喬拜登的加密貨幣遺產：對比行動的故事

正如喬·拜登的總統任期所結束的那樣，他對加密貨幣的態度留下了以對比行動為標誌的複雜遺產。

President Joe Biden's approach to cryptocurrency has been a tale of two halves. On the one hand, his administration has taken a more hands-on approach to regulating the crypto industry, with the Securities and Exchange Commission (SEC) launching a record number of enforcement actions against crypto firms. On the other hand, Biden's era has also seen significant progress in institutional cryptocurrency adoption, with regulatory approval for several crypto products and custodians.

喬·拜登總統對加密貨幣的態度分為兩部分。一方面，他的政府採取了更實際的方法來監管加密產業，美國證券交易委員會（SEC）針對加密公司發起了創紀錄數量的執法行動。另一方面，拜登時代在機構加密貨幣採用方面也取得了重大進展，多種加密產品和託管機構獲得了監管部門的批准。

As Biden's presidency concludes, his approach to cryptocurrency leaves behind a complex legacy. Here's a closer look at the key events that have shaped the crypto landscape during Biden's term.

隨著拜登總統任期的結束，他對加密貨幣的態度留下了複雜的遺產。以下是拜登任期內塑造加密貨幣格局的關鍵事件的詳細分析。

Stringent crypto regulation

嚴格的加密貨幣監管

One of the most notable aspects of Biden's approach to cryptocurrency has been the increased regulatory scrutiny of the crypto industry. In April 2023, the SEC announced a new specialized crypto unit to enhance oversight and enforcement. This move came amid a broader effort by the Biden administration to ramp up crypto regulation following the collapse of several major crypto firms, including FTX and BlockFi.

拜登對加密貨幣的態度最引人注目的方面之一是加強對加密貨幣行業的監管審查。 2023 年 4 月，SEC 宣布成立一個新的專門加密貨幣部門，以加強監督和執法。此舉是在 FTX 和 BlockFi 等幾家主要加密貨幣公司倒閉後，拜登政府加強加密貨幣監管的背景下做出的。

The SEC, under the leadership of Gary Gensler, has taken the lead in this effort. In January 2024, the SEC announced a total of 103 legal actions against crypto firms for failing to register as securities brokers or exchanges. These enforcement actions, largely focused on crypto exchanges and lending platforms, aimed to address perceived non-compliance with legal standards for offering and facilitating securities trades.

在加里·詹斯勒 (Gary Gensler) 的領導下，美國證券交易委員會 (SEC) 在這項工作中發揮了領導作用。 2024 年 1 月，美國證券交易委員會 (SEC) 宣布對未註冊為證券仲介或交易所的加密貨幣公司採取總計 103 項法律行動。這些執法行動主要針對加密貨幣交易所和借貸平台，旨在解決提供和促進證券交易時不遵守法律標準的問題。

However, this stringent approach drew criticism from the crypto industry, which viewed these measures as overly aggressive and stifling technological advancements. In particular, the crypto industry took issue with the SEC's expansive definition of a security, which subjected a wide range of crypto assets and activities to stringent securities regulation.

然而，這種嚴格的做法引起了加密貨幣行業的批評，他們認為這些措施過於激進並抑制了技術進步。特別是，加密產業對 SEC 對證券的廣泛定義提出了質疑，該定義將廣泛的加密資產和活動置於嚴格的證券監管之下。

Tensions between the Biden administration and the crypto industry escalated in mid-2024 when a group of crypto executives accused the administration of using financial regulators to restrict banking services access for crypto companies. This move, aimed at limiting the ability of crypto firms to conduct business with traditional banks, sparked outrage within the crypto community.

2024 年中期，拜登政府與加密貨幣產業之間的緊張關係升級，當時一群加密貨幣高層指控政府利用金融監管機構限制加密貨幣公司的銀行服務進入。此舉旨在限制加密貨幣公司與傳統銀行開展業務的能力，引發了加密貨幣社群的憤怒。

Despite these tensions, Biden's administration also took steps to foster dialogue and engagement with the crypto industry. In March 2024, the White House convened a meeting with crypto industry representatives to discuss regulatory concerns and the administration's upcoming executive order on digital assets. This meeting signaled an effort by the administration to maintain open lines of communication with the industry.

儘管存在這些緊張局勢，拜登政府也採取措施促進與加密產業的對話和接觸。 2024 年 3 月，白宮與加密產業代表召開會議，討論監管問題和政府即將發布的數位資產行政命令。這次會議標誌著政府努力與業界保持開放的溝通管道。

Institutional crypto adoption

機構加密貨幣採用

While the Biden administration's approach to cryptocurrency has been largely defined by increased regulation, this period has also seen significant strides in institutional cryptocurrency adoption.

雖然拜登政府對加密貨幣的態度在很大程度上是透過加強監管來定義的，但這段時期在機構加密貨幣採用方面也取得了重大進展。

One of the most anticipated developments was the approval of several crypto products by the SEC. In March 2023, the SEC paved the way for the launch of spot Bitcoin and Ether ETFs, opening up broader access to digital investments for mainstream investors. This move marked a turning point in the crypto industry's quest for regulatory recognition and mainstream integration.

最令人期待的進展之一是 SEC 批准了多種加密產品。 2023 年 3 月，SEC 為現貨比特幣和以太坊 ETF 的推出鋪平了道路，為主流投資者提供了更廣泛的數位投資機會。此舉標誌著加密產業尋求監管認可和主流整合的轉折點。

In addition to crypto ETFs, the SEC also approved several other crypto products, including a Bitcoin trust from Grayscale and a crypto index fund from VanEck. These approvals brought a diverse range of crypto investment vehicles to the market, catering to varying risk appetites and investment strategies.

除了加密 ETF 之外，SEC 還批准了其他幾種加密產品，包括 Grayscale 的比特幣信託和 VanEck 的加密指數基金。這些批准為市場帶來了多種加密貨幣投資工具，以滿足不同的風險偏好和投資策略。

Together with an increase in digital asset custodians like Coinbase and Fidelity, these developments positioned the United States as a crucial player in institutional crypto custody. At the end of 2024, the US had the highest institutional crypto custody penetration rate globally at 84%, according to data from Chainalysis. This growth in institutional crypto custody signaled a maturing crypto market and increasing demand for secure storage solutions.

隨著 Coinbase 和 Fidelity 等數位資產託管機構的增加，這些發展使美國成為機構加密貨幣託管領域的關鍵參與者。根據 Chainalysis 的數據，截至 2024 年底，美國的機構加密貨幣託管滲透率達到 84%，位居全球第一。機構加密貨幣託管的成長標誌著加密貨幣市場的成熟和對安全儲存解決方案的需求不斷增加。

Another key aspect of Biden's approach to cryptocurrency was the administration's support for innovation in tokenization. This initiative aimed to leverage blockchain technology to tokenize traditional financial instruments, such as money market funds and certificates of deposit, to enhance efficiency and accessibility.

拜登對待加密貨幣的另一個關鍵方面是政府對代幣化創新的支持。該措施旨在利用區塊鏈技術對貨幣市場基金和存款證等傳統金融工具進行代幣化，以提高效率和可及性。

In December 2023, Franklin Templeton introduced a tokenized money fund, marking the first time an investment vehicle of this kind utilized blockchain technology for recordkeeping with SEC approval. Throughout Biden's term, the total value locked in US tokenized money funds, which includes the contribution of major stablecoins like USD Coin (USDC), surged to over $100 billion.

2023 年 12 月，富蘭克林鄧普頓推出了代幣化貨幣基金，標誌著此類投資工具首次在 SEC 批准下利用區塊鏈技術進行記錄保存。在拜登的整個任期內，美國代幣化貨幣基金的鎖定總價值飆升至超過 1000 億美元，其中包括美元硬幣（USDC）等主要穩定幣的貢獻。

This development attracted the attention of the US Treasury, which engaged in discussions on the potential of tokenization for broader economic transformation. The Treasury ultimately proposed a new framework for digital asset regulation, incorporating recommendations on stablecoins and tokenization.

這一發展引起了美國財政部的注意，美國財政部就代幣化促進更廣泛的經濟轉型的潛力進行了討論。財政部最終提出了一個新的數位資產監管框架，其中納入了有關穩定幣和代幣化的建議。

Crypto community anticipates Trump's policies

加密貨幣社群期待川普的政策

As Donald Trump assumes the presidency, the crypto community is eagerly awaiting how his policies might further shape the landscape of digital currencies, especially in the realm of tokenization and market expansion, potentially transforming the US financial markets.

隨著唐納德·川普就任總統，加密貨幣界正熱切地等待他的政策如何進一步塑造數位貨幣的格局，特別是在代幣化和市場擴張領域，從而有可能改變美國金融市場。