特朗普重返辦公室可以重塑加密貨幣市場

最近，數字世界變得更加複雜。僅2024年，美國人就損失了22億美元的與加密相關的欺詐。儘管如此，隨著時間的流逝，特朗普在數字資產上的地位卻發生了巨大變化。

Donald Trump made headlines in the crypto world just three days before taking office. He launched his own digital asset, $TRUMP, which reached a staggering $14 billion valuation before inauguration day. The move sparked major concerns since Trump and his associates control 80% of the token’s supply.

唐納德·特朗普（Donald Trump）在上任前三天就在加密世界（Crypto World）成為頭條新聞。他推出了自己的數字資產，特朗普$ $，就職典禮那天，其估值達到了驚人的140億美元。此舉引發了主要的擔憂，因為特朗普和他的同事控制著令牌的80％的供應。

Trump's Shifting Crypto Stance

特朗普轉移的加密立場

Trump's position on digital assets has changed dramatically over time. He shifted from being critical to promising to make the U.S. “the crypto capital of the planet.”

隨著時間的流逝，特朗普在數字資產上的地位發生了巨大變化。他從至關重要的人轉變為承諾使美國“地球的加密首都”。

Trump once viewed cryptocurrency with deep skepticism. He dismissed Bitcoin as “a scam” and criticized it for competing against the dollar during a Fox Business interview in 2021. His position started to change after crypto industry leaders contributed $25 million to his campaign.

特朗普曾經以深切的懷疑看待加密貨幣。他將比特幣視為“騙局”，並批評它在2021年的福克斯商務採訪中與美元競爭。在加密行業領導人為他的競選活動貢獻了2500萬美元之後，他的立場開始變化。

The Nashville Bitcoin conference marked a turning point where Trump embraced cryptocurrency and vowed to make the United States “the crypto capital of the planet”. His administration took action by signing an executive order that established regulatory clarity for digital assets.

納什維爾比特幣會議標誌著特朗普接受加密貨幣的轉折點，並誓言使美國成為“地球的加密首都”。他的政府通過簽署行政命令採取了行動，該命令確立了數字資產的監管清晰度。

Trump’s policy promises now include:

特朗普的政策現在包括：

The market reacted strongly to Trump’s new stance. Bitcoin crossed $100,000 for the second time after his election victory. His pro-crypto cabinet appointments, including Paul Atkins as SEC chair, created more market optimism. Notwithstanding that, some analysts remain cautious and point to these investments’ highly speculative nature.

市場對特朗普的新立場做出了強烈反應。大選勝利後，比特幣第二次越過100,000美元。他的親克萊普託內閣任命，包括保羅·阿特金斯（Paul Atkins）擔任SEC主席，創造了更多的市場樂觀情緒。儘管如此，一些分析師仍然謹慎，並指出這些投資的高度投機性質。

Regulatory Landscape Under Trump

特朗普領導下的監管景觀

The SEC’s regulatory approach under Trump shows a clear change from the “regulation by enforcement” style used by the previous administration. Paul Atkins, the new SEC chair, wants to make the SEC’s role in crypto markets clearer instead of just enforcing rules.

美國證券交易委員會（SEC）在特朗普（Trump）下的監管方法表明，與上屆政府使用的“執法法規”風格的“法規”有了明顯的變化。新的SEC主席保羅·阿特金斯（Paul Atkins）希望使SEC在加密市場中的角色更加清晰，而不僅僅是執行規則。

Trump’s regulatory vision relies heavily on the Presidential Working Group on Digital Asset Markets. This group brings together the heads of major financial agencies to create a detailed federal framework for digital assets.

特朗普的監管願景在很大程度上取決於數字資產市場的總統工作組。該集團匯集了主要金融機構的負責人，以為數字資產創建詳細的聯邦框架。

Several new bills could revolutionize the regulatory world. The Financial Innovation and Technology Act and the Digital Asset Market Structure Act tackle the ongoing debate about whether crypto belongs to the SEC or CFTC.

幾個新法案可以徹底改變監管世界。 《金融創新與技術法》以及《數字資產市場結構法》解決了關於加密貨幣是否屬於SEC還是CFTC的持續辯論。

This clarity might reduce the market uncertainty that often leads to price swings. The relationship between state and federal regulation creates unique challenges. Both the Clarity for Payment Stablecoins Act and the Lummis-Gillibrand Payment Stablecoins Act try to create consistent rules across different jurisdictions. State-chartered banks might soon issue stablecoins without getting Federal Reserve approval.

這種清晰度可能會減少市場不確定性，這通常會導致價格波動。州和聯邦法規之間的關係帶來了獨特的挑戰。 《付款Stablecoins法案的清晰度》和《 Lummis-Gillibrand付款Stablecoins法》都試圖在不同司法管轄區建立一致的規則。州憲章的銀行可能很快就會在未獲得美聯儲批准的情況下簽發穩定的銀行。

Federal Reserve and Monetary Policy

美聯儲和貨幣政策

The Federal Reserve’s role in cryptocurrency markets has become central in the Trump administration through a groundbreaking executive order. This is similar to how the best online casinos are regulated directly by states.

美聯儲在加密貨幣市場中的作用已通過開創性的行政命令成為特朗普政府的核心。這類似於如何直接由州管制最佳的在線賭場。

This order created a working group of financial leaders. The Treasury secretary and chairs of major regulatory bodies make up this group. Their aim is to develop detailed digital asset frameworks.

該命令創建了一組財務領導者。財政部長和主要監管機構的主席組成了這一組。他們的目的是開發詳細的數字資產框架。

Potential Bitcoin Reserve Implementation

潛在的比特幣儲備實施

The administration wants to create a national digital asset stockpile, which shows a substantial change in federal policy. The working group will review and create this reserve through two possible channels:

政府希望創建國家數字資產庫存，該資產庫存顯示了聯邦政策的實質性變化。工作組將通過兩個可能的渠道進行審查並創建此儲備：

The proposed reserve could work just like the Strategic Petroleum Reserve. The Federal Reserve would manage policy while the CFTC would oversee the assets. Moreover, the U.S. might acquire 1 million BTC by 2029. If Bitcoin keeps growing at 25% yearly, this reserve could make up 35.5% of the national debt by 2049.

擬議的儲備可以像戰略石油儲備一樣工作。美聯儲將管理政策，而CFTC將監督資產。此外，到2029年，美國可能會收購100萬BTC。如果比特幣每年增長25％，則該儲備金可能會在2049年佔國家債務的35.5％。

Impact on Dollar Hegemony

對美元霸權的影響

The administration sees stablecoins as a way to keep dollar supremacy. The White House AI and crypto czar believes stablecoins can help spread dollar dominance worldwide. The executive order promotes USD-backed stablecoins globally but bans U.S. central bank digital currencies.

政府將Stablecoins視為保持美元至高無上的一種方式。白宮AI和Crypto Czar認為，Stablecoins可以幫助全球範圍內的美元統治地位。該行政命令在全球範圍內推廣以美元支持的Stablecoins，但禁止美國中央銀行數字貨幣。

Inflation and Crypto Adoption

通貨膨脹和加密採用

The Federal Reserve’s monetary policy choices strongly affect crypto markets. History shows that interest rate cuts lead to rising crypto prices because borrowing costs less.

美聯儲的貨幣政策選擇強烈影響加密市場。歷史表明，降低利率會導致加密貨幣價格上漲，因為藉貸成本較低。

Cryptocurrency ownership among U.S. internet users is expected to grow from 11.2% in 2024 to 14.5% by 2026. The number of crypto owners using their holdings to make payments will rise from 13.4% to 19.4% during this time.

美國互聯網用戶的加密貨幣所有權預計將從2024年的11.2％增長到2026年的14.5％。在此期間，使用其持股量的加密所有者數量將從13.4％上升到19.4％。

Global Crypto Market Implications

全球加密市場的影響

Trump’s executive order on digital assets creates waves through international regulatory frameworks across global markets. His administration takes a different path from previous policies. It promotes U.S. leadership in blockchain while canceling earlier international cooperation frameworks.

特朗普對數字資產的行政命令通過全球市場的國際監管框架創造了波浪。他的政府採取了與以前的政策不同的道路。它促進了美國在區塊鏈方面的領導地位，同時取消了較早的國際合作框架。

International Regulatory Response

國際監管反應

Major financial hubs now follow unique approaches that could influence U.S. policy. Below is a summary of what these frameworks include:

現在，主要的財務樞紐遵循可能影響美國政策的獨特方法。以下是這些框架包括的摘要：

Cross-border Trading Impact

跨境交易影響

Trump’s policies strengthen dollar sovereignty through USD-backed stablecoins. His administration protects American interests first and foremost. The executive order openly supports legal dollar-backed stablecoins worldwide.

特朗普的政策通過以美元支持的stablecoins來增強美元主權。他的政府首先保護美國利益。行政命令公開支持全球合法的美元支持的穩定幣。

This strategy could change international trading patterns as the U.S. becomes a global crypto hub.

隨著美國成為全球加密樞紐，該策略可能會改變國際交易模式。

Geopolitical Considerations

地緣政治考慮

Economic uncertainty looms as trade policies might change. Trump’s promise to add tariffs up to 20%

經濟不確定性可能會隨著貿易政策的變化而存在。特朗普的承諾將增加高達20％的關稅