專家分析：川普的勝利將如何重塑加密貨幣監管

穆迪評級數位資產副總裁 Cristiano Ventricelli 討論了川普領導的共和黨政府對加密貨幣監管的潛在影響

A Moody’s digital assets expert has outlined how a Trump administration and pro-crypto Congress could lead to a major shift in U.S. crypto regulation, with potentially far-reaching implications for the industry.

穆迪的一位數位資產專家概述了川普政府和支持加密貨幣的國會如何導緻美國加密貨幣監管發生重大轉變，從而對該行業產生潛在的深遠影響。

Following President-elect Donald Trump’s recent victory over Vice President Kamala Harris, and the election of over 280 pro-crypto candidates to Congress, a new era of crypto-friendly politics is dawning in the United States.

繼當選總統唐納德·川普(Donald Trump) 最近戰勝副總統卡馬拉·哈里斯(Kamala Harris)，以及280 多名支持加密貨幣的候選人當選國會議員後，美國正在迎來一個加密貨幣友好型政治的新時代。

In an expert analysis piece, Cristiano Ventricelli, vice president for digital assets at Moody’s Ratings, discussed the potential impact of a Republican administration on cryptocurrency regulation.

穆迪評級公司數位資產副總裁 Cristiano Ventricelli 在一篇專家分析文章中討論了共和黨政府對加密貨幣監管的潛在影響。

According to Ventricelli, a Republican presidency may lead to a more accommodating stance towards cryptocurrencies, including the possible appointment of digital-asset friendly regulators.

Ventricelli 表示，共和黨當選總統可能會導致對加密貨幣採取更寬鬆的立場，包括可能任命對數位資產友善的監管機構。

However, he noted that substantial legislative change will still hinge on bipartisan cooperation.

不過，他指出，實質的立法變革仍將取決於兩黨的合作。

“Any legislative advancements are contingent upon congressional action,” Ventricelli clarified. “While Republicans may ultimately control both the House and Senate, digital assets legislation will require bipartisan support, cannot be achieved through budget reconciliation, and it’s unclear the parties will reach a consensus in the short term.”

「任何立法進展都取決於國會的行動，」文特里切利澄清。 “雖然共和黨最終可能控制參眾兩院，但數位資產立法需要兩黨支持，無法通過預算協調來實現，而且目前尚不清楚兩黨能否在短期內達成共識。”

Shifting Focus at the SEC

SEC 的焦點轉移

The anticipated leadership change at the U.S. Securities and Exchange Commission (SEC) will also play a crucial role in shaping the future regulatory landscape for crypto in the U.S.

美國證券交易委員會（SEC）預期的領導層變動也將在塑造美國加密貨幣未來監管格局方面發揮至關重要的作用

Trump has vowed to replace the current SEC Chair Gary Gensler, who has faced widespread criticism from the crypto sector for his “regulation-by-enforcement” approach, which many industry leaders view as stifling innovation.

川普發誓要取代現任 SEC 主席加里·詹斯勒 (Gary Gensler)，後者因其「執法監管」方式而受到加密貨幣行業的廣泛批評，許多行業領袖認為這種方式扼殺了創新。

Coinbase CEO Brian Armstrong and others have repeatedly called for a new SEC leadership focused on transparency and a supportive regulatory framework.

Coinbase 執行長 Brian Armstrong 和其他人多次呼籲 SEC 的新領導層專注於透明度和支持性監管框架。

SEC Commissioner Hester Peirce, who has earned the industry nickname “Crypto Mom,” has been lauded for her strong advocacy for a clear and innovation-friendly regulatory approach to crypto.

美國證券交易委員會委員 Hester Peirce 贏得了行業綽號“加密貨幣媽媽”，她因大力倡導對加密貨幣採取清晰且有利於創新的監管方法而受到讚譽。

If Peirce declines to pursue the SEC chair role, Commissioner Mark Uyeda is seen as a potential successor who could steer the SEC in a more crypto-friendly direction, in line with Trump’s stated pro-innovation stance.

如果Peirce 拒絕擔任SEC 主席一職，專員Mark Uyeda 被視為潛在的繼任者，他可以引導SEC 朝著更加對加密貨幣友好的方向發展，這與川普所宣稱的支持創新的立場是一致的。

This shift would mark a significant regulatory departure for the U.S. crypto industry.

這一轉變將標誌著美國加密貨幣產業監管的重大轉變。

“Further legislative and regulatory clarity could enhance the U.S.’s position in the digital finance industry globally, facilitating closer alignment with the regulatory landscapes of Asia and Europe,” Ventricelli concluded.

Ventricelli 總結道：“立法和監管的進一步明確可以提高美國在全球數位金融行業的地位，促進與亞洲和歐洲的監管環境更緊密地結合。”