时提出了对 CBDC 的担忧。

Lutnick's Views on Stablecoins

卢特尼克对稳定币的看法

Lutnick believes that stablecoins pegged to the US dollar, such as Tether and Circle, play a vital role in the US economy. He argues that these stablecoins stimulate demand for US Treasury notes and do not pose a systemic risk to the global financial system. Lutnick's perspective aligns with the current regulatory approach towards stablecoins, which are generally viewed as a more prudent form of digital currency than unbacked cryptocurrencies.

Lutnick 认为，Tether 和 Circle 等与美元挂钩的稳定币在美国经济中发挥着至关重要的作用。他认为，这些稳定币刺激了对美国国债的需求，并且不会对全球金融体系构成系统性风险。卢特尼克的观点与当前对稳定币的监管方法一致，稳定币通常被视为比无支持的加密货币更谨慎的数字货币形式。

Fed Chairman Calls for Stablecoin Regulation

美联储主席呼吁稳定币监管

Earlier this year, Federal Reserve Chairman Jerome Powell emphasized the need for regulation in the stablecoin market. Powell's remarks came in response to concerns that stablecoins could potentially disrupt monetary policy and the stability of the financial system. The Fed's study on digital currency integration highlights the potential systemic risks posed by stablecoins and CBDCs, suggesting that monetary policy adjustments may be necessary to prevent a decrease in lending and preserve economic stability.

今年早些时候，美联储主席杰罗姆·鲍威尔强调了稳定币市场监管的必要性。鲍威尔的言论是为了回应人们对稳定币可能扰乱货币政策和金融体系稳定的担忧。美联储关于数字货币一体化的研究强调了稳定币和 CBDC 带来的潜在系统性风险，这表明货币政策调整可能是防止贷款减少和维护经济稳定所必需的。

Lutnick's Concerns about CBDCs

卢特尼克对 CBDC 的担忧

In contrast to his support for stablecoins, Lutnick expressed reservations about CBDCs. He believes that China may view a digital dollar as a surveillance tool for Americans, thereby undermining privacy and individual freedom. Lutnick's concerns stem from the potential for CBDCs to grant central banks unprecedented control over the financial system, which could be used for political or surveillance purposes.

与他对稳定币的支持相反，卢特尼克对 CBDC 表示保留。他认为，中国可能将数字美元视为美国人的监视工具，从而损害隐私和个人自由。 Lutnick 的担忧源于 CBDC 可能赋予央行对金融体系前所未有的控制权，这种控制权可用于政治或监视目的。

Study on the Impact of CBDCs

CBDC 影响研究

The Federal Reserve's study on digital currencies also examines the potential impact of CBDCs on investor behavior and the banking sector. The study suggests that digital currencies with higher interest rates could attract investors away from traditional banks, potentially affecting lending volumes and limiting the central bank's ability to respond to crises.

美联储对数字货币的研究还探讨了 CBDC 对投资者行为和银行业的潜在影响。该研究表明，利率较高的数字货币可能会吸引投资者远离传统银行，从而可能影响贷款量并限制央行应对危机的能力。

Asset Tokenization and the Future of Banking

资产代币化和银行业的未来

Lutnick believes that the tokenization of financial assets, including hedge funds and other complex financial instruments, will become increasingly prevalent over the next decade. This trend could have a significant impact on the banking sector, as major institutions explore the potential benefits of blockchain technology. The SEC's recent comments on asset tokenization could further accelerate this trend, as banks seek ways to remain competitive in the face of technological advancements.

卢特尼克认为，包括对冲基金和其他复杂金融工具在内的金融资产的代币化将在未来十年变得越来越普遍。随着主要机构探索区块链技术的潜在好处，这种趋势可能会对银行业产生重大影响。美国证券交易委员会最近关于资产代币化的评论可能会进一步加速这一趋势，因为银行在面对技术进步时寻求保持竞争力的方法。

Conclusion

结论

The emergence of stablecoins and CBDCs has raised important questions about their potential impact on the US economy and financial system. While stablecoins are generally viewed as a more stable and less risky form of digital currency, the integration of both stablecoins and CBDCs highlights the need for prudent regulation. The regulatory landscape for digital currencies is still evolving, and it is essential that policymakers strike a balance between fostering innovation and protecting the stability of the financial system.

稳定币和 CBDC 的出现引发了关于它们对美国经济和金融体系潜在影响的重要问题。虽然稳定币通常被视为一种更稳定、风险更低的数字货币形式，但稳定币和 CBDC 的整合凸显了审慎监管的必要性。数字货币的监管环境仍在不断发展，政策制定者必须在促进创新和保护金融体系稳定之间取得平衡。