恭喜，美国纳税人：您将全力以赴加密。

本周末，唐纳德·特朗普总统宣布，他将继续制定一个战略性加密货币保护区，购买比特币和以太币

President Donald Trump is moving forward with a plan to create a strategic cryptocurrency reserve, purchasing bitcoin and ether, as well as the more esoteric instruments XRP, solana, and cardano.

唐纳德·特朗普（Donald Trump）总统正在进行制定战略性加密货币保护区，购买比特币和以太的计划，以及更深奥的工具XRP，Solana和Cardano。

The reserve will “elevate this critical industry after years of corrupt attacks,” Trump wrote in a post on his social-media site on Sunday. “I will make sure the U.S. is the Crypto Capital of the World.”

特朗普在周日的社交媒体网站上的一篇文章中写道，预备役将“在多年的腐败袭击之后提升这个关键行业”。 “我将确保美国是世界的加密首都。”

For the taxpayer, the purpose of such an initiative is obscure. The crypto industry is a hyper-speculative casino. It is not essential to the American financial system, nor are cryptocurrencies essential to the American public. Workers cannot put bitcoin in their gas tanks; parents cannot feed XRP to their kids; businesses do not need cardano to build roads, light cities, produce vaccines, or provide loans to homeowners and entrepreneurs.

对于纳税人来说，这种倡议的目的是晦涩的。加密行业是一家高应有的赌场。这对于美国金融体系不是必不可少的，对美国公众来说也不是必不可少的。工人不能将比特币放入汽油箱中；父母不能为孩子们喂XRP；企业不需要Cardano来建造道路，轻型城市，生产疫苗或向房主和企业家提供贷款。

Yet for the White House, the purpose is obvious. Trump’s commerce secretary, his AI and crypto czar, and several of his most influential policy advisers are crypto investors, and the president launched his own memecoin. Establishing a reserve would boost prices, enriching these public officials and the crypto magnates donating tens of millions of dollars to Republican campaigns. It would not be a public investment, but a private giveaway—one of a mounting number in the Trump era.

然而，对于白宫来说，目的是显而易见的。特朗普的商务部长，他的人工智能和加密沙皇以及他最有影响力的政策顾问是加密货币投资者，总统发起了自己的纪念品。建立储备金将提高价格，丰富这些公职人员和加密大亨为共和党竞选活动捐赠了数千万美元。这不是公共投资，而是私人赠品，这是特朗普时代的一个越来越多的数字之一。

The White House has put out few details on how a federal crypto reserve would work. But a stalled Senate bill would order the government to purchase 100 million bitcoins, hold the assets for two decades or longer, and sell them to retire the national debt. The government could transfer the $19 billion in crypto it has seized from criminals to the stockpile; the Treasury could finance additional purchases by revaluing the gold reserve, Senator Cynthia Lummis of Wyoming has proposed, so that “not a single U.S. taxpayer dollar” would be spent. Trump’s crypto czar has also indicated that the reserve would not involve new taxes or spending.

白宫对联邦加密储备金如何运作的细节发布了一些细节。但是，一项停滞的参议院法案将命令政府购买1亿比特币，将资产持有二十年或更长时间，然后出售它们以退役国债。政府可以将其从罪犯抓住的190亿美元的加密货币转移到库存中；怀俄明州的参议员辛西娅·卢米斯（Cynthia Lummis）提出，财政部可以通过重新估算黄金储备来为其他购买提供资金，以便将花费“不是一个美国纳税人美元”。特朗普的加密沙皇还表示，该储备将不涉及新的税款或支出。

Read: The crypto world is already mad at Trump

阅读：加密世界已经对特朗普生气了

Yet the reserve would use taxpayer resources, diverting them from other purposes. If crypto prices soar, the Treasury could retire a chunk of the debt. If crypto prices crater, the public would end up worse off. “I don’t think turning the government into a hedge fund is a viable solution” to the country’s fiscal challenges, Mark Zandi, of Moody’s Analytics, suggested they be addressed the old-fashioned way, by cutting spending, raising taxes, and promoting growth.

但是，保护区将使用纳税人资源，将其从其他目的转移。如果加密货币价格飙升，财政部可以退休一部分债务。如果加密价格火山口，公众最终会变得更糟。 “我认为将政府变成对冲基金不是对该国的财政挑战的可行解决方案，穆迪分析的马克·赞迪（Mark Zandi）建议通过削减支出，提高税收和促进增长来解决老式的方式。

Government experts see no strategic justification for the proposed reserve. The United States maintains stockpiles of crucial materials: vaccines and other pharmaceuticals, rare-earth minerals used in weapons manufacturing, crude oil. “There are important differences between reserves for real commodities, like petroleum, where a shortage may result in serious harm to the American people,” and the kind of speculative fund Trump is promoting, said Bharat Ramamurti, an economic adviser to the Biden administration. “Cryptocurrency does not meet any of those standard conditions.”

政府专家认为拟议的储备金没有任何战略理由。美国维持关键材料的储存：疫苗和其他药物，用于武器制造的稀土矿物质，原油。 Biden政府的经济顾问Bharat Ramamurti说：“储备金之间的储备金之间存在重要的差异，例如石油，可能会对美国人民造成严重伤害。” “加密货币不符合任何标准条件。”

For the many, the reserve poses an unnecessary risk; for the few, it offers rich rewards. The mere prospect of the government speculating in the crypto market is already enriching the small share of Americans heavily invested in the assets. The price of bitcoin, ether, solana, XRP, and cardano jumped more than 10 percent when Trump published his Truth Social post. More broadly, the proposed reserve would mainstream a fringe industry and create public interest in high crypto prices—justifying later interventions in the market and nudging foreign governments and institutional investors to get in too.

对于许多人来说，储备会带来不必要的风险；对于少数情况，它提供了丰富的回报。政府猜测在加密货币市场上的前景已经在丰富了对资产投资的大量投资的少数份额。当特朗普发表他的真相社会职位时，比特币，以太，索拉纳，XRP和Cardano的价格上涨了10％以上。更广泛地说，拟议的储备将成为边缘行业的主流，并在高加密价格上引起公众的兴趣 - 恰好在市场上采取了以后的干预措施，并促使外国政府和机构投资者也参与进来。

The crypto fund is only the latest example of ascendant crony capitalism in Trump’s Washington. The president is strip-mining taxpayer resources and doling out contracts and favors to the politically connected. The risk is not just corruption, but higher interest rates and less competitive markets.

加密基金只是特朗普华盛顿上升的裙带资本主义的最新例子。总统正在剥夺纳税人资源，并为政治上的联系签订合同和恩惠。风险不仅是腐败，而且是较高的利率和竞争性较低的市场。

The tariffs that Trump has implemented on imports from China, Mexico, and Canada create a massive opportunity for favor-trading. In Trump’s first term, the White House imposed levies on $550 billion worth of Chinese goods, allowing American firms to apply for a tariff exemption if they could not find substitutes for imports or if the tariff would “impose significant harm on American interests.” An analysis found that the Office of the U.S. Trade Representative disproportionately awarded exemptions to firms that made contributions to Republican candidates and disproportionately denied exemptions to firms supporting Democrats. The policy amounted to a “quid pro quo,” the economists concluded.

特朗普对来自中国，墨西哥和加拿大进口进口的关税创造了巨大的偏爱交易机会。在特朗普的第一任期中，白宫对价值5500亿美元的中国商品征收了征税，如果他们找不到进口替代品，或者关税将“对美国利益造成重大危害”，则允许美国公司申请税收豁免。一项分析发现，美国贸易代表办公室对向共和党候选人做出贡献并不成比例地拒绝对支持民主党的公司的豁免的公司判决不成比例地判给。经济学家总结说，该政策构成了“ Quid Pro Quo”。

Trump’s administration has pushed more blatant quid pro quos this time around. The advertising conglomerate Interpublic Group is attempting to merge with its rival Omnicom. A few lawyers from Elon Musk’s X suggested that Interpublic executives should increase advertising spending on the social-media platform “or else,” The Wall Street Journal reported. Or else, the Interpublic employees gathered, they run the risk of federal regulators scuttling or delaying the merger. Musk has also agitated for the Federal Aviation Administration to award a contract for air-traffic-control communications systems

特朗普的政府这次推动了更加公然的怪癖。广告集团际公开集团正试图与其竞争对手的Omnicom合并。据《华尔街日报》报道，来自埃隆·马斯克（Elon Musk）X的一些律师建议，间众议员应在社交媒体平台上增加广告支出“否则”。否则，Interpublic雇员聚集在一起，他们冒着联邦监管机构破坏或推迟合并的风险。马斯克还激发了联邦航空管理局的授予空中交通通信系统的合同