總統權力與數位金融的邂逅：憲法危機正在醞釀？

當選總統唐納德·川普在第二次就職前四天推出了 $TRUMP 加密貨幣，此舉史無前例，在政界和金融界引起了震動。

Four days before his second inauguration, President-elect Donald Trump unveiled a cryptocurrency called $TRUMP, sparking both excitement and legal scrutiny in equal measure.

在第二次就職典禮前四天，當選總統唐納德·川普推出了一種名為「$TRUMP」的加密貨幣，同時引發了興奮和法律審查。

Designed to capitalize on the personality-driven online trend, the meme coin quickly tripled in value from $20 to $70 per token within 48 hours. Fueled by curiosity and FOMO, the coin notched up an impressive trading volume of over $24 billion, driving its market capitalization to a staggering $14 billion.

這款迷因幣的設計初衷是利用個性驅動的線上趨勢，其價值在 48 小時內迅速從每枚 20 美元增至 70 美元，增加了兩倍。在好奇心和 FOMO 的推動下，該代幣的交易量令人印象深刻，超過 240 億美元，使其市值達到驚人的 140 億美元。

While crypto enthusiasts hailed the launch as a watershed moment for digital assets, a closer examination reveals deeper implications at the intersection of presidential power, securities law, and market integrity. At stake is not just the future of cryptocurrency regulation, but fundamental questions about the boundaries between political office and private enterprise in the digital age.

儘管加密貨幣愛好者稱讚此次發布是數位資產的分水嶺，但更仔細的研究揭示了總統權力、證券法和市場誠信交叉點的更深層影響。岌岌可危的不僅是加密貨幣監管的未來，還包括數位時代政治辦公室和私人企業之間界線的基本問題。

A screenshot of the GetTrump coin from the homepage.

GetTrump 幣主頁的螢幕截圖。

Enter the Howey Test

進入豪伊測試

The structure of the $TRUMP meme coin, with 80% ownership concentrated in Trump-owned CIC Digital LLC, raises critical questions under the well-known Howey Test, the Supreme Court’s landmark decision for determining whether an asset constitutes a security. Despite the disclaimer attempting to characterize the tokens as "expressions of support" rather than securities, several factors suggest potential classification as a security:

$TRUMP meme 代幣的 80% 所有權集中在川普旗下的 CIC Digital LLC，其結構在著名的豪伊測試（最高法院確定資產是否構成證券的里程碑式判決）下提出了關鍵問題。儘管免責聲明試圖將代幣描述為「支持的表達」而不是證券，但有幾個因素表明其可能被歸類為證券：

The disclaimer's attempt to characterize the token as "not intended to be... an investment opportunity" appears insufficient given the substance-over-form approach consistently applied by courts and regulators to crypto assets.

鑑於法院和監管機構對加密資產一貫採用實質重於形式的方法，免責聲明試圖將代幣描述為「無意成為…投資機會」似乎還不夠。

Moreover, the structure of the $TRUMP token raises additional red flags:

此外，$TRUMP 代幣的結構引發了額外的危險訊號：

In a message posted on his Truth Social platform and X, Trump unveiled the so-called meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend.

在他的 Truth Social 平台和 X 上發布的消息中，川普推出了所謂的迷因硬幣，該硬幣旨在利用某種個性、運動或病毒式網路趨勢的受歡迎程度。

The SEC has repeatedly emphasized that labels like "meme coin" or "expression of support" do not override the economic realities of an investment scheme.

美國證券交易委員會一再強調，「迷因幣」或「支持表達」等標籤不會凌駕於投資計畫的經濟現實之上。

Regulatory Oversight Concerns

監理監督問題

The imminent leadership transition at the SEC heralds a potential shift in cryptocurrency regulation, as Paul Atkins' nomination as SEC Chair, replacing Gary Gensler, suggests a markedly different regulatory approach. Atkins, as co-chair of the Digital Chamber's Token Alliance since 2017 and known for his advocacy of lighter-touch regulation during his previous SEC tenure (2002-2008), represents a stark departure from Gensler's stringent oversight.

SEC 即將到來的領導層換屆預示著加密貨幣監管的潛在轉變，保羅·阿特金斯(Paul Atkins) 被提名為SEC 主席，取代加里·根斯勒(Gary Gensler)，這表明了一種截然不同的監管方法。阿特金斯自 2017 年起擔任數位商會代幣聯盟的聯合主席，並以其在 SEC 任職期間（2002-2008 年）倡導寬鬆監管而聞名，這與 Gensler 的嚴格監督截然不同。

However, the fundamental legal principles remain unchanged and personality and policy preferences at the SEC's helm cannot override established securities law.

然而，基本的法律原則保持不變，SEC 掌舵人的個性和政策偏好不能凌駕於既定的證券法之上。

The Supreme Court's Howey Test, a cornerstone of securities regulation for over 75 years, transcends individual administrations and political appointments. While the SEC's enforcement priorities may evolve under new leadership, its statutory obligation to apply the Howey Test remains absolute. This enduring framework for evaluating investment schemes operates independently of any chair's crypto-friendly stance or industry connections.

最高法院的豪伊測試是 75 年來證券監管的基石，超越了個人政府和政治任命。儘管 SEC 的執法重點可能會在新領導層的領導下發生變化，但其應用豪伊測試的法定義務仍然是絕對的。這個評估投資計劃的持久框架獨立於任何主席的加密貨幣友善立場或行業聯繫而運作。

The challenge for Atkins' SEC will be balancing industry innovation with investor protection. Despite his background suggesting a more accommodating approach to crypto, the Commission must fulfill its mandate to enforce securities laws based on economic substance rather than form. This tension becomes particularly acute in cases like the $TRUMP token, where political connections and market enthusiasm cannot exempt the offering from fundamental securities law analysis.

阿特金斯 SEC 面臨的挑戰將是平衡產業創新與投資者保護。儘管他的背景表明對加密貨幣採取更寬鬆的態度，但委員會必須履行其職責，根據經濟實質而不是形式來執行證券法。在像 $TRUMP 代幣這樣的情況下，這種緊張關係變得尤其嚴重，因為政治關係和市場熱情不能免除該發行的基本證券法分析。

Business and Politics Collide

商業與政治的碰撞

The launch of $TRUMP coin represents more than just another addition to Trump's merchandise empire – it signifies an unprecedented escalation in the mingling of political power and private enterprise. Unlike traditional merchandise such as Trump-branded perfumes, watches (priced up to $100,000), or even his $11,500 signed guitars, this cryptocurrency venture creates direct financial incentives that could influence presidential policy-making.

川普幣的推出不僅是川普商品帝國的另一個補充，它還標誌著政治權力與私人企業的融合前所未有的升級。與川普品牌香水、手錶（售價高達 10 萬美元），甚至是他價值 11,500 美元的簽名吉他等傳統商品不同，這種加密貨幣企業創造了直接的經濟激勵，可能會影響總統的決策。

With reported revenues of $7.2 million from NFTs and $4.6 million from guitar sales already demonstrating the lucrative nature of leveraging political brand for profit, the $TRUMP token raises substantially greater concerns about conflicts of interest.

據報道，NFT 收入為 720 萬美元，吉他銷售收入為 460 萬美元，這已經表明利用政治品牌獲利的利潤豐厚，$TRUMP 代幣引發了對利益衝突的更大擔憂。

Two key factors distinguish this venture from previous merchandising efforts.

有兩個關鍵因素將這次冒險與之前的行銷活動區分開來。

This progression from selling branded merchandise to launching a cryptocurrency ahead of taking office represents a significant escalation in potential conflicts of interest. While selling Trump-branded products might raise ethical concerns, controlling a financial instrument whose value could be directly affected by presidential policies creates a far more serious conflict between public duty and private gain.

從銷售品牌商品到在上任前推出加密貨幣的進程代表了潛在利益衝突的顯著升級。雖然銷售川普品牌的產品可能會引起道德問題，但控制一種其價值可能直接受到總統政策影響的金融工具，會在公共義務和私人利益之間造成更嚴重的衝突。

Industry's Divided Response

產業反應不一

The launch of $TRUMP has created a division within the cryptocurrency community. While some celebrate it as a watershed moment for mainstream adoption, others see it as a dangerous precedent. The polarization reflects deeper concerns about the intersection of political power and crypto markets:

$TRUMP 的推出在加密貨幣社群中產生了分歧。雖然有些人慶祝這是主流採用的分水嶺，但有些人則認為這是一個危險的先例。這種兩極化反映了人們對政治權力與加密貨幣市場交叉的更深層的擔憂：

Politics Meets Crypto: Old Games, New Ledgers

政治遇上加密貨幣：舊遊戲，新帳本

The launch of the $TRUMP meme coin exposes a fundamental tension in contemporary American politics. While Trump positions himself as a champion of the cryptocurrency industry, promising to make America "the crypto capital of the planet," the structure and timing of his own digital token venture suggest a concerning fusion of personal enrichment and political power. The concentration of token ownership in Trump-affiliated

$川普迷因硬幣的推出暴露了當代美國政治中的根本緊張局勢。儘管川普將自己定位為加密貨幣行業的冠軍，承諾讓美國成為“地球的加密之都”，但他自己的數位代幣企業的結構和時機表明，個人致富和政治權力的融合令人擔憂。代幣所有權集中於川普旗下