致當選總統川普的信：如何使美國成為世界加密貨幣之都

加密產業已經產生了一系列成熟和新興的用例，包括數位黃金、穩定幣、無需許可的支付、去中心化金融

Dear Mr. President,

尊敬的總統先生，

The crypto industry has produced a range of use-cases, including digital gold, stablecoins, permissionless payments, decentralized finance, real world assets, decentralized physical infrastructure (DePIN), and many more. Many of them are being responsibly advanced in the United States by businesses such as Coinbase, Circle and Consensys, and by developers contributing to crypto’s open-source, decentralized infrastructure. To continue competing against their international rivals, these parties need clear rules of the road and proper regulatory guidance.

加密產業已經產生了一系列用例，包括數位黃金、穩定幣、無需許可的支付、去中心化金融、現實世界資產、去中心化實體基礎設施（DePIN）等等。其中許多技術正在美國由 Coinbase、Circle 和 Consensys 等企業以及為加密貨幣的開源、去中心化基礎設施做出貢獻的開發人員負責任地推進。為了繼續與國際競爭對手競爭，這些各方需要明確的規則和適當的監管指導。

General Rules of the Road

道路一般規則

Token issuance and secondary sales, which lie at the heart of the crypto economy, are subject to confusing and overlapping regulatory authority from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). We propose that Congress enact legislation to clearly delineate the scope of jurisdiction among primary regulators and lay out when assets enter and exit that jurisdiction.

代幣發行和二級銷售是加密經濟的核心，受到美國證券交易委員會（SEC）和商品期貨交易委員會（CFTC）混亂且重疊的監管機構的管轄。我們建議國會頒布立法，明確界定主要監管機構的管轄範圍，並規定資產何時進入和退出該管轄區。

Here, Congress should resist giving the U.S. securities laws an overbroad application, as the SEC has done. Tokens powered by open-source software and consensus mechanisms that are otherwise minimally dependent on centralized actors are not securities because there is no legal relationship between token owners and an “issuer,” as understood by the securities laws. Similarly, crypto assets such as art NFTs (which are simply digital artwork) and non-investment activities, like staking and lending bitcoin, fall outside the securities laws.

在這方面，國會應該避免像美國證券交易委員會那樣對美國證券法進行過於廣泛的應用。由開源軟體和共識機制提供支援的代幣不是證券，因為按照證券法的規定，代幣所有者和「發行人」之間不存在法律關係，而這些代幣對中心化參與者的依賴程度最低。同樣，藝術 NFT（簡稱數位藝術品）等加密資產和非投資活動（例如質押和借貸比特幣）也不屬於證券法的範圍。

Congress should be bold. That means not feeling bound by prior legislative efforts like FIT21 that were forged in an earlier political environment that have unintended consequences. It also means leveraging the regulatory experience of other nations, such as the European Union with its MiCA framework, while avoiding their pitfalls and charting a unique and dauntless path forward for the United States.

國會應該大膽。這意味著不要受到 FIT21 等先前立法努力的束縛，這些立法努力是在早期政治環境中製定的，並且會產生意想不到的後果。它也意味著利用其他國家的監管經驗，例如歐盟的 MiCA 框架，同時避免它們的陷阱，並為美國製定一條獨特且無畏的前進道路。

Specific Sectors

特定產業

Besides advocating for general rules, your administration should urge Congress and the relevant agencies to address specific sectors due to their strategic importance to the crypto industry and the nation.

除了倡導一般規則之外，您的政府還應該敦促國會和相關機構解決特定部門的問題，因為它們對加密產業和國家具有戰略重要性。

Stablecoins. Stablecoins, with a current market cap in excess of $200 billion, are the lifeblood of the digital asset ecosystem. Increasingly recognized under frameworks like the Stablecoin Standard and by state regulators, they warrant comprehensive legislation for their issuance and management, ensuring that they are transparently backed and do not threaten financial stability. Aside from benefitting consumers, regulatory support of stablecoins furthers national interests. Similar to Eurodollars, stablecoins, which are usually denominated in U.S. dollars, reinforce the dollar’s status as the global reserve currency and increase demand for U.S. treasuries, which issuers hold in reserve.

穩定幣。目前市值超過2000億美元的穩定幣是數位資產生態系統的命脈。它們在穩定幣標準等框架和國家監管機構中越來越得到認可，需要對其發行和管理進行全面的立法，以確保它們得到透明的支持並且不會威脅金融穩定。除了使消費者受益之外，穩定幣的監管支持還可以促進國家利益。與歐洲美元類似，通常以美元計價的穩定幣鞏固了美元作為全球儲備貨幣的地位，並增加了對發行人持有的美國國債的需求。

TradFi Integration. The unprecedented success of Bitcoin and Ethereum ETFs demonstrates that crypto has begun integrating with traditional finance. Regulatory policy should ensure a safe and orderly integration by giving consumers access to trusted custody services. This requires amending or rescinding prejudicial SEC accounting guidelines (for instance, SAB 121) and custody rules. But it should not stop there. Pro-innovation policy in this area should also promote the tokenization of securities representing traditional financial assets like stocks, bonds, or real estate as blockchain-based tokens. The resulting benefits, which include improved liquidity, fractional ownership, and faster settlement, would strengthen U.S. capital markets, ensuring they remain the most developed and innovative in the world.

TradFi 整合。比特幣和以太坊 ETF 的空前成功表明，加密貨幣已經開始與傳統金融融合。監管政策應透過讓消費者獲得值得信賴的託管服務來確保安全有序的整合。這需要修改或廢除有偏見的 SEC 會計準則（例如 SAB 121）和託管規則。但它不應該就此止步。該領域的支持創新政策也應促進代表股票、債券或房地產等傳統金融資產的證券代幣化為基於區塊鏈的代幣。由此產生的好處，包括改善流動性、部分所有權和更快的結算，將加強美國資本市場，確保其仍然是世界上最發達和創新的市場。

DeFi. Decentralized finance has the potential to modernize the global financial system and to return value to ordinary Americans by removing costly financial intermediaries. You should not allow entrenched interests and alarmism to stop the United States from becoming the world’s leader in DeFi. In this regard, regulations aimed at centralized actors, such as exchanges and issuers, must be crafted in ways that avoid inadvertently capturing and paralyzing the still-nascent DeFi ecosystem.

去中心化金融。去中心化金融有潛力實現全球金融體系現代化，並透過消除成本高昂的金融中介機構，為一般美國人帶來價值。你不應該讓根深蒂固的利益和危言聳聽阻止美國成為 DeFi 領域的世界領導者。在這方面，針對交易所和發行人等中心化參與者的監管必須避免無意中捕獲和癱瘓仍處於新生階段的 DeFi 生態系統。