Stablecoins和国会在解决未来数字资产立法方面的作用是中心舞台

周三的听证会是银行委员会新的数字资产小组委员会的首次主持的国会对数字资产法规的进一步行动的起点，并由怀俄明州的共和党共和党辛西娅·卢米斯（Cynthia Lummis）主持，这是一个长期的加密支持者。

The role of stablecoins and Congress in addressing future digital assets legislation was at the forefront of discussion at one of the Senate Banking Committee's first hearings to focus on what a regulatory framework for crypto may look like.

在参议院银行委员会的第一次听证会上，稳定者和国会在解决未来数字资产立法方面的作用是讨论的最前沿，以关注加密货币的监管框架。

The Wednesday morning hearing, billed as the jumping-off point for further Congressional action on digital asset regulations, was the first hosted by the banking committee's new digital assets subcommittee and saw the return of former CFTC Chair Timothy Massad, a frequent contributor to the panel's thoughts on digital assets. It was also the first time the subcommittee convened since launching its bipartisan effort to draft legislation from scratch.

周三上午的听证会被作为国会对数字资产法规的进一步行动的起义点，是银行委员会新的数字资产小组委员会的首次主持的，并看到了前CFTC主席Timothy Massad的回归，这是该小组对数字资产的想法的经常贡献者。这也是小组委员会首次召集其两党从头开始起草立法的努力。

The digital assets subcommittee is chaired by Wyoming Republican Cynthia Lummis, a longtime crypto proponent who has been working with New York Democrat Kirsten Gillibrand to draft a draft crypto legislation that would serve as a natural counterpart to the House's Financial Innovation and Technology for the 21st Century Act, which is being drafted by Utah Republican Steve Chaffetz and California Democrat Maxine Waters.

数字资产小组委员会由怀俄明州的共和党辛西娅·卢米斯（Cynthia Lummis）主持，这是一位长期的加密支持者，他一直与纽约民主党人Kirsten Gillibrand合作，起草一项加密立法草案，该立法将是自然而然的，这是众议院的21世纪金融创新和21st Choremant afters afters afters wat afterave anf Accation anf Accation and Accation and Accation and Accation and Accation and cacketve and cackeet and cathia and cathia and cathia and cathia。

Stablecoins will be first on the committee's agenda, Lummis said in her opening remarks, and she is planning to introduce a bipartisan bill on the topic in the coming weeks. This statement follows remarks from both White House Crypto and AI Czar David Sacks and South Carolina Republican Tim Scott, who chairs the overall Senate Banking Committee, about the pressing need for Congress to act swiftly in establishing a clear regulatory framework for stablecoins.

卢米斯（Lummis）在开幕词中说，斯塔布莱辛（Stablecoins）将首先在委员会的议程中，她计划在未来几周内就该话题介绍两党法案。该声明是在白宫加密货币和AI沙皇大卫·萨克斯（Ai Czar David Sacks）和南卡罗来纳州共和党蒂姆·斯科特（Tim Scott）主持的总体参议院银行委员会主席的言论之后，他迫切需要国会迅速采取行动，以建立stablecoins的明确监管框架。

However, Massad suggested that the panel should focus on completing legislation for stablecoins and then defer any efforts on market structure for several years to allow time for the existing regulatory initiatives to take effect.

但是，Massad建议该小组应专注于完成稳定币的立法，然后在几年内推迟对市场结构的任何努力，以便为现有的监管计划提供时间生效。

"For four years, the crypto industry has called on the SEC and CFTC to develop rules and guidance and to stop regulating by enforcement; that is now happening," Massad said.

马萨德说：“四年来，加密货币行业一直呼吁SEC和CFTC制定规则和指导，并通过执法停止监管；这正在发生。”

He noted that the SEC has dropped several enforcement cases and launched a crypto task force to specifically address these issues.

他指出，SEC已撤销了几起执法案件，并成立了一个加密特遣部队以专门解决这些问题。

"We should let these regulatory issue initiatives make progress before rushing to rewrite the securities law, which will itself spark lengthy litigation and delay the day when there is effective regulation in place."

“我们应该让这些监管问题举措在急于重写《证券法》之前取得进展，这本身将引发冗长的诉讼并延迟有效的监管。”

Existing proposals to update market structure regulations to address crypto have the potential to create more confusion than clarity, especially with terms like "digital asset" being used in a broad sense to encompass a vast category of instruments, which could ultimately diminish the impact of the legislation.

现有的更新市场结构法规以解决加密货币的建议可能会产生比清晰度更大的混乱，尤其是在广义上使用“数字资产”之类的术语来涵盖大量的工具，这最终可能会减少立法的影响。

Another critical aspect is how the legislation will define which administrative agency will be responsible for registering and regulating various types of digital assets. This is a significant factor that could influence the scope and stringency of regulations.

另一个关键方面是立法将如何定义哪个行政机构将负责注册和规范各种类型的数字资产。这是可能影响法规范围和严格性的重要因素。

Furthermore, these proposals could have the effect of undermining existing securities laws, especially if they include provisions for Decentralized Finance (DeFi), which are described by its proponents as a new paradigm for financial services that is decentralized, open, and accessible to all.

此外，这些建议可能会破坏现有证券法，特别是如果它们包括分散财务（DEFI）的规定，其支持者将其描述为金融服务的新范式，该范式是分散，开放和所有人都可以访问的。

"That term is used to describe a lot of things that aren's decentralized; there are almost always some leaver of control," Massad said. "And even if a process is decentralized or automated, that does not mean it should be exempt from regulation."

马萨德说：“该术语用于描述许多分散的事物；几乎总是有一定的控制者。” “即使一个过程是分散或自动化的，这并不意味着它应该免于监管。”

Virginia Democrat Mark Warner raised the question of Know Your Customer (KYC) processes in the context of stablecoin users. He pointed out that while an issuer may carry out KYC, a stablecoin could be transferred between wallets without those intermediate transfers being subject to KYC.

弗吉尼亚民主党人马克·华纳（Mark Warner）在稳定使用者的背景下提出了了解您的客户（KYC）流程的问题。他指出，虽然发行人可以执行KYC，但可以在钱包之间转移一个稳定的，而不会受到KYC的中间转移。

"I want to get to a regulatory framework that works, but I have seen — and I can't say more because it is classified and I don't want to get in trouble with the intelligence community — but oh my gosh, a whole bunch of bad stuff is moving in new technologies and crypto," Warner said.

华纳说：“我想找到一个有效的监管框架，但是我已经看到了 - 我不能说更多，因为它被分类了，我不想在情报界遇到麻烦 - 但是哦，我的天哪，一堆坏事正在新技术和加密货币中移动。”

"So help me figure out, and I recognize for some people, the anonymity and and the disintermediation role the blockchain plays, but how do we put some minimum protections from issuer all the way back to conversion to fiat?" he asked the panel.

“所以帮助我弄清楚，我认识到一些人，匿名性和分离性角色，但是我们如何将发行人从发行人始终回到转换率到法定菲亚特呢？”他问小组。

Lightspark co-founder and Chief Legal Officer Jai Massari responded that while self-custodied wallets don't conduct KYC, "there is an immutable on-chain record of those transactions that can be monitored, not only by the issuer, but third parties, including law enforcement."

LightSpark联合创始人兼首席法律官Jai Massari回答说，尽管自我塑造的钱包没有进行KYC，但“有一条不可分割的链链记录，这些交易的链记录不仅是由发行人，而且包括执法部门在内的第三方可以监视的。”

She added that mixers and other tools can obfuscate transactions, but custodial wallets still conduct KYC at the end of a chain of transfers.

她补充说，混合器和其他工具可以混淆交易，但是在转移链结束时，托管钱包仍在进行KYC。

"I agree that we need to continue, as the industry has done, to develop new tools to address these issues," Massari said.

马萨里说：“我同意我们需要像行业一样继续开发新工具来解决这些问题。”