如何透過三個簡單的步驟建立資產類別

Decentral Park Capital 投資組合經理 Kelly Ye 和 CoinDesk Indices 產品主管 Andy Baehr，交易觀點、主動型基金經理人與指數基金，探討美國大選後塑造資本市場和數位資產投資格局最重要的步驟。

Kelly Ye, portfolio manager at Decentral Park Capital, and Andy Baehr, head of product at CoinDesk Indices, trade views on what steps are most important to shape the capital markets and investment landscape for digital assets in a post U.S. election world.

Decentral Park Capital 投資組合經理 Kelly Ye 和 CoinDesk Indices 產品主管 Andy Baehr 就美國大選後世界中塑造資本市場和數位資產投資格局最重要的步驟交換了看法。

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Andy: Kelly, the US election has concluded and Trump is headed back to the White House, bolstered by a GOP-lead Senate. Bitcoin has already posted a new all-time high, but we know there is no magic wand to transform crypto into a fully-functioning asset class. How will we get there?

安迪：凱利，美國大選已經結束，川普將在共和黨領導的參議院的支持下重返白宮。比特幣已經創下了歷史新高，但我們知道沒有魔杖可以將加密貨幣轉變為功能齊全的資產類別。我們將如何到達那裡？

Kelly: Let’s think about three parts: 1) regulatory infrastructure that allows projects to exist and to raise capital; 2) investment infrastructure that connects investors to the capital markets; and 3) an investment framework for allocators, big and small.

凱利：讓我們考慮三個部分：1）允許專案存在並籌集資金的監管基礎設施； 2）連結投資者與資本市場的投資基礎設施； 3）為大大小小的分配者提供投資架構。

Tesla Is Moving Bitcoin; Trump-Supported Token Falls Flat

特斯拉正在轉移比特幣；川普支持的代幣表現平平

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Andy: Nicely framed. That’s a lot! Let’s hit topic 1 today: regulatory infrastructure. If crypto is meant to be decentralized, why is the U.S. so important?

安迪：構圖很好。就這麼多了！今天我們來討論主題一：監管基礎設施。如果加密貨幣意味著去中心化，為什麼美國如此重要？

Kelly: Though crypto is inherently decentralized, with users and investors worldwide, the U.S. remains crucial due to its concentration of capital and favorable business environment. Globally, investors recognize the U.S. as a hub for technology and innovation. A supportive administration can further enhance this landscape, benefiting the industry. In the long term, as blockchain fosters decentralized trust and governance, societies may organize less by nation and more by shared interests, transcending traditional boundaries.

Kelly：雖然加密貨幣本質上是去中心化的，用戶和投資者遍布全球，但由於資本集中和良好的商業環境，美國仍然至關重要。在全球範圍內，投資者認識到美國是技術和創新的中心。政府的支持可以進一步改善這一格局，使整個產業受益。從長遠來看，隨著區塊鏈促進去中心化的信任和治理，社會可能會更少地按國家組織，而更多地按共同利益組織，從而超越傳統界限。

Andy: From the capital markets side — new projects needing access to investor capital — I agree; it’s hard to build without participation from U.S. lenders and investors. However, for the global markets side — trading, derivatives, services to hedge funds — I think global crypto is doing pretty well, given the obvious constraints. Financial engineering in cities like London, Zurich, Singapore and Hong Kong, with deep talent pools and a history of innovation, is doing well. The U.S. did (impressively, in hindsight) launch futures contracts on bitcoin and ether, a few ETFs and ETF options (soon), but for depth, breadth and innovation, you have to get on an airplane.

安迪：從資本市場來看──新項目需要獲得投資人資本──我同意；如果沒有美國貸款人和投資者的參與，就很難建設。然而，對於全球市場方面——交易、衍生性商品、對沖基金服務——我認為考慮到明顯的限制，全球加密貨幣表現得相當不錯。倫敦、蘇黎世、新加坡和香港等城市的金融工程領域擁有深厚的人才庫和創新歷史，發展勢頭良好。美國確實（令人印象深刻的是，事後看來）推出了比特幣和以太坊期貨合約、一些 ETF 和 ETF 選擇權（很快），但要獲得深度、廣度和創新，你必須搭飛機。

Kelly: A primary barrier is the lack of regulatory clarity regarding whether digital assets qualify as securities or commodities. Currently, only bitcoin has a clear classification, while other tokens risk being labeled as unregistered securities. The SEC’s "regulation by enforcement" approach is unsustainable and may deter innovation within the U.S. This also has downstream implications for capital markets, as crypto-focused exchanges and custodians face the risk of offering unregistered securities under SEC guidance.

凱利：主要障礙是關於數位資產是否符合證券或商品的監管缺乏明確性。目前，只有比特幣有明確的分類，而其他代幣則有被標記為未註冊證券的風險。 SEC 的「執法監管」方法是不可持續的，可能會阻礙美國境內的創新。證券的風險。

Andy: Indeed. As you have heard me rant about more than once, the regulatory “jump ball” between the CFTC and SEC is an impediment and a nuisance. This was true with basket swaps when Dodd Frank went into effect 12 years ago and it’s true now with crypto. I think about how the SFC in Hong Kong was out ahead creating regulatory structure around “virtual assets,” acknowledging their special properties and users. Now VARA in Dubai and, of course, MiCA in Europe are following suit in their own way. Much of this regulatory architecture is designed around existing assets and exchanges. You bring up an important point: new blockchain-based projects also deserve a clear path for financing and launch.

安迪：確實如此。正如您不只一次聽到我抱怨的那樣，CFTC 和 SEC 之間的監管「跳球」是一個障礙和麻煩。 12 年前多德弗蘭克法案生效時，籃子掉期就是如此，現在的加密貨幣也是如此。我想到香港證監會如何率先圍繞「虛擬資產」建立監管結構，承認其特殊屬性和使用者。現在杜拜的 VARA，當然還有歐洲的 MiCA 也在以自己的方式效法。這種監管架構大部分是圍繞著現有資產和交易所設計的。您提出了一個重要的觀點：基於區塊鏈的新專案也應該有明確的融資和啟動路徑。

Kelly: How would you expect indices to be treated in a best-case scenario?

凱利：您預計在最好的情況下會如何對待指數？

Andy: If the ultimate regulatory goal is investor protection, indices offer not only diversification of returns, but also of risk. If one index constituent fails, the index will replace it and survive. Not to say this removes risk, but non-systemic failures are not catastrophic. We think this provides a handy solution to regulators for index derivatives and index-based U.S. ETFs: if an index is demonstrably broad-based, it may not be necessary to make specific regulatory determinations about each and every constituent. If regulators insist on asset-by-asset regulation, users become concentrated into a small number of assets, even if those tend to be the largest, like bitcoin and ether.

Andy：如果監管的最終目標是保護投資者，那麼指數不僅提供回報多元化，還提供風險多元化。如果一個指數成分股失敗，該指數將取代它並繼續存在。並不是說這消除了風險，但非系統性故障並不是災難性的。我們認為這為指數衍生性商品和基於指數的美國 ETF 的監管機構提供了一個方便的解決方案：如果一個指數明顯具有廣泛基礎，則可能沒有必要對每個成分做出具體的監管決定。如果監管機構堅持對資產進行監管，用戶就會集中於少數資產，即使這些資產往往是最大的，例如比特幣和以太幣。

So, we know what’s on our wish lists, but I guess we should end on an upbeat note. We are impatient, perhaps even frustrated, but also hopeful that the new administration can implement more crypto friendly policies, right, Kelly?

所以，我們知道我們的願望清單上有什麼，但我想我們應該以樂觀的態度來結束。我們很不耐煩，甚至可能感到沮喪，但也希望新政府能夠實施更加密貨幣友善的政策，對吧，凱利？

Kelly: Timing is critical, as other countries are competing to create a more favorable environment for blockchain technology builders. We are seeing significant developments with bitcoin, ETH ETFs and the CoinDesk 20 index, which offers investors broad-based exposure to the crypto market. However, to fully capture the growth potential of blockchain technology and its applications, active management expertise is essential

Kelly：時機至關重要，因為其他國家正在競相為區塊鏈技術建構者創造更有利的環境。我們看到比特幣、ETH ETF 和 CoinDesk 20 指數取得了重大進展，該指數為投資者提供了廣泛的加密市場投資機會。然而，要充分抓住區塊鏈技術及其應用的成長潛力，積極的管理專業知識至關重要