唐納德·特朗普（Donald Trump）重返權力後，加密貨幣市場會發生什麼？

在美國總統唐納德·特朗普（Donald Trump）返回之後，Coinbase看到了證券交易委員會撤銷了其2023年的訴訟

Following US President Donald Trump’s return, Coinbase saw the Securities and Exchange Commission drop its 2023 lawsuit, alongside Robinhood Crypto’s investigation closure. On February 25, the SEC also ended its federal probe into Uniswap Labs, triggering market declines with Coinbase and Bitcoin (BTC), the latter of which dropped from its $109,114 peak to $87,000, showcasing a 20% retreat.

在美國總統唐納德·特朗普（Donald Trump）的返回之後，Coinbase看到了證券交易委員會（Securities and Exchange Commission）與Robinhood Crypto的調查結束一起放棄了2023年的訴訟。 2月25日，美國證券交易委員會還結束了聯邦調查對Uniswap Labs的調查，以Coinbase和Coinbase和Bitcoin（BTC）觸發市場下降，後者從109,114美元的峰值下降到87,000美元，顯示了20％的撤退。

There’s no apparent reason in sight, but the overall logic of the investors’ reaction is evident: They are not fond of unpredictability and usually care about the market much more than specific companies.

沒有明顯的理由，但是投資者反應的總體邏輯很明顯：他們不喜歡不可預測性，通常比特定公司更關心市場。

The reason the SEC dropped all these cases is less important than the answer to what this tells us. It’s no secret that the Trump administration has received crypto donations, which may come in handy later. Let’s recall how Coinbase and Robinhood have donated to Trump, with Uniswap also participating in a crypto super PAC, Fairshake, worth $116 million.

SEC刪除所有這些案件的原因不如回答說明我們的答案。特朗普政府已收到加密貨幣捐贈，這不是秘密，這可能會派上用場。讓我們回想一下Coinbase和Robinhood是如何向特朗普捐款的，UNISWAP還參加了Crypto Super Pac，Fairshake，價值1.16億美元。

Does the above signal to investors that the donations were accepted, or is it just a coincidence? Is this a warm welcome from Washington for crypto in general? Fortunately, there is a litmus test to determine where the Trump presidency sits on crypto that the industry may highly appreciate. If his administration takes three steps, it may be evidence that they value crypto and care about the market.

上述信號向投資者發出了捐款的接受，還是僅僅是巧合？這是華盛頓對加密貨幣的熱烈歡迎嗎？幸運的是，有一項試金石測試來確定特朗普總統在加密貨幣上的位置，該行業可能會非常感激。如果他的政府採取了三個步驟，則可以證明他們重視加密貨幣並關心市場。

Designation of CFTC by the regulator or a shift in the SEC’s position on token securities

監管機構指定CFTC或SEC在代幣證券上的位置轉變

The position of the SEC on token securities is crucial, with the commission indicating its intent to designate most tokens as securities under the previous leadership. This designation means that you could be at risk: Even if you are not directly issuing tokens yourself but instead developing a technical solution that interacts with or trades tokens, there could be complications — persistent legal risks connected to potential involvement with unregistered securities. This remains a significant barrier for crypto.

SEC在代幣證券上的地位至關重要，委員會表明其目的是將大多數令牌指定為先前領導下的證券。該指定意味著您可能會面臨風險：即使您自己不是直接發行代幣，而是開發與代幣交互或交易的技術解決方案，可能會有並發症 - 持續的法律風險與潛在參與未註冊的證券有關。這仍然是加密貨幣的重要障礙。

It could also be altered by the Commodity Futures Trading Commission (CFTC). A company’s success has historically been a significant factor in a token’s price, and the classification of the token as a security was not really in the hands of the company. If the CFTC lessens regulations, however, there could be massive implications for businesses in the US, which may be more likely to get involved with cryptocurrencies. A close eye will be kept on any steps taken by the CFTC.

商品期貨貿易委員會（CFTC）也可以改變它。從歷史上看，公司的成功一直是代幣價格的重要因素，而將令牌作為安全性的分類並沒有真正掌握在公司手中。但是，如果CFTC減少了法規，那麼對美國的企業可能會產生巨大影響，這可能更有可能參與加密貨幣。 CFTC採取的任何步驟都將密切關注。

Recently, the CFTC doesn't regulate crypto or have such powers. The transfer of jurisdictions over crypto to the CFTC will serve as a strong signal of the broad pro-crypto stance of the new administration. As a small and less aggressive regulator, the CFTC is less likely to pursue regulation through enforcement and will thus likely adopt a more collaborative stance towards the industry. As a result of any of these two developments, a massive risk US crypto companies face will be eliminated, thus unlocking a floodgate of innovative crypto enterprises entering the lucrative US market.

最近，CFTC不調節加密貨幣或具有這樣的權力。將司法管轄區轉移到CFTC上，將是新政府廣泛的親克賴普托立場的強烈信號。作為一個小小的積極的監管機構，CFTC不太可能通過執法進行監管，因此很可能對該行業採取更加協作的立場。由於這兩個發展中的任何一種，將消除美國加密公司面臨的巨大風險，從而釋放了進入美國利潤豐厚的美國市場的創新加密企業的閘門。

Adoption of stablecoins

採用穩定劑

The adoption of stablecoins is also expected to drive the growth of crypto payments, benefiting small and medium-sized businesses (SMBs). These businesses that start using crypto payments tend to turn to stablecoins first, so they must clearly understand the legal backdrop regarding stablecoins. It’s not enough to use hazy legislation that wasn’t intended for stablecoins. Instead, they need a well-defined framework to bring clarity to regulation.

預計採用Stablecoins也將推動加密貨幣支付的增長，從而使中小型企業（SMB）受益。這些開始使用加密貨幣付款的業務傾向於先轉向穩定幣，因此他們必須清楚地了解有關穩定的法律背景。使用朦朧的立法是不夠的。取而代之的是，他們需要一個明確的框架來使監管清晰。

What is the result of a better regulatory approach? More confidence. Companies will enjoy greater certainty in the transition from stablecoin to crypto. And, crucially, as more businesses integrate crypto payments, more opportunities will emerge for US crypto companies. To facilitate this positive cycle, a dedicated legislative framework that recognizes stablecoins as a legitimate means of payment is needed. Direct regulatory oversight, ensuring trust in reserves, and managing risks for stablecoin issuers will also boost confidence.

更好的監管方法的結果是什麼？更有信心。公司將在從Stablecoin到加密貨幣的過渡中享有更大的確定性。而且，至關重要的是，隨著越來越多的企業整合加密貨幣的付款，美國加密公司將出現更多的機會。為了促進這個積極的周期，一個專門的立法框架將穩定的框架承認為合法的付款方式。直接的監管監督，確保對儲備金的信任以及管理Stablecoin發行人的風險也將增強信心。

FinCEN’s role in banking crypto assets

Fincen在銀行加密資產中的作用

Another sticking point is the problems crypto businesses face when opening bank accounts. Even when they manage it, they face higher service costs and fees as banks perceive significant money laundering risks in the crypto sector. This reluctance to serve crypto is ironic: The industry aims to establish an alternative payment system yet remains reliant on traditional banking.

另一個引人注目的是加密企業開設銀行帳戶時面臨的問題。即使他們管理它，他們也會面臨更高的服務成本和費用，因為銀行認為加密貨幣部門的大量洗錢風險。這種不願為加密服務的服務具有諷刺意味的是：該行業旨在建立替代支付系統，但仍依賴傳統銀行業務。

For the crypto ecosystem to expand, financial institutions must start providing services to crypto-related entities. It’s equally clear that progress will remain limited without the participation of traditional banks. The key to change could lie with the Financial Crimes Enforcement Network (FinCEN). If this bureau takes steps to revise its risk assessment for crypto businesses, banks will adjust their evaluations accordingly. Financial institutions will be more willing to work with crypto companies.

為了使加密生態系統擴展，金融機構必須開始為與加密相關的實體提供服務。同樣清楚的是，如果沒有傳統銀行的參與，進度將保持限制。變革的關鍵可能在於金融犯罪執法網絡（FINCEN）。如果該局採取措施修改其對加密貨幣業務的風險評估，銀行將相應地調整其評估。金融機構將更願意與加密貨幣公司合作。

How crypto will unfold in the US is far from obvious: The Trump administration has accepted some crypto donations, but continuing uncertainty is felt in the markets. By keeping an eye on the activities of the CFTC and FinCEN, as well as positive shifts in the regulation of crypto, a

在美國，加密貨幣將如何展開遠非顯而易見：特朗普政府接受了一些加密捐贈，但市場上仍感受到了持續的不確定性。通過關注CFTC和Fincen的活動，以及加密調節的積極轉變