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[虚拟币交流] 美国加密货币立法对全球金融意味着什么?(转)
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; y6 \% z& r( L( N* V1 A中美两国在打击非法金融活动、加强网络安全和确保全球稳定方面拥有共同利益。未来形势将更多取决于价值观和治理,而非技术。
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2025年,美国国会在塑造数字资产监管格局方面迈出决定性一步。7月,众议院推进了三项重要立法:《指导与建立美国稳定币国家创新法案》(天才法案)、《数字资产市场清晰法案》(清晰法案)% e& p3 X: L* D8 C

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: @: o# N1 J  C/ h- W  L; x以及《反中央银行数字货币监控国家法案》(反CBDC法案)。《天才法案》已于7月18日由特朗普总统签署成为法律;《清晰法案》和《反CBDC法案》已在众议院获得通过,目前正等待参议院审议。
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! }% B5 _; |4 r+ |7 b! w2 ]三项法案,三个领域
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《天才法案》以稳定币为核心内容。该法案建立了联邦和州双重监管架构,要求发行人持有高质量资本储备、维持资本充足率标准,并定期披露储备构成。该框架使得稳定币具有更接近银行和货币市场4 ~: |% i9 {( K) n$ O0 a

! E( n0 [- {* H- u) N, h基金的监管标准,同时也为各州向小型发行人发放许可提供了空间。《清晰法案》则主要解决资产分类的核心问题。与此同时,《反CBDC法案》明确禁止美联储发行能够被美国ZF监控的央行数字货
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币(CBDC),这反映出共和党对中央集权的不信任。
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, o  C0 d4 W" K: `# u8 a, B美东时间2025年7月18日,美国总统特朗普在白宫正式签署《指导与建立美国稳定币国家创新法案》(又称《天才法案》),标志着美国稳定币监管立法进入实施阶段。( }1 S: s! R( |7 |$ h# B, a

" H% ~3 M) Q# I, n将这些问题拆分成三项法案,既体现了法律必要性,也体现了ZZ策略。稳定币、资产分类和央行数字货币涉及不同的法定制度、监管机构和意识形态,如果将它们捆绑成一项法案,其通过过程将极其
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: |( z) e- N. V, ^; |( y5 M复杂,相比之下,为它们分开制定法案,能确保更有针对性地达成共识。然而必须指出的是,这三项法案虽然内容全面,但并未涵盖所有数字资产监管议程。它们留下了一些悬而未决的问题,例如去中7 P1 ~0 w4 h, A: f9 c; b
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心化金融的反洗钱义务、加密货币交易的税收,以及银行和经纪商/交易商的托管规则。5 o  `: n/ N7 S) @$ V: c7 q( B

1 e. r1 V! F1 Z0 d美国的监管框架将在全球范围产生强烈反响。首先,中短期内,稳定币的合法化和监管可能巩固数字美元在国际金融中的主导地位。区块链数据分析公司Chainalysis估计,2024年稳定币的转账总额估计5 s! ~! `; P" @$ d: @
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达3万亿美元,其中 80%以上以美元计价。法律的明确性可能加速其在零售支付、企业财务和跨境汇款中的应用。其次,通过明确市场类别,美国可以从其他竞争地区抢占商业资源。欧洲的加密资产市* q$ x- H/ z, K) B1 y) E. B( R

+ X; M  b- ]+ T; a6 c* ~$ U! D场监管法案(MiCA)虽然内容全面,但外界认为其限制性很强,尤其是对去中心化金融(DeFi)和算法稳定币而言,这可能迫使企业重返美国市场。第三,美国拒绝央行数字货币,没有将全球数字货币
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: k* X4 [# R1 E* p" W& u5 w竞争视为技术竞赛,而是定义为一场治理模式之争:一边是隐私和自由市场,一边是所谓由国家驱动的金融架构。
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老美反正不太平,我也完全不关心他们家
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:) :( :D :'( :@ :o
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