從扼流圈行動到BTC儲備：探索特朗普政府的加密政策轉變

這一變化標誌著先前拜登政府的嚴格監管方法，朝著寬鬆而支持的立場邁進。

The Trump administration has brought a significant shift to the crypto policy in the US, marking a departure from the stringent regulatory approach of the previous Biden administration and moving towards a more permissive and supportive stance. This change in attitude is expected to have a substantial impact on the industry, setting the stage for a period of rapid growth and innovation.

特朗普政府對美國的加密政策進行了重大轉變，這標誌著前往拜登政府的嚴格監管方法的背離，並朝著更加寬容和更支持的立場邁進了。預計這種態度的變化將對該行業產生重大影響，為快速增長和創新時期奠定了基礎。

During President Joe Biden’s tenure, federal agencies ramped up their supervision of the crypto industry. The Department of Justice (DOJ) established the National Cryptocurrency Enforcement Team (NCET) in 2021 to focus on combating crypto-related crimes. At the same time, the Securities and Exchange Commission (SEC), led by Chair Gary Gensler, pursued multiple enforcement actions against major exchanges, such as Coinbase and Binance, for alleged violations of securities laws.

在喬·拜登（Joe Biden）總統任職期間，聯邦機構加大了對加密工業的監督。司法部（DOJ）在2021年建立了國家加密貨幣執法團隊（NCET），專注於打擊與加密相關的犯罪。同時，由主席加里·蓋斯勒（Gary Gensler）領導的美國證券交易委員會（SEC）（SEC）針對主要交易所（例如Coinbase and Binance）採取了多項執法行動，涉嫌違反證券法。

In 2023 alone, the SEC initiated 46 crypto-related enforcement actions, showcasing a 53% increase from the previous year. Moreover, the Biden administration employed indirect measures to limit crypto’s expansion. Agencies like the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve issued advisories discouraging banks from partnerships with crypto firms, ultimately leading to the partial closure of the industry.

僅在2023年，SEC就發起了46次與加密相關的執法行動，比上一年增長了53％。此外，拜登政府採取了間接措施來限制加密貨幣的擴展。聯邦存款保險公司（FDIC）和美聯儲等機構發出了與加密貨幣公司的合作夥伴關係的諮詢，最終導致了該行業的部分關閉。

This strategy, comparable to the original Operation Choke Point, aimed to mitigate perceived risks linked to digital assets. However, it drew criticism from those in the crypto industry, who viewed it as an obstruction to innovation and financial inclusion.

該策略與原始操作障礙點相當，目的是減輕與數字資產相關的感知風險。但是，它引起了加密貨幣行業中人們的批評，他們認為這是對創新和金融包容性的阻礙。

Conversely, the Trump administration’s policies are being welcomed by many in the crypto sector. Exchanges, institutional investors, and retail traders see this deregulation as an opportunity for the industry to flourish.

相反，特朗普政府的政策受到加密貨幣部門的許多人的歡迎。交易所，機構投資者和零售商人認為，這種放鬆管制是該行業蓬勃發展的機會。

With reduced regulatory pressures and an aggressive move towards a national Bitcoin reserve, the industry anticipates a much more favorable environment in the next four years.

隨著監管壓力的減輕和向國家比特幣儲備的積極進展，該行業預計在未來四年中會有更有利的環境。

A Deep Dive into the US' Evolving Approach to Digital Asset Oversight

深入研究美國發展的數字資產監督方法

深入研究美國發展的數字資產監督方法

This report by CryptoSlate will provide an in-depth analysis of the policy reversal that has reshaped the relationship between the US federal government and the crypto industry.

加密板岩的這份報告將對政策逆轉的深入分析，該政策逆轉重塑了美國聯邦政府與加密貨幣行業之間的關係。

The report will examine the Biden administration's aggressive enforcement campaign, highlighting key actions by the DOJ, SEC, and banking regulators, including the creation of the National Cryptocurrency Enforcement Team and the broader strategy known as Operation Choke Point 2.0. It will then analyze how the Trump administration has dismantled much of that framework in 2025 through Executive Order 14178 and the disbanding of the NCET.

該報告將研究拜登政府的積極執法運動，強調司法部，SEC和銀行監管機構的關鍵行動，包括成立國家加密貨幣執法團隊以及更廣泛的戰略，稱為Choce Point 2.0行動。然後，它將分析特朗普政府在2025年通過14178號行政命令和NCET解散的方式如何拆除該框架的大部分框架。

By comparing regulatory priorities across administrations, assessing specific case withdrawals, and exploring the legal and market implications of this transition, the report aims to provide a complete breakdown of the United States' evolving approach to digital asset oversight.

通過比較整個行政部門的監管優先級，評估特定案件提款並探討該過渡的法律和市場影響，該報告旨在對美國不斷發展的數字資產監督方法進行徹底的細分。

The Biden administration’s crypto policy was largely focused on regulation and enforcement, with the goal of protecting investors and ensuring the stability of the financial system. This policy was implemented through a number of actions, including the creation of the National Cryptocurrency Enforcement Team (NCET) at the Department of Justice (DOJ) in 2021 to combat crypto-related crimes.

拜登政府的加密政策主要集中在監管和執法上，目的是保護投資者並確保金融體系的穩定性。該政策是通過多項行動實施的，包括在2021年在司法部（DOJ）建立國家加密貨幣執法團隊（NCET）來打擊與加密相關的犯罪。

The administration also urged the Federal Reserve to create a digital dollar and imposed restrictions on crypto firms, warning banks about partnerships with digital asset companies. This strategy, which some have called Operation Choke Point 2.0, was seen as an attempt to dampen the rapid growth of the crypto industry and mitigate perceived risks associated with digital assets.

政府還敦促美聯儲建立數字美元並對加密貨幣公司施加限制，並警告銀行與數字資產公司的合作夥伴關係。該策略稱之為操作障礙點2.0，被視為試圖抑制加密工業的快速增長並減輕與數字資產相關的感知風險。

The Trump administration, on the other hand, adopted a more supportive stance towards crypto, aiming to foster innovation and promote the use of Bitcoin as a national reserve currency. This policy shift was evident in Executive Order 14178, which directed federal agencies to prioritize a rational approach to digital asset regulation, setting the stage for a period of rapid growth and innovation in the crypto sector.

另一方面，特朗普政府對加密貨幣採取了更為支持的立場，旨在促進並促進將比特幣用作國家儲備貨幣。這一政策轉變在14178號行政命令中很明顯，該命令指示聯邦機構優先考慮合理的數字資產法規方法，為加密貨幣部門的快速增長和創新時期奠定了基礎。

The administration also disbanded the NCET, reflecting a broader shift away from the Biden administration’s focus on enforcement and towards a more balanced approach that took into account the potential benefits of crypto technology.

政府還解散了NCET，反映了拜登政府對執法的關注和更加平衡的方法的更廣泛的轉變，該方法考慮了加密技術的潛在好處。

This focus on Bitcoin as a reserve currency was a key aspect of the Trump administration’s crypto policy. The administration recognized the need for a stable and easily transferable reserve currency in today’s globalized economy, and Bitcoin’s unique properties made it an ideal candidate.

這種專注於比特幣作為儲備貨幣是特朗普政府加密政策政策的關鍵方面。政府認識到在當今的全球化經濟中需要穩定且易於轉移的儲備貨幣，比特幣的獨特財產使其成為理想的候選人。

The administration’s policies have significant implications for the future of the crypto industry in the United States. With reduced regulatory pressures and an aggressive move towards a national Bitcoin reserve, the industry anticipates a much more favorable environment in the next four years.

政府的政策對美國加密業的未來具有重大影響。隨著監管壓力的減輕和向國家比特幣儲備的積極進展，該行業預計在未來四年中會有更有利的環境。

This shift in policy could have a substantial impact on the industry, setting the stage for a period of rapid growth and innovation. It remains to be seen how this new policy will play out in practice and what the long-term implications will be for the crypto industry in the United States.

政策的這種轉變可能會對行業產生重大影響，為快速增長和創新時期奠定了基礎。這項新政策在實踐中將如何發揮作用以及對美國加密行業的長期影響還有待觀察。