The China-Russia partnership is a highly consequential geopolitical alignment driven by a shared goal of countering U.S. hegemony and reshaping the international order into a multipolar system. While not a formal alliance, this relationship is strengthened by Russia's increasing economic reliance on China following Western sanctions, which allows Beijing to leverage its influence. Policymakers should note that while the partnership projects deep solidarity (as seen in high-level summits), it remains complex and limited by mutual mistrust and competing strategic interests. This enduring alignment poses a significant challenge to U.S. interests and requires continued diplomatic vigilance.
Analyzing the Tillis-Alsobrooks Compromise on Stablecoin Rewards
English Summary
The Tillis-Alsobrooks Compromise (Section 404) attempts to regulate stablecoin rewards by banning yields functionally equivalent to bank deposits. CATO argues this approach is flawed because it relies on an ambiguous 'equivalence test' that incorrectly compares regulated stablecoins to traditional fractional-reserve banking models. Since compliant stablecoins are backed 1:1 with high-quality liquid assets and do not engage in credit transformation, applying a deposit standard is inappropriate. Policymakers should recognize that stablecoin rewards represent healthy price competition and avoid using the bank deposit model as the regulatory yardstick to ensure market innovation.
中文摘要
《蒂利斯-奧爾博克妥協案》（Tillis-Alsobrooks Compromise，第404條）試圖透過禁止與銀行存款功能等效的收益率來規範穩定幣回報。CATO 認為這種方法存在缺陷，因為它依賴一個模糊的「等值性測試」，錯誤地將受監管的穩定幣比擬為傳統的分數儲備銀行模式。由於合規的穩定幣是以高品質流動資產進行1:1抵押，且不從事信貸轉換（credit transformation），因此套用存款標準是不恰當的。政策制定者應認識到，穩定幣的回報代表健康的價格競爭，並避免將銀行存款模型作為監管的衡量標準，以確保市場創新。
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