The Stablecoin Saga Continues with New Legislation Initiatives

American Senators Kirsten Gillibrand and Cynthia Lummis have formally introduced a new legislative proposal aimed at regulating stablecoin operations. After several months of anticipation, the details of their collaborative effort, known as the Lummis-Gillibrand Payment Stablecoin Act, were disclosed.

美国参议员 kirsten gillibrand 和 cynthia lummis 正式提出了一项旨在规范稳定币运营的新立法提案。经过几个月的期待，他们合作的成果——《lummis-gillibrand 支付稳定币法案》终于公布。

Introduced on April 17, the proposed legislation aims to implement strict guidelines for the issuance and use of stablecoins. Specifically, the act targets “unbacked, algorithmic stablecoins,” likely referring to incidents like the TerraUSD (UST) crash in 2022. The legislation mandates that stablecoin issuers maintain one-to-one reserves and establishes comprehensive regulatory frameworks at both state and federal levels. Moreover, it seeks to prevent the misuse of stablecoins for illicit activities.

该法案于 4 月 17 日提出，旨在对稳定币的发行和使用实施严格的指导方针。具体来说，该法案针对的是“无担保的算法稳定币”，可能指的是 2022 年 terrausd (ust) 崩盘之类的事件。该法案要求稳定币发行人保持一对一的储备，并在州和联邦层面建立全面的监管框架。此外，它还试图防止稳定币被滥用于非法活动。

Senator Gillibrand emphasized the regulatory framework‘s importance in maintaining the US dollar’s dominance, fostering responsible innovation, protecting consumers, and deterring financial crimes. She expressed confidence in the bills bipartisan support in both the Senate and the House of Representatives.

吉利布兰德参议员强调了监管框架在维护美元主导地位、促进负责任的创新、保护消费者和遏制金融犯罪方面的重要性。她表示相信该法案将获得参议院和众议院两党的支持。

The 179-page bill outlines that authorized entities can issue stablecoins under a specialized state charter without a cap on the issuance volume. In contrast, state non-depository trust corporations are limited to issuing up to $10 billion in payment stablecoins. The Act also introduces specific custody requirements for these corporations and aims to preserve the existing regulatory structure.

这份长达 179 页的法案概述了授权实体可以根据专门的州宪章发行稳定币，且发行量不受限制。相比之下，州非存款信托公司最多只能发行 100 亿美元的支付稳定币。该法案还为这些公司引入了具体的托管要求，旨在保留现有的监管结构。

The bill responds to the increased scrutiny of stablecoin issuers in the backdrop of the FTX collapse and concerns regarding adequate custody practices. It comes after the Clarity for Payment Stablecoins Act was removed from the committee by the House of Representatives in July 2023, with expectations for a floor vote that has yet to materialize.

该法案回应了在 ftx 崩盘和对充分托管做法的担忧的背景下对稳定币发行人的审查日益严格这一问题。此前，众议院于 2023 年 7 月将《支付稳定币透明度法案》从委员会中剔除，预计将进行全院投票，但尚未实现。

Furthermore, on April 16, Senator Sherrod Brown, chair of the Senate Banking Committee, indicated his intention to prioritize stablecoin legislation during the legislative session, provided his concerns were adequately addressed. However, he did not specifically mention the Lummis-Gillibrand efforts.

此外，4 月 16 日，参议院银行委员会主席谢罗德·布朗参议员表示，只要他的担忧得到充分解决，他打算在立法会议期间优先考虑稳定币立法。不过，他没有具体提到 lummis-gillibrand 的努力。

Ripples Stablecoin Ambitions

ripples 稳定币野心

Amid the legislation introduction, Ripple also introduced a new digital currency pegged to the U.S. dollar, marking its entry into this competitive market space. Ripples new stablecoin guarantees a 1:1 backing with assets the company reserves, including U.S. dollar holdings, government securities, and cash equivalents. The firm has committed to transparency by planning monthly public reports on its funds, although the auditor remains unnamed.

在立法出台之际，ripple 还推出了一种与美元挂钩的新数字货币，标志着其进入这一竞争激烈的市场领域。ripple 的新稳定币保证以公司储备的资产（包括美元资产、政府证券和现金等价物）进行 1:1 支持。该公司致力于透明度，计划每月公开发布资金报告，但审计师仍未透露姓名。

Initially launching in the United States, Ripple has not dismissed the possibility of expanding its offerings to other regions such as Europe and Asia. This strategic move places Ripple in direct competition with major stablecoin issuers like Tether, with its USDT token, and Circle‘s USDC. This comes on the heels of PayPal’s introduction of its own U.S. dollar stablecoin, PayPal USD, developed in collaboration with crypto firm Paxos.

ripple 最初在美国推出，但并未排除将其服务扩展到欧洲和亚洲等其他地区的可能性。这一战略举措使 ripple 与主要稳定币发行商（如 tether 的 usdt 代币和 circle 的 usdc）直接竞争。此前，paypal 推出了自己的美元稳定币 paypal usd，该稳定币与加密货币公司 paxos 合作开发。

Ripple‘s CEO, Brad Garlinghouse, expressed indifference to the competition, emphasizing that market dynamics are bound to evolve and will hinge on the scale of operations. He noted that Ripple decided to launch a stablecoin following the instability seen in competitors’ offerings last year, citing the de-pegging incidents involving Tether‘s USDT and Circle’s USDC during market upheavals.

ripple 首席执行官 brad garlinghouse 表示对竞争漠不关心，强调市场动态必然会发生变化，并将取决于运营规模。他指出，ripple 决定推出稳定币是因为去年竞争对手的稳定币出现不稳定现象，并引用了市场动荡期间 tether 的 usdt 和 circle 的 usdc 脱钩事件。

Garlinghouse raised concerns about the current market leader, hinting at regulatory uncertainties and highlighting Ripple‘s status as a licensed entity with global operations, including offices in New York, Ireland, and Singapore. Despite not naming specifics, he suggested that U.S. officials are skeptical about the incumbent’s market dominance. A Tether representative, responding to Ripple‘s entry into the market, expressed hopes for Ripple’s success, albeit with a hint of skepticism based on Ripples past performance.

garlinghouse 对当前的市场领导者表示担忧，暗示监管存在不确定性，并强调 ripple 是一家拥有全球业务的持牌实体，在纽约、爱尔兰和新加坡设有办事处。尽管没有透露具体细节，但他暗示美国官员对现任者的市场主导地位持怀疑态度。一位 tether 代表在回应 ripple 进入市场时表达了对 ripple 成功的希望，尽管基于 ripple 过去的表现，他还是带着一丝怀疑。

Ripples Ongoing Commitment to XRP

ripples 对 xrp 的持续承诺

Ripple continues to advocate for the utility of its XRP token, particularly through its On-Demand Liquidity service, which facilitates real-time transactions between financial institutions using XRP as a bridge currency. Despite challenges in gaining traction among banks and payment companies, Ripple remains committed to integrating XRP with its stablecoin strategy, envisioning a more robust community engagement around its ledger.

ripple 继续倡导其 xrp 代币的实用性，特别是通过其按需流动性服务，该服务促进使用 xrp 作为桥梁货币的金融机构之间的实时交易。尽管在获得银行和支付公司的青睐方面面临挑战，但 ripple 仍致力于将 xrp 与其稳定币战略相结合，并设想在其账本周围建立更强大的社区参与度。

Garlinghouse highlighted the role of stablecoins in modern payment systems and noted the positive impact other blockchain networks have seen by integrating stablecoins with their operations. He emphasized community requests for a USD-backed stablecoin on the XRP Ledger as a testament to the demand and support within the XRP community. Recent data from CoinGecko indicates a 13% increase in XRPs value over the past year, reflecting growing market confidence.

garlinghouse 强调了稳定币在现代支付系统中的作用，并指出其他区块链网络通过将稳定币整合到其运营中而产生的积极影响。他强调，社区要求在 xrp 账本上推出美元支持的稳定币，这证明了 xrp 社区内的需求和支持。coingecko 的最新数据显示，过去一年 xrp 的价值增长了 13%，反映出市场信心不断增强。

Upcoming UK Cryptocurrency Regulation

即将出台的英国加密货币监管法规

The British government is poised to introduce new regulatory measures for stablecoins and cryptocurrency activities, including staking, exchanges, and custody services. Economic Secretary Bim Afolami announced these plans during his address at the Innovate Finance Global Summit this Monday. He indicated that the legislation could be presented as early as June or July of this year.

英国政府准备推出针对稳定币和加密货币活动的新监管措施，包括质押、交易所和托管服务。经济大臣比姆·阿福拉米 (bim afolami) 本周一在创新金融全球峰会上的演讲中宣布了这些计划。他表示，该法案最早可能在今年 6 月或 7 月提出。

Afolami emphasized the governments commitment to accelerating the legislative process to establish a comprehensive regulatory framework. “We are advancing swiftly to finalize and enact our proposed regulatory scheme,” he remarked. This new legislation will encompass a wide range of cryptocurrency operations, such as managing exchanges and safeguarding customer assets, bringing them under regulatory oversight for the first time.

afolami 强调政府致力于加快立法进程，建立全面的监管框架。“我们正在迅速推进，最终确定并颁布我们提议的监管方案，”他评论道。这项新立法将涵盖广泛的加密货币运营，例如管理交易所和保护客户资产，首次将它们置于监管监督之下。

In 2023, the UK enacted a significant financial markets bill, creating a baseline for treating stablecoins and broader crypto activities as regulated financial endeavors within the nation. Early last year, both the Financial Conduct Authority (FCA) and the Bank of England (BoE) provided insights into their envisioned regulatory approach for stablecoins. The BoE announced it would supervise major stablecoin handlers potentially impacting the financial system, whereas the FCA would oversee the broader cryptocurrency market.

2023 年，英国颁布了一项重要的金融市场法案，为将稳定币和更广泛的加密活动视为受监管的金融活动奠定了基础。去年年初，英国金融行为监管局 (fca) 和英格兰银行 (boe) 都对稳定币的监管方法进行了深入分析。英国央行宣布将监管可能影响金融体系的主要稳定币交易商，而 fca 将监管更广泛的加密货币市场。

Afolami had previously hinted at additional stablecoin-focused legislation in February, with ambitions to implement it within six months. The current administration, led by the Conservative Party, has expressed a desire to establish the UK as a hub for cryptocurrency, actively exploring regulatory frameworks. However, with an anticipated election this year, political shifts could place these cryptocurrency initiatives in uncertainty, especially if the Conservative Party does not retain power. The Labour Party is currently leading in public favor, potentially impacting the continuity of the crypto regulatory agenda.

afolami 此前曾在 2 月份暗示将出台更多以稳定币为重点的立法，并计划在六个月内实施。保守党领导的现任政府表示希望将英国打造成加密货币中心，并积极探索监管框架。然而，由于今年预计将举行大选，政治变化可能会使这些加密货币计划陷入不确定性，尤其是如果保守党无法继续掌权的话。工党目前在公众支持率方面处于领先地位，这可能会影响加密监管议程的连续性。