美参议院的"加密崩溃"听证会传递了什么监管信号？

比推Published on 2023-02-15Last updated on 2023-02-15

Abstract

本次听证会涵盖了本周的热门话题，包括稳定币监管、消费者保护、加密银行业务...

美国参议院银行委员会周二举办了名为「加密崩溃：为什么数字资产需要金融系统保障措施」的听证会，本次听证会涵盖了本周的热门话题，包括稳定币监管、消费者保护、加密银行业务、是否需要自律组织，以及美国证券交易委员会 (SEC) 应如何与商品期货交易委员会 (CFTC) 合作来规范数字资产。

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参议员们主要关注加密代币分类、不同机构将如何分工合作以及如何满足人们对加密成为银行系统一部分的日益增长的需求。

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参议院银行委员会主席 Sherod Brown（D-Ohio）希望开始制定一个两党合作的加密货币监管框架，听证会听取了 Georgetown 大学法学教授 Linda Jeng 和 Vanderbilt 法学院法学教授 Yesha Yadav 的证词，Linda Jeng 也是加密货币创新委员会的首席全球监管官。在杜克大学金融经济中心政策主任 Lee Reiners 的证词中，专家们提出了一种全面的新监管方法。

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Reiners 认为，他认为国会应该澄清，除了正式的加密业务之外，SEC 还有权起草管理 DeFi 应用程序的规则。Jeng 和 Yadav 主张创新、普惠金融、用户群的多样性，以及像中国这样带头的其他国家。Reiners 主张消费者保护、金融稳定以及这是否真的是一种资产类别或仅仅是赌博。SEC 主席 Gary Gensler 缺席了这次听证会，委员会表示他必须参加 9 月的听证会——那或许已经太晚了。

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会议召开之际，加密行业的监管风险从未如此高，立法者正在努力解决如何或是否允许加密创新在纽约和旧金山等现有经济中心继续扩张，美元在全球的主导地位的未来也可能受到今天在国会山讨论决定的影响。

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美国证券交易委员会（SEC）Vs. 美国商品期货交易委员会（CFTC）

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Reiners 主张 SEC 拥有控制权，并指出 CFTC 监管商品衍生品，但不监管商品现货市场。该结构的实际效果是，美国的加密货币交易目前不受联邦监管，这正是因为立法者希望巩固联邦层面对加密货币交易所的监管方式。这将提高清晰度并减少加密公司因不知道如何处理业务而受到惩罚的可能性，就像最近 Kraken 及其以太坊质押服务的情况类似。

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根据他在听证会前发表的声明，Reiners 认为“最好、最可行的前进道路是，国会从《商品交易法》（Commodity Exchange Act）中的商品定义中剔除加密货币，并根据特殊定义在证券法下将加密货币视为证券”。简而言之，Reiners 认为 SEC 应该是专注于加密货币交易所的主要监管机构。

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他继续争辩说，如果加密货币交易所为客户资产提供托管服务——而不是要求使用合格的托管方——该交易所可能会受到证券投资者保护公司（SIPC）管理的特别决议的约束，以便如果交易所破产，客户最高可获得 500, 000 美元的损失保险。例如，这可能有助于保护 FTX 破产的一些受害者。尽管这些举措有一定作用，但对去中心化加密服务和平台来说，它们可能显得苍白无力。

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规范 DeFi

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将 DeFI 作为今天听证会的主题是微妙的，但很重要。Reiners 指出：“几家公司已经开发了在线用户界面，允许用户访问 DeFi 协议。这些公司应该被要求注册为经纪自营商。” 这将影响许多公司和项目，例如 Aave 和 Compound。

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Reiners 补充说，DeFi 项目完全基于基于区块链的智能合约运行，不依赖于其他人的努力，因此潜在风险较小，因为“很少有人拥有直接访问它们的技术手段。” 此外，这些项目仍处于试验阶段，“与现实世界的资产几乎没有关联”。鉴于当今与 DeFi 相关的最显著风险是可能吸引非法黑客的代码漏洞，Reiners 认为 SEC 可以“首先要求对 DeFi 协议进行独立代码审计和 IT 安全测试”。对于像 SEC 这样的传统监管机构来说，将代码审计视为规范化合规流程的一部分将是一个巨大的飞跃。

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稳定币

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Reiners 的提案还将授予 SEC 对稳定币的监督权，参议员 Elizabeth Warren 和 Roger Marshall 可能会同意他的观点。如果立法者遵循法学教授的指导，监管机构将严格要求所有稳定币储备以现金或美国国债形式持有。例如，加密货币交易所 Paxos 因潜在的违规问题最近被勒令停止发行稳定币 BUSD。

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这个想法还包括让稳定币发行方接受例行审计和披露，甚至可能接受银行监管。

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国会可以简单地指示 CFTC 和 SEC 在稳定币案件中联合制定规则和共享执法机构，而不是决定稳定币是商品还是证券。这是有先例的，这两个机构曾在 2010 年联合参与制定《多德-弗兰克法案》的第七章，该章概述了管理衍生品的监管框架。国会可以授权 SEC 像货币市场共同基金一样监管它们，严格要求稳定币储备以现金和国债形式持有。

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根据今天的听证会，投资者和行业成员将不得不继续等待实质性政策，但本次听证会不同于以往，现在拜登政府向国会施加了更大的压力，要求国会采取最终行动。如果国会确实对这种压力做出反应，立法者最有可能采取的第一步就是通过稳定币法规。不管接下来会发生什么，这些决定肯定会影响美国未来几十年的经济增长，北美数字资产的未来画像也将在一次次听证会中逐渐明朗。

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