從監管遊戲到生態重建，誰在定義加密的未來？

2025年3月7日，白宮舉行了第一次加密貨幣行業峰會。

Author: Techub Crypto Conspiracy

作者：Techub Crypto陰謀

——From regulatory games to ecological reconstruction, who is defining the future of encryption?

- 從監管遊戲到生態重建，誰在定義加密的未來？

On March 7, 2025, the White House held its first cryptocurrency industry summit. This closed-door meeting led by the Trump administration is regarded by the industry as a key milestone for cryptocurrency to move from marginal innovation to mainstream because of its "all-star" lineup and forward-looking topics. From exchange giants, Wall Street capital to blockchain protocol founders, multiple forces gathered in Washington to engage in a fierce game on the balance of regulation and innovation. How will this conference reshape the rules and structure of the global crypto market? The following is an in-depth analysis from three dimensions: the background of the participants, the core issues and the potential impact.

2025年3月7日，白宮舉行了第一次加密貨幣行業峰會。特朗普政府領導的這次閉門會議被該行業視為加密貨幣從邊際​​創新轉向主流的關鍵里程碑，因為其“全明星”陣容和前瞻性的主題。從華爾街資本的交流巨頭到區塊鏈協議的創始人，多個部隊聚集在華盛頓，從事監管和創新平衡的激烈遊戲。這次會議將如何重塑全球加密市場的規則和結構？以下是來自三個維度的深入分析：參與者的背景，核心問題和潛在影響。

Participant Map: The Trio of Power, Capital and Technology

參與者地圖：權力，資本和技術的三重奏

According to a White House statement, the meeting was led by David Sacks, the "cryptocurrency czar" and head of White House artificial intelligence and cryptocurrency affairs, and managed by Bo Hines, executive director of the Digital Asset Advisory Committee. Participants included not only business leaders such as Coinbase and MicroStrategy, but also members of the President's Digital Asset Task Force, highlighting the Trump administration's all-round wooing of the crypto industry.

根據白宮聲明，會議是由“加密貨幣沙皇”兼白宮人工智能和加密貨幣事務負責人戴維·薩克斯（David Sacks）領導的，由數字資產諮詢委員會執行董事Bo Hines管理。參與者不僅包括Coinbase和MicroStrategy等業務領導者，還包括總統數字資產工作組的成員，強調了特朗普政府對加密行業的全方位努力。

(The above picture only shows some of the participants)

（上圖僅顯示一些參與者）

1. Exchanges and financial services giants: pioneers in compliance

1。交流和金融服務巨頭：合規性的開拓者

Brian Armstrong (Coinbase CEO) is the helmsman of the largest compliant exchange in the United States. In recent years, Coinbase has promoted the Digital Asset Market Structure Act (DAMA) through lobbying, and its appeal is directly directed at the SEC to clarify the token classification standards. Armstrong publicly stated before the meeting: "Regulation should not be the enemy of innovation, but a shield to protect users."

布萊恩·阿姆斯特朗（Coinbase Coinbase首席執行官）是美國最大的合規交易所的舵手。近年來，Coinbase通過遊說促進了《數字資產市場結構法》（DAMA），其吸引力直接針對SEC來闡明令牌分類標準。阿姆斯特朗在會議前公開表示：“法規不應是創新的敵人，而是保護用戶的盾牌。”

Vlad Tenev (Robinhood CEO) Robinhood has attracted more than 20 million young users with zero-commission crypto trading, but its "order flow payment" model has been investigated by the SEC. At this meeting, Tenev may promote a retail-friendly regulatory framework to balance market access and risk control.

Vlad Tenev（Robinhood CEO）Robinhood吸引了超過2000萬年輕用戶，具有零委員會加密交易，但SEC已調查了其“訂單流量支付”模型。在這次會議上，Tenev可能會促進零售友好的監管框架，以平衡市場訪問和風險控制。

Arjun Sethi (Kraken CEO) Kraken was recently sued by the SEC for its staking services. Sethi’s speech may focus on “modernization of regulatory measures” and emphasize the controversial applicability of traditional securities laws to on-chain activities such as staking and lending.

Arjun Sethi（Kraken CEO）Kraken最近被SEC起訴其Staging Services。塞西的講話可能集中在“監管措施的現代化”上，並強調傳統證券法在諸如放樣和貸款之類的鏈活動中有爭議的適用性。

2. Bitcoin fundamentalists: decentralization evangelists

2。比特幣原教旨主義者：權力傳教士

Michael Saylor (founder of MicroStrategy) is a "Bitcoin whale" who holds more than 200,000 BTC. Saylor has always advocated that "Bitcoin is digital gold." His speech is expected to emphasize the independence of Bitcoin's monetary policy and oppose the potential erosion of CBDC on crypto assets.

邁克爾·塞勒（Michael Saylor）（Microstrategy的創始人）是“比特幣鯨”，擁有超過200,000 BTC。塞勒一直在提倡“比特幣是數字黃金”。預計他的講話將強調比特幣的貨幣政策的獨立性，並反對CBDC對加密資產的潛在侵蝕。

David Bailey (CEO of Bitcoin Magazine) , as the voice of the Bitcoin core community, may criticize the damage to the spirit of decentralization caused by "excessive regulation" and call for the protection of miners' rights and privacy technology innovation.

比特幣核心社區的聲音，大衛·貝利（Bitcoin Magazine的首席執行官）可能會批評因“過度監管”而造成的權力下放精神的破壞，並呼籲保護礦工的權利和隱私技術創新。

3. Capital traders: institutional promoters

3.資本交易者：機構推動者

Matt Huang (co-founder of Paradigm), a top Silicon Valley crypto venture capital firm that has led investments in star projects such as Uniswap and FTX, may propose "progressive regulation" and advocate the establishment of a sandbox mechanism for DeFi protocols.

Matt Huang（Paradigm的聯合創始人）是一家頂級矽谷加密風險投資公司，領導了對諸如Uniswap和FTX等明星項目的投資，他可能會提出“漸進監管”，並倡導建立用於DEFI協議的沙盒機制。

Kyle Samani (Managing Partner of Multicoin Capital) , who is famous for betting on disruptive projects such as Solana and Helium, may emphasize that "regulation needs to adapt to the multi-chain ecosystem" to avoid a recurrence of Ethereum's centralization problem.

凱爾·薩馬尼（Multicoin Capital的執行合夥人）以賭注（例如索拉納和氦氣）的顛覆性項目而聞名，他可能會強調，“法規需要適應多鏈生態系統”，以避免復發以太坊的集中化問題。

4. Protocol builders: the key players in technology implementation

4.協議製造商：技術實施的主要參與者

Sergey Nazarov (co-founder of Chainlink) Chainlink oracles provide data support for the DeFi ecosystem worth over $100 billion. Nazarov may call for the establishment of an "on-chain compliance infrastructure" such as a verifiable KYC oracle network.

Sergey Nazarov（Chainlink的聯合創始人）ChainLink Oracles為價值超過1000億美元的Defi生態系統提供了數據支持。納扎羅夫（Nazarov）可能要求建立“鏈上合規基礎架構”，例如可驗證的KYC Oracle網絡。

The participation of Jp Richardson (Exodus CEO) , a self-hosted wallet manufacturer, suggests that the meeting may discuss private key management standards and balance user asset control with anti-money laundering requirements.

自託管錢包製造商JP Richardson（出埃及記）的參與表明，會議可能會討論私人密鑰管理標準和平衡用戶資產控制與反貨幣洗錢要求的平衡。

5. Representatives of emerging forces: the voice of globalization and liberalism

5。新興力量的代表：全球化和自由主義的聲音

Zach Witkoff (co-founder of World Liberty Fund) The organization is committed to promoting financial inclusion through cryptocurrency. Witkoff may propose the concept of "regulatory exemption zones" to allow developing countries to experiment with cryptocurrency policies.

Zach Witkoff（世界自由基金會的聯合創始人）該組織致力於通過加密貨幣促進金融包容性。維科夫（Witkoff）可能會提出“監管豁免區”的概念，以允許發展中國家實驗加密貨幣政策。

Core issues: rift and consensus coexist

核心問題：裂谷和共識共存

Despite the Trump administration's high-profile overtures to the crypto industry, the market has been volatile recently - Bitcoin has fallen from a high of $109,800 in January to a low of $78,200, almost wiping out all the gains since the election. Analysts point out that the market urgently needs two catalysts: the Fed's expected rate cuts to materialize or the Trump administration's introduction of a

儘管特朗普政府對加密貨幣行業提出了備受矚目的提議，但該市場最近一直在動盪 - 比特幣從一月份的109,800美元下降到78,200美元的低價，幾乎消除了自選舉以來的所有收益。分析師指出，市場迫切需要兩種催化劑：美聯儲的預期降低速度可以實現或特朗普政府引入