加密升起：監管和政策影響

特朗普總統的親克賴特托政策可能會引髮美國數字貨幣景觀的新增長和創新。

The administration of President Donald Trump is making progress on a new economic policy agenda that could reignite growth and innovation in the U.S. digital currency landscape.

唐納德·特朗普（Donald Trump）總統的管理正在取得新的經濟政策議程的進步，該議程可能會重新燃起美國數字貨幣格局的增長和創新。

Top takeaways

最高點

• Advocates of digital money have been pushing hard to play a pivotal role in how the global economy works. Reaching this goal has proven difficult as we encountered failures of cryptocurrency platforms like FTX and Terra Luna (an algorithmic stablecoin that went bust), stricter regulations from governments around the world and a period of crypto winter.

•數字資金的擁護者一直在努力在全球經濟運作方面發揮關鍵作用。事實證明，實現這一目標很困難，因為我們遇到了像FTX和Terra Luna（一種破產的算法穩定的算法）等加密貨幣平台的失敗，世界各地政府的更嚴格的法規以及一段加密冬季的時期。

• But a new sense of optimism is sweeping through the crypto world as President Trump promised to make America a leader in digital currency during his recent election campaign and has since begun fulfilling his early campaign promises and appointing crypto-friendly leaders across key federal agencies. Does this bode well for an era of unchecked risk-taking behavior or might it spell doom for the sunny outlook?

•但是，隨著特朗普總統承諾在最近的選舉活動期間使美國成為數字貨幣的領導者，但一種新的樂觀感正在席捲加密世界，此後開始履行他的早期競選承諾，並任命了整個主要聯邦機構的加密貨幣友好型領導人。對於未經檢查的冒險行為時代，這個堡是否很好，還是對陽光前景的厄運？

The good news is that the Trump administration and the Republican majority in both the House and Senate might provide much-needed clarity on the market structure of digital assets.

好消息是，眾議院和參議院的特朗普政府和共和黨多數派可能會對數字資產的市場結構提供急需的清晰度。

President Trump recently signed an executive order to strengthen America’s leadership in digital financial technology. This order establishes the position of the country’s first crypto and AI czar – filled by David Sacks – and calls for forming a presidential working group. This group will bring together key stakeholders from various government agencies and representatives from the private sector. It has been tasked with advising the president on what a well-crafted, pro-innovation policy should include to maintain U.S. leadership, enhance economic competitiveness and ensure national security in the face of rapidly advancing technologies.

特朗普總統最近簽署了一項行政命令，以加強美國在數字金融技術方面的領導地位。該命令確立了該國第一個加密貨幣和AI沙皇（由David Sacks填補）的立場，並呼籲組建一個總統工作組。該組織將匯集來自各個政府機構和私營部門代表的主要利益相關者。它的任務是為總統提供一項精心製作的，親自創新的政策，包括維持美國領導，增強經濟競爭力並確保面對迅速發展的技術，並確保國家安全。

Mr. Sacks immediately set to work on his new mandate. On the very day the bipartisan stablecoin bill known as the GENIUS Act was unveiled, he led a press conference alongside members of Congress, signaling the start of a new era in the industry.

薩克斯先生立即開始履行他的新任務。那天，他被稱為《天才法案》的兩黨stablecoin法案揭幕，他與國會議員一起舉行了新聞發布會，這表明該行業的新時代開始了。

The crypto market has reacted positively to these developments. Bitcoin’s price soared to unprecedented heights, exceeding $100,000 in December while the market capitalization of stablecoins (digital coins tied to real money or assets like the dollar and gold) exceeded $200 billion by January, up over 45 percent year-on-year.

加密市場對這些發展做出了積極的反應。比特幣的價格飆升至前所未有的高度，12月的價格超過了100,000美元，而穩定幣的市值（與真實資金或資產相關的數字硬幣或諸如美元和黃金之類的資產）超過了2000億美元，同比增長超過45％。

Institutional adoption has also increased, fueled by the potential for legal and regulatory clarity. Last year, several leading Wall Street money managers began experimenting with digital versions of investment funds. This suggests that we might be entering a time when the broad adoption of cryptocurrencies could gain significant traction and popularity.

由於法律和法規清晰度的潛力，機構採用也增加了。去年，幾位領先的華爾街貨幣經理開始嘗試數字版本的投資基金。這表明我們可能會進入一個時代，即廣泛採用加密貨幣可以獲得大量的吸引力和受歡迎程度。

The implications for the global economy are significant as several countries in the East and Southeast are introducing their own regulations for crypto assets. For instance, Hong Kong, aiming to become a regional hub for digital assets, is implementing new rules for cryptocurrencies and stablecoins. Singapore offers straightforward laws and tax incentives, attracting companies like Binance. Brazil and several other countries are also getting involved, including the United Arab Emirates, which has quickly become a leading financial and technology hub across the Middle East.

由於東部和東南部的幾個國家正在引入自己的加密資產法規，因此對全球經濟的影響很大。例如，旨在成為數字資產區域樞紐的香港正在為加密貨幣和穩定幣實施新規則。新加坡提供直接的法律和稅收優惠，吸引了像Binance這樣的公司。巴西和其他幾個國家也參與其中，包括阿拉伯聯合酋長國，該阿拉伯聯合酋長國迅速成為整個中東的領先金融和技術樞紐。

The era in which cryptocurrency could operate outside of regulatory frameworks is over. While some regulations are overly complex, countries are now competing to attract crypto developers, investors and firms. However, if global rules for the cryptocurrency market are not harmonized, there is a considerable risk that the emerging “internet of value” could become fragmented and siloed, much like how an intranet or extranet pales in comparison to the internet. To achieve this alignment, leadership from the U.S. is crucial.

加密貨幣可以在監管框架之外運作的時代已經過去。儘管某些法規過於復雜，但國家現在正在競爭吸引加密開發人員，投資者和公司。但是，如果對加密貨幣市場的全球規則不統一，那麼新興的“價值”可能會變得分散和孤立的風險，就像與Internet相比，Intranet或Extranet易變的方式很大。為了實現這一協調，美國的領導是至關重要的。

What is the internet of value?

什麼是價值網絡？

The internet of value refers to a concept in which digital assets – such as money, stocks, intellectual property or even data – can be transferred over the internet with ease, speed and security. The goal is to facilitate peer-to-peer transactions that are instantaneous and cost-effective without needing to depend on intermediaries to verify or finalize the exchange. Technologies like blockchain and cryptocurrencies play crucial roles in this framework, enabling the digitization, tracking and securing of the transfer of value without centralized oversight.

價值互聯網是指數字資產（例如貨幣，股票，知識產權甚至數據）可以輕鬆地通過互聯網傳輸的概念。目的是促進瞬時且具有成本效益的點對點交易，而無需依靠中介來驗證或最終確定交換。區塊鍊和加密貨幣等技術在此框架中起著至關重要的作用，從而實現了數字化，跟踪和確保價值傳輸而無需集中監督。

However, America’s broader economic policies might complicate its ability to lead as international tensions escalate. Countries around the world are encountering the repercussions of the “America First” economic agenda, which has led to trade tensions between the U.S. and several other nations.

但是，隨著國際緊張局勢升級，美國的更廣泛的經濟政策可能會使其領先的能力變得複雜。世界各地的國家正在遇到“美國第一”經濟議程的影響，這導致了美國與其他幾個國家之間的貿易緊張局勢。

Moreover, at the federal level, the U.S. has unfinished business and a mix of state interests and regulations regarding cryptocurrencies. The country is entangled in a regulatory tug-of-war over cryptocurrency policies. A fragmented landscape of markets and banking overseers has left agencies either vying for control or stepping back entirely. The Securities and Exchange Commission, Commodity Futures Trading Commission and state-level regulators often pursue conflicting goals, creating confusion for crypto firms and investors.

此外，在聯邦一級，美國擁有未完成的業務以及有關加密貨幣的國家利益和法規。該國因加密貨幣政策而糾纏於一場監管拖船。市場和銀行監督者的碎片景觀使機構競爭控製或完全退縮。美國證券交易委員會，商品期貨貿易委員會和州級監管機構經常追求矛盾的目標，對加密貨幣公司和投資者產生混亂。

This patchwork approach has real consequences. Banks open to servicing the crypto sector face a double jeopardy: Competitive pressures push them to innovate while compliance challenges force caution. The unresolved tension between state and federal authority – particularly in banking and payments – has also stalled critical stablecoin legislation more than any inherent risks in the crypto market. National

這種拼湊而成的方法有真正的後果。銀行願意為加密貨幣部門提供服務面臨雙重危險：競爭壓力促使他們進行創新，而合規性挑戰了強迫的謹慎。州和聯邦當局之間未解決的緊張局勢，尤其是在銀行和付款方面 - 比加密貨幣市場中任何固有的風險都更加嚴格的穩定立法。國家的