A Senate Stablecoin Breakthrough

參議院在推動(dòng)穩(wěn)定幣上邁出突破性一步

By The Editorial Board

What do you know? Congress is stepping up to do at least one job. The Senate this week passed a bill， 68-30， to establish a regulatory framework for crypto stablecoins. With one big caveat， this is a good development.

你猜怎么著？國(guó)會(huì)總算開(kāi)始認(rèn)真履行職責(zé)了。本周，參議院以68票對(duì)30票通過(guò)了一項(xiàng)法案，擬建立一套加密穩(wěn)定幣的監(jiān)管框架。這無(wú)疑是一項(xiàng)積極進(jìn)展——盡管還存在一個(gè)不小的隱患。

Stablecoins are a form of digital currency pegged to another fiat currency or asset like gold and are designed to hold a constant value. If you buy $1 of a stablecoin， you are supposed to be able to redeem it for $1 in hard currency. They are also supposed to be backed by safe and liquid assets like Treasurys and bank deposits similar to government money-market funds.

穩(wěn)定幣是一種與法定貨幣或黃金等資產(chǎn)掛鉤的數(shù)字貨幣，旨在維持其價(jià)值的穩(wěn)定。換句話(huà)說(shuō)，如果你花1美元購(gòu)買(mǎi)一枚穩(wěn)定幣，理論上你應(yīng)當(dāng)可以用它兌換回1美元的穩(wěn)健貨幣。這類(lèi)幣種還應(yīng)當(dāng)由安全且高流動(dòng)性的資產(chǎn)作為支撐，比如美國(guó)國(guó)債或銀行存款，其結(jié)構(gòu)類(lèi)似于政府貨幣市場(chǎng)基金。

Stablecoins reduce friction in payments and money transfers since settlements can clear within seconds versus hours or sometimes days with the traditional banking system. This can reduce risk from exchange-rate volatility for foreign counterparties. They also have lower transaction fees than credit cards， wire transfers and other payment networks.

與傳統(tǒng)銀行體系相比，穩(wěn)定幣能降低支付和轉(zhuǎn)賬中的障礙，因?yàn)樗鼈兊慕Y(jié)算通常在幾秒鐘內(nèi)完成，而傳統(tǒng)方式可能需要數(shù)小時(shí)甚至數(shù)天。這種效率提升，也有助于減少與外方交易中的匯率波動(dòng)風(fēng)險(xiǎn)。并且，穩(wěn)定幣的交易費(fèi)用通常也低于信用卡、電匯或其他支付網(wǎng)絡(luò)。

There's the biggest concern. The Senate legislation says stablecoins “shall not be backed by the full faith and credit of the United States“ or subject to deposit insurance. But the FDIC insures bank deposits， and putting it in charge of regulating stablecoins may create the impression of an implicit government backstop.

最大的隱患來(lái)了。法案中明確規(guī)定，穩(wěn)定幣“不得獲得美國(guó)政府的信用擔(dān)?！保膊幌碛写婵畋ｋU(xiǎn)。然而，聯(lián)邦存款保險(xiǎn)公司（FDIC）通常負(fù)責(zé)銀行存款保險(xiǎn)，現(xiàn)在若由其監(jiān)管穩(wěn)定幣，可能會(huì)令公眾誤以為政府會(huì)在穩(wěn)定幣出問(wèn)題時(shí)出面兜底。

Broader adoption of stablecoins will create new financial risks that will have to be closely monitored， but the legislation at least establishes safeguards to protect users. It also subjects issuers to anti-money laundering laws， which could help law enforcement crack down on cartels that move money with stablecoins.

雖然穩(wěn)定幣在更大范圍內(nèi)被采用將帶來(lái)新的金融風(fēng)險(xiǎn)，這些風(fēng)險(xiǎn)也必須得到嚴(yán)格監(jiān)控，不過(guò)，這項(xiàng)立法至少確立了一些用戶(hù)保護(hù)機(jī)制。它要求發(fā)行方遵守反洗錢(qián)法律，有望幫助執(zhí)法部門(mén)打擊利用穩(wěn)定幣轉(zhuǎn)移資金的犯罪集團(tuán)。

【內(nèi)容拓展】

1. GENIUS法案，全稱(chēng)Guiding and Establishing National Innovation for U.S. Stablecoins Act，引導(dǎo)與建立美國(guó)穩(wěn)定幣的國(guó)家級(jí)創(chuàng)新的法案。

2.穩(wěn)定幣作為一種基于區(qū)塊鏈技術(shù)的支付手段，其誕生源于加密貨幣領(lǐng)域內(nèi)日益增長(zhǎng)的交易需求。通過(guò)將加密貨幣與現(xiàn)實(shí)世界中的法定貨幣（如美元）綁定，可以使穩(wěn)定幣價(jià)值不像比特幣一樣，受到投機(jī)炒作的影響而劇烈起伏。目前，全球市值最大的兩種穩(wěn)定幣為泰達(dá)幣（USDT）與美元幣（USDC），二者合計(jì)市值約占總市值的九成。

生詞好句

1.senate

英[?sen?t]美[?sen?t]

n.參議院

拓展:

congress n.國(guó)會(huì)

House of Representatives眾議院

2.breakthrough

英[?bre?kθru?]美[?bre?kθru?]

n.突破性進(jìn)展

3.What do you know?

（美式口語(yǔ)）哎你看看！您瞧瞧您瞧瞧！

拓展:

同義表達(dá)：How about that!

What do you know? The DB train actually came on time today!

你看看，今天德鐵居然準(zhǔn)點(diǎn)了！

4.step up to do…

主動(dòng)承擔(dān)責(zé)任去做某事

拓展:

step up to help伸出援手，雪中送炭

step up to lead勇?lián)I(lǐng)袖職責(zé)

step up to the challenge直面挑戰(zhàn)，迎難而上

5.pass a bill

通過(guò)一項(xiàng)法案

拓展:

reject a bill / vote down a bill否決法案

sign a bill / sign a bill into law簽署法案

6.regulatory

英[?reɡj??le?tri]美[?reɡj?l?t??ri]

adj.管理的；控制的；調(diào)整的

7.caveat

英[?k?vi?t]美[?k?vi?t]

n.絕對(duì)不能忽視的隱患，重大提醒

拓展:

This medicine is effective， with one important caveat: it will not be taken on an empty stomach.

這種藥確實(shí)有效，不過(guò)有一個(gè)重大提醒：一定不能空腹服用。

8.peg to

錨定

拓展:

anchor n.船錨

career anchor職業(yè)生涯里最看重的東西

peg n.小木樁

The Hong Kong dollar has been pegged to the US dollar since 1983.

港幣自1983年以來(lái)就一直錨定美元。

9.fiat currency

法定貨幣（一國(guó)的主權(quán)貨幣）

拓展:

fiat（拉丁語(yǔ)）法令

10.constant

英[?k?nst?nt]美[?kɑ?nst?nt]

adj.不變的（unchanged）

11.be supposed to

按常理，應(yīng)該……

12.government money-market funds

政府貨幣市場(chǎng)基金

拓展:

T-bills美國(guó)短期國(guó)債

13.friction

英[?fr?k?n]美[?fr?k?n]

n.（本文）障礙；摩擦

14.settlement

英[?setlm?nt]美[?setlm?nt]

n.（本文）結(jié)算；雙方和解；定居

拓展:

With a large settlement from the property sale， she finally achieved her dream of settlement up north.

她通過(guò)出售房產(chǎn)獲得了大筆結(jié)算款，終于實(shí)現(xiàn)了在北方安家的夢(mèng)想。

15.versus

英[?v??s?s]美[?v?r?s?s]

prep.與……相比（縮寫(xiě)：vs）

16.volatility

英[?v?l??t?l?ti]美[?vɑ?l??t?l?ti]

n.劇烈變動(dòng)（程度高于fluctuation）

拓展:

volatile adj.波動(dòng)的

17.counterparty

英[?ka?nt?pɑ?ti]美[?ka?nt?rpɑ?rti]

n.對(duì)手方（counterpart）

18.shall

英[??l??l]美[??l??l]

modal v.某事肯定、必須發(fā)生（something shall happen）

19.full faith and credit

全額信譽(yù)和承諾

拓展:

The bonds are backed by the full faith and credit of the state.

這些債券由該州的完全信譽(yù)作擔(dān)保。

20.be subject to

取決于……

拓展:

subject adj.取決于......的/?s?bd?ekt/

Admission is subject to academic performance.

錄取情況視學(xué)業(yè)表現(xiàn)而定。

21.FDIC

聯(lián)邦存款保險(xiǎn)公司

22.implicit

英[?m?pl?s?t]美[?m?pl?s?t]

adj.含蓄的

23.backstop

英[?b?kst?p]美[?b?kstɑ?p]

n.最后防線

拓展:

同義表達(dá)：last resort

This company operates with an implicit government backstop， so creditors expect a bailout.

這家公司實(shí)際上有政府隱性兜底，因此債權(quán)人預(yù)期政府會(huì)出手相助。

bailout n.救助

24.subject something to…

把一個(gè)事物納入某種約束之中

拓展:

subject v.使臣服/s?b?d?ekt/

The new rule subjects all universities to stricter financial reporting.

新規(guī)讓所有大學(xué)都必須受更嚴(yán)格的財(cái)報(bào)約束。

25.crack down on

打擊

拓展:

The authorities launched a campaign to crack down on the over-financialisation of supply chains.

有關(guān)部門(mén)發(fā)起專(zhuān)項(xiàng)整治，嚴(yán)打供應(yīng)鏈過(guò)度金融化。

26.cartel

英[kɑ??tel]美[kɑ?r?tel]

n.（本文）犯罪團(tuán)伙；聯(lián)合定價(jià)壟斷市場(chǎng)的企業(yè)集團(tuán)