本期《隐藏力量》节目探讨了美国国会提出的稳定币法案（STABLE Act），该法案旨在监管像Facebook的Libra这样的数字货币。该法案的作者认为稳定币代表着一种新的市场、流动性和信贷风险，需要进行监管。主持人与稳定币法案的主要作者Rohan Grey进行深入对话，探讨了法案的语言和意图，以及它如何影响数字货币的未来。

😊 **稳定币法案的背景和目的：** 该法案旨在“保护消费者免受新兴数字支付工具（如Facebook的Libra和其他稳定币）带来的风险”，这些稳定币被定义为“其价值永久挂钩或稳定于传统货币（如美元）的数字货币，它们带来了新的监管挑战，同时也是市场、流动性和信贷风险不断增长的来源”。 该法案的制定是为了应对稳定币的兴起，并确保其稳定性和安全性。稳定币作为一种新型的数字货币，具有快速交易、低成本和跨境支付等优势，但也存在着监管空白和潜在风险。 该法案的主要作者认为，稳定币的快速发展可能会对金融体系造成冲击，因此需要进行监管，以保护消费者利益和维护金融稳定。

🤔 **稳定币法案的关键内容：** 该法案的核心内容包括对稳定币发行者的监管要求，例如资本充足率、风险管理和透明度等。此外，该法案还对稳定币的交易和使用提出了限制，以防止其被用于洗钱、恐怖主义融资和其他非法活动。 该法案的具体内容还包括： * 要求稳定币发行者获得许可证并遵守监管要求； * 要求稳定币发行者进行资本充足率测试，以确保其能够应对潜在的风险； * 要求稳定币发行者建立有效的风险管理体系，以防范欺诈、洗钱和恐怖主义融资等风险； * 要求稳定币发行者定期披露其运营和财务信息，以提高透明度。

🧐 **稳定币法案的影响：** 该法案的通过将对稳定币行业产生重大影响。一方面，它将为稳定币行业提供明确的监管框架，促进其健康发展。另一方面，它也可能会抑制稳定币的创新和发展，并增加其运营成本。 该法案的最终影响取决于其具体内容和实施方式。如果该法案能够有效地监管稳定币行业，并平衡创新与风险，将有助于推动数字货币的健康发展。反之，如果该法案过于严格，可能会阻碍稳定币行业的发展。

🚀 **对数字货币的未来影响：** 稳定币法案的制定标志着监管机构对数字货币的态度正在发生转变。随着数字货币的不断发展，监管将变得越来越重要。 该法案的通过将为其他国家和地区的数字货币监管提供参考。未来，我们可能会看到更多针对数字货币的监管措施出台，以确保其安全、稳定和合法发展。 数字货币的未来发展取决于监管环境和技术创新。如果监管能够有效地引导数字货币行业的发展，并促进技术创新，数字货币将有可能成为未来金融体系的重要组成部分。

In Episode 168 of Hidden Forces, Demetri Kofinas speaks with Rohan Grey, an expert on the legal design and regulation of digital fiat currency and one of the prime authors of the recently proposed STABLE Act put forward by congresswoman Rashida Tlaib of Michigan and congressmen Jesús García and Stephen Lynch of Illinois and Massachusetts respectively.   

The stated justification for the bill is to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins,” which the authors define as “digital currencies, whose value is permanently pegged to or stabilized against a conventional currency like the dollar and which pose new regulatory challenges while also representing a growing source of market, liquidity, and credit risk.”  

The goal of this conversation was to get absolutely clear on the language and intent of the regulation, not just as a standalone document but as part of a much larger regulatory agenda that is being put forward by the more progressive factions of the democratic party. What is clear is that much of this depends on how we define money and what we mean when we talk about “a deposit.”

Regardless of what your personal beliefs are, regulation is coming. The question is what is it going to look like and how is it going to impact you and your community, whether that community is your local community, your business community, or a crypto community?

This conversation is meant to help you begin to wrap your arms around this new paradigm, to understand what you think about it and how you want to respond to it.

You can gain access to the episode overtime, Demetri’s additional conversation with Jeremy Allaire, as well as the transcript and rundown to this week’s episode through the Hidden Forces Patreon Page. 

All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application.

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Episode Recorded on 12/08/2020