关于美国稳定币监管框架和应对风险途径的报告

“设计精良并受适当监督的稳定币或许会支持有益的付款选项，但缺乏适当的监督会给用户和广泛系统带来风险”，美国财政部长珍妮特·耶伦称。
“Stablecoins that are well-designed and subject to appropriate oversight have the potential to support beneficial payments options. But the absence of appropriate oversight presents risks to users and the broader system,” said Secretary of the Treasury Janet L. Yellen.
美国金融市场工作组由美国联邦存款保险公司和货币监理署组成，发布了一份关于稳定币的报告。
Working Group on Financial Markets (PWG), joined by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, released a report on stablecoins.
https://home.treasury.gov/system/files/136/StableCoinReportNov1508.pdf
稳定币是什么？
What are Stablecoins?
稳定币是一种数字资产，相对于美元而言，一般保持着稳定的价值。虽现今稳定币主要用于促进其他数字资产的交易，但是其将来可更广泛地成为家庭和企业的支付手段。
Stablecoins are a type of digital asset generally designed to maintain a stable value relative to the U.S. dollar. While today stablecoins are primarily used to facilitate trading of other digital assets, stablecoins could be more widely used in the future as a means of payment by households and businesses.
风险因素
Risks Factors
缺乏监管。“目前监管是不一致且分散的，实际上一些稳定币落在监管范围之外。财政部和参与本报告的机构期待与两党的国会议员就此问题进行合作。在国会考虑采取行动的同时，监管机构将继续在其授权范围内运行，以应对这些资产的风险。”
Lack of Regulations. “Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter. Treasury and the agencies involved in this report look forward to working with Members of Congress from both parties on this issue. While Congress considers action, regulators will continue to operate within their mandates to address the risks of these assets.”
导致支付系统的中断。
稳定币作为支付手段的使用增加的可能性引发了一系列担忧，包括可能造成不稳定的挤兑、支付系统的中断以及经济权力的集中。美国金融市场工作组的报告强调了监管机构在降低这些风险方面的权力差距。
Causing Disruptions to Payment Systems. The potential for the increased use of stablecoins as a means of payments raises a range of concerns, related to the potential for destabilizing runs, disruptions in the payment system, and concentration of economic power. The PWG report highlights gaps in the authority of regulators to reduce these risks.
有制定立法的必要。为了应对稳定币付款的风险，监管机构建议国会迅速采取行动，制定立法，以确保稳定币付款和支付稳定币安排在一致和全面的基础上受制于联邦框架。这种立法将在市场诚信、投资者保护和非法融资方面改善现有局面状况，并有助于解决如下关键问题：
Enacting Legislation is necessary. To address the risks of payment stablecoins, the agencies recommend that Congress act promptly to enact legislation to ensure that payment stablecoins and payment stablecoin arrangements are subject to a federal framework on a consistent and comprehensive basis. Such legislation would complement existing authorities with respect to market integrity, investor protection, and illicit finance, and would address key concerns:
为了应对稳定币用户所遇风险并防范稳定币运行风险，立法应当要求稳定币发行人为受保存款机构。
To address risks to stablecoin users and guard against stablecoin runs, legislation should require stablecoin issuers to be insured depository institutions.
为了处理支付系统风险，除了对稳定币发行人的赋予要求外，立法还应要求托管钱包提供商受到适当的联邦监督。国会还应当向稳定币发行人的联邦监管机构赋予权力，要求任何执行对稳定币运作至关重要的活动的实体满足适当的风险管理标准。
To address concerns about payment system risk, in addition to the requirements for stablecoin issuers, legislation should require custodial wallet providers to be subject to appropriate federal oversight. Congress should also provide the federal supervisor of a stablecoin issuer with the authority to require any entity that performs activities that are critical to the functioning of the stablecoin arrangement to meet appropriate risk-management standards.
为了解决系统性风险和经济权力集中，立法应当要求稳定币发行人遵守限制与商业实体隶属关系的活动限制。监管机构应有权实施标准以促进稳定币之间的互操作性。此外，国会可能希望考虑托管钱包提供商的其他标准，例如对与商业实体的隶属关系或使用用户交易数据的限制。
To address additional concerns about systemic risk and concentration of economic power, legislation should require stablecoin issuers to comply with activities restrictions that limit affiliation with commercial entities. Supervisors should have authority to implement standards to promote interoperability among stablecoins. In addition, Congress may wish to consider other standards for custodial wallet providers, such as limits on affiliation with commercial entities or on use of users’ transaction data.