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BTC 塞勒呼吁美国加密行业利用现有监管路径，并设定5000万用户目标
在参议院9月15日对《CLARITY法案》终止辩论动议以49票对50票失败后，迈克尔·塞勒（Michael Saylor）敦促美国加密行业利用现有的监管途径，并将目标受众设定为5000万用户。
立法进程与塞勒的战略建议
此次投票结果显示，仅有49名参议员支持对《CLARITY法案》进行终止辩论。由于该动议需要五分之三的票数才能通过，因此距离推进法案还差11票。这是一项关于是否开始审议的程序性投票，而非最终通过法案的表决。
在此背景下，塞勒提出了一项战略构想：企业应首先针对美国5000万用户推广合规的数字资产产品，建立庞大的用户基础，随后再回到国会寻求更具针对性的立法支持。他在2026年9月19日发布的一篇政策文章中阐述了这一路径，认为这是2027年和2028年的首选方案，即在现有机构权限下扩展合规数字资产产品，培养客户群，然后在仍需国会介入的领域追求专项立法。
Siler emphasized that the industry should focus on products that reduce costs, improve accessibility and give users more control over money. Examples he cited include Bitcoin custody and lending, digital credit, tokenized stock trading, exchanges that integrate regulated services, and U.S. dollar stablecoin payment systems. "Adoption rates increase the political cost of reversal," he pointed out. The goal of these 50 million users is a policy vision set out by Siler, not a Forecast of government forecasts or market adoption rates.
Controversial over the stablecoin clause in the CLARITY Act
Thaler's views are different from those of the Senate sponsors of the CLARITY Act. Senators Cynthia Lummis, John Boozman and Tim Scott said the draft, after more than a year of negotiations, aims to establish a legal market structure and adds consumer, developer and ethics clauses. They pointed out that the text contained 126 substantive changes requested by Democrats.
关于稳定币奖励的限制，最终参议院草案部分符合塞勒对稳定币条款的描述。第10404条规定，禁止符合条件的数字资产服务提供商仅因美国客户持有支付型稳定币而向其支付利息或收益，或通过经济上等同于计息银行存款的安排进行支付。然而，该条款允许真实的、基于活动或交易的奖励，只要这些奖励不等同于存款利息。文中列出了与支付、转账、流动性提供、抵押品、治理、验证、质押及其他符合条件的产品使用相关的例子。
此外，法案设有一个单独的“断路器”机制：如果财政部长在法案生效18个月内认定，从社区银行计息存款向支付型稳定币的转移导致了与该受监管奖励活动直接相关的不利影响，则需采取行动。参议院发起人将此描述为解决社区银行存款流失的工具。
值得注意的是，单独的《GENIUS法案》已禁止获准的支付型稳定币发行者仅因持有、使用或保留支付型稳定币而向持有者支付利息或收益。其法定生效日期条款独立于《CLARITY法案》。塞勒辩称，参议院的妥协方案将在发行人规则之外，给服务提供商增加另一层限制。
SEC与CFTC依据现有职权推进监管
参议院投票后的两项联邦 developments 与塞勒引用的监管路径相符，尽管它们并未建立《CLARITY法案》所设想的全部法定框架。
9月17日，美国证券交易委员会（SEC）授予临时性有条件豁免，允许符合条件的代币化证券场所通过许可的自动做市商和流动性池交易某些代币化的全国市场体系股票。合格代币必须具有与传统股份相同的权利和特权，且发行人可以反对其证券通过该框架进行交易。此举为符合条件的代币化股票创造了一个五年的有条件路径，SEC正在征求公众意见并考虑进一步的监管行动。
同日，商品期货交易委员会（CFTC）也推进了其流程。公共记录显示，该机构于9月17日向白宫提交了《加密货币资产交易法规》和《加密货币资产市场法规》以供审查。该条目显示该行动处于预规则阶段，且没有法律截止日期。这遵循了CFTC主席迈克尔·塞利格（Michael Selig）在8月份指示员工探索利用现有职权构建加密货币市场结构的决定。
与此同时，银行监管机构也在现有 statute 下采取了单独步骤。货币监理署（OCC）此前宣布，国家银行和联邦储蓄协会可以在适用法律和风险控制的条件下从事加密货币托管、某些稳定币活动以及分布式账本节点验证。OCC取消了此前对这些活动的监督无异议要求。
The Treasury Department handles the GENIUS Act on a different track. The rules proposed on August 17 solicited opinions on implementing the payment type stablecoin requirements and determined January 18, 2027 as the expected effective date.
The CLARITY Act is still expected to try again
The September 15 vote did not remove H.R. 3633 was removed from the Senate calendar. According to the Senate's daily minutes, Sen. Thom Tillis filed a motion to reconsider after a motion to end debate failed. As of September 21, no new voting date for the closing debate has been announced in official materials.
Off-site negotiations continue. Seven Democratic senators who had previously opposed ending the debate said the failed vote was not the end of negotiations. Any new attempt will still need enough support to meet Senate procedural thresholds before the debate and amendment process can begin.
The latest institutional developments come from the White House Office of Information and Management (OIRA). Its public catalog shows that the CFTC's rule formulation RIN 3038-AF80 was received on September 17 as a pending review of the "Cryptocurrency Asset Trading Regulations and Cryptocurrency Asset Market Regulations". The document does not publish the text of the proposed rules, and the pre-rule designation itself does not impose new transaction or registration obligations.
