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伯恩斯坦:当下为《Clarity 法案》通过的关键窗口期,若不能尽快达成妥协将增加法案推迟或失败的风险
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比推消息,华尔街机构伯恩斯坦(Bernstein)在最新的分析报告中指出,随着立法者面临银行业与加密行业在稳定币收益问题上日益加深的分歧,美国通过加密市场结构法案的窗口期正在迅速收窄。
分析师 Gautam Chhugani 在周一给客户的报告中指出,尽管《Clarity 法案》的核心内容(包括数字商品与证券的定义区分及去中心化金融的监管方式)存在争议,但这些议题不太可能阻碍其进程。分析师认为,核心障碍在于银行业代表试图限制加密平台提供稳定币余额收益。虽然去年由特朗普总统签署生效的《GENIUS 法案》(主要针对稳定币)禁止稳定币发行商直接支付收益,但仍允许加密平台及其关联方向用户分配收益(通常年化 2% 至 4%)。
分析师表示,银行业将这些激励措施视为对传统存款的威胁,因为稳定币市场可能从目前的超 2750 亿美元规模增长至数万亿美元,并成为系统重要性领域。加密行业则主张,重新讨论该议题将破坏《GENIUS 法案》来之不易的立法妥协,具有反竞争和反自由市场性质。
分析师称双方均将此问题视为不可逾越的红线,若不能尽快达成妥协,将增加法案推迟或失败的风险。伯恩斯坦补充道,政治时机至关重要,该法案最迟需在 2026 年第二季度前取得进展,以免被中期选举动态干扰。该公司表示特朗普政府的亲加密立场为行业带来优势,但警告若收益争议持续,推进势头仍可能停滞。Chhugani 强调当前正是关键窗口期。
风险提示: 本新闻涉及的内容仅供参考,不构成投资建议。依据发布的信息以及所表达的意见行事所造成的一切后果由行事者自负。文章链接 |
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