加密產業準備在川普的領導下進行監管改革

加密貨幣產業正在熱切等待他長期承諾的監管改革的推出。路透社報道，人們越來越期待旨在鞏固美國作為數位資產全球領導者地位的潛在行政命令。

The cryptocurrency industry is eagerly awaiting the rollout of his long-promised regulatory overhaul.

加密貨幣產業正在熱切等待他長期承諾的監管改革的推出。

According to Reuters, there is growing anticipation over potential executive orders aimed at cementing the U.S.’s role as a global leader in digital assets. Industry insiders are pushing for Trump to take immediate action on his first day in office, making good on his campaign promise to create a friendlier regulatory environment for the crypto sector.

路透社報道，人們越來越期待旨在鞏固美國作為數位資產全球領導者地位的潛在行政命令。業內人士正在敦促川普在上任第一天立即採取行動，兌現他為加密貨幣行業創造更友善的監管環境的競選承諾。

A Strategic Bitcoin Reserve?

比特幣戰略儲備？

One of the most anticipated moves is Trump’s proposed creation of a national Bitcoin reserve. During his campaign, Trump hinted at the idea of making Bitcoin a “strategic reserve asset.” This concept has already gained traction among some policymakers and crypto advocates. The Bitcoin Policy Institute, for example, has proposed an executive order under which the US government might invest up to $21 billion per year for five years to accumulate Bitcoin. This might substantially disrupt the cryptocurrency market by removing a large percentage of Bitcoin from circulation.

最令人期待的舉措之一是川普提議建立國家比特幣儲備。在競選期間，川普暗示了將比特幣作為「戰略儲備資產」的想法。這個概念已經受到一些政策制定者和加密貨幣倡導者的關注。例如，比特幣政策研究所提出了一項行政命令，根據該命令，美國政府可能在五年內每年投資高達 210 億美元來累積比特幣。這可能會導致大部分比特幣退出流通，嚴重擾亂加密貨幣市場。

Zack Shapiro, head of policy at the Bitcoin Policy Institute, argued, “The U.S. should be ahead of the curve in acquiring bitcoin. If we wait too long, other nations could dominate this space.” Analysts argue on whether this can be accomplished through executive action or if legislation is needed, but the Bitcoin Act of 2024, which was introduced by Senator Cynthia Lummis, suggests that the Federal Reserve and Treasury buy 200,000 Bitcoin each year, with the possibility of acquiring up to 1 million Bitcoin by 2029.

比特幣政策研究所政策主管 Zack Shapiro 認為，「美國應該在取得比特幣方面走在前面。如果我們等待太久，其他國家可能會主宰這個領域。分析師爭論這是否可以透過行政行動或是否需要立法來實現，但參議員 Cynthia Lummis 提出的《2024 年比特幣法案》建議聯準會和財政部每年購買 20 萬個比特幣，並有可能收購到2029 年，比特幣數量將達到100 萬個。

Crypto-Friendly Regulation

加密貨幣友善的監管

Trump’s administration is also anticipated to criticize the present regulatory climate, which many in the crypto business regard as inhibiting innovation. That came from the hardline approach the administration of President Joe Biden had on cryptocurrency, which led to the heavy hand of regulation that many argue has driven crypto businesses offshores. But Trump promised change. “There has been an effort to stifle innovation, but President Trump will keep his promise to promote American leadership in crypto,” said Brian Hughes, a spokesman for Trump’s transition team.

預計川普政府也將批評當前的監管環境，加密貨幣產業的許多人認為這種環境抑制了創新。這是由於喬·拜登總統的政府對加密貨幣的強硬態度，導致了嚴厲的監管，許多人認為這推動了加密業務的離岸化。但川普承諾做出改變。川普過渡團隊發言人布萊恩休斯 (Brian Hughes) 表示：“有人試圖扼殺創新，但川普總統將信守承諾，提升美國在加密領域的領導地位。”

Trump’s pick to lead the SEC, Paul Atkins, was viewed as more lenient and pro-crypto, in contrast to the current head, Gary Gensler, who helmed several high-profile enforcement actions against crypto firms. Atkins, who had previously served as a commissioner at the SEC and before that had ties to the digital asset industry, voices support for common-sense regulations that foster innovation but protect investors.

川普選擇領導SEC 的保羅·阿特金斯(Paul Atkins) 被視為更加寬容和支持加密貨幣，而現任主席加里·詹斯勒(Gary Gensler) 則對加密貨幣公司發起了幾項高調的執法行動。阿特金斯曾擔任美國證券交易委員會委員，此前與數位資產產業有聯繫，他表示支持促進創新但保護投資者的常識性法規。

Crypto Industry Council and Banking Access

加密貨幣行業委員會和銀行准入

In addition to his plans for a bitcoin reserve, Trump is reportedly considering the creation of a “crypto industry council.” This council would advise the government on matters related to digital assets and is seen as a step toward formalizing the U.S. government’s relationship with the crypto industry.

據報道，除了比特幣儲備計畫之外，川普還考慮成立一個「加密貨幣產業委員會」。該委員會將就與數位資產相關的事宜向政府提供建議，並被視為美國政府與加密產業關係正式化的一步。

Another key issue for crypto firms is the lack of access to banking services. Many digital asset companies have complained about being unable to secure traditional banking relationships due to regulatory uncertainty. Trump has promised to prevent banks from “choking” crypto businesses and ensure that financial institutions provide services to firms that comply with the law. An executive order addressing this issue could signal a new era of collaboration between banks and crypto companies, although the practical impact might be limited, given the independence of banking regulators.

加密貨幣公司的另一個關鍵問題是缺乏銀行服務。許多數位資產公司抱怨由於監管不確定性而無法確保與傳統銀行的關係。川普承諾防止銀行「扼殺」加密貨幣業務，並確保金融機構向遵守法律的公司提供服務。解決這一問題的行政命令可能標誌著銀行和加密貨幣公司之間合作的新時代，儘管考慮到銀行監管機構的獨立性，實際影響可能有限。

Market Implications: Bitcoin Price Surge?

市場影響：比特幣價格飆漲？

The mere prospect of these changes has already had a significant impact on the cryptocurrency market. Bitcoin recently hit a record high of $107,000, and while its price has since dipped, the cryptocurrency community remains optimistic. Experts speculate that, if Trump successfully pushes through his crypto-friendly policies, bitcoin could experience even greater price appreciation. According to Perianne Boring, the founder of The Digital Chamber, “The sky’s the limit for Bitcoin because its supply is fixed while demand is increasing, sending its price skyrocketing if Trump’s policies pay off.”

這些變化的前景已經對加密貨幣市場產生了重大影響。比特幣最近創下了 107,000 美元的歷史新高，儘管其價格此後有所下跌，但加密貨幣社群仍然保持樂觀。專家推測，如果川普成功推行他的加密貨幣友善政策，比特幣的價格可能會經歷更大的增值。 The Digital Chamber 創辦人 Perianne Boring 表示，“比特幣的發展前途無量，因為它的供應量是固定的，而需求量卻在增加，如果川普的政策奏效，比特幣的價格就會飛漲。”

Bitcoin (BTC) price chart. Source: Bitcoin Liquid Index (BLX) via Brave new Coin

比特幣（BTC）價格圖表。資料來源：比特幣流動性指數（BLX），取自 Brave new Coin

The highly-cited stock-to-flow model places the potential price of bitcoin at over $800,000 toward the close of 2025, though there is a prospect that could catapult its price up to $1 million per unit. A surge of this size will be enough not only to reshape digital assets but possibly fit in as integral in global finance systems.

被廣泛引用的股票流量模型認為，到 2025 年底，比特幣的潛在價格將超過 80 萬美元，儘管其價格有可能飆升至每單位 100 萬美元。這種規模的激增不僅足以重塑數位資產，還可能融入全球金融體系。

Early Action: Can Trump Deliver?

早期行動：川普能兌現承諾嗎？

While Trump’s transition team has made bold promises, it remains unclear whether these executive orders can be implemented on Day 1. The legal complexities surrounding bitcoin’s status as a reserve asset and the challenges of regulating the crypto industry are significant hurdles. However, there is widespread belief within the industry that the president-elect’s actions could set the tone for his administration’s approach to digital assets.

儘管川普的過渡團隊做出了大膽的承諾，但目前尚不清楚這些行政命令能否在第一天實施。障礙。然而，業內普遍認為，當選總統的行動可能會為其政府處理數位資產的方式定下基調。

As Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs, told Reuters, “It’s imperative that his first set of executive orders provides a roadmap, setting clear priorities for the

正如 Polygon Labs 首席法律和政策官 Rebecca Rettig 告訴路透社的那樣，「他的第一套行政命令必須提供一個路線圖，為