加密货币继续实现主流采用和加入

随着总统竞选进入最后阶段，整个加密行业经历了价格水平、投资者兴趣和 TradFi 采用率的上升。

As the Presidential race enters the final stretch, crypto is continuing to achieve mainstream adoption. This uptick is spreading to other areas of the crypto economy, with even the maligned NFT space recovering.

随着总统竞选进入最后阶段，加密货币正在继续获得主流采用。这种增长正在蔓延到加密经济的其他领域，甚至连饱受诟病的 NFT 领域也在复苏。

Ubisoft is launching a blockchain based game after several years of development. Champions Tactics features NFTs valued between $7 and $63,000 per token. While web3 integration isn't required to participate in the gaming experience, analysts anticipate most players engaging with these features for the full experience. Gaming might not strike some veteran investors as a substantive industry nor clear market indicator; however, the U.S. gaming market size for 2024 is estimated to be nearly $60 billion.

经过几年的开发，育碧正在推出一款基于区块链的游戏。 Champions Tactics 的 NFT 价值在每个代币 7 到 63,000 美元之间。虽然参与游戏体验不需要 web3 集成，但分析师预计大多数玩家都会使用这些功能来获得完整的体验。一些资深投资者可能不会认为游戏是一个实质性行业，也不是一个明确的市场指标；然而，2024 年美国游戏市场规模预计将接近 600 亿美元。

On top of these indicators, TradFi institutions are continuing to integrate and adopt various aspects of blockchain and tokenization. Bridge's billion purchase by Stripe, alongside announcements from PayPal enabling merchant accounts to buy, sell, and hold crypto in wallets, are recent examples.

除了这些指标之外，TradFi 机构还在继续整合和采用区块链和代币化的各个方面。 Bridge 被 Stripe 收购数十亿美元，以及 PayPal 宣布允许商家账户购买、出售和在钱包中持有加密货币，都是最近的例子。

Another recent illustration is the partnership announced by Visa and Coinbase, where customers will be able to move funds between Visa debit cards and Coinbase wallets. In addition, eligible users can cash out funds from Coinbase to bank account, the latest sign of TradFi/banking integration within the crypto sector.

最近的另一个例子是 Visa 和 Coinbase 宣布的合作伙伴关系，客户将能够在 Visa 借记卡和 Coinbase 钱包之间转移资金。此外，符合条件的用户可以将 Coinbase 中的资金提现到银行账户，这是加密行业内 TradFi/银行一体化的最新迹象。

On the other hand, the uncertainty regarding U.S. crypto policy continues to exist, even as the likelihood of a new SEC chairperson and a pro-crypto Congress seem solidified. As the sector looks set to continue growing and integrating within established financial institutions and markets, there are several things industry advocates will need to balance as these conversations move forward.

另一方面，尽管新任 SEC 主席和支持加密货币的国会出现的可能性似乎已经确定，但美国加密货币政策的不确定性仍然存在。由于该行业似乎将继续发展并融入成熟的金融机构和市场，随着这些对话的进展，行业倡导者需要平衡一些事情。

As crypto continues to integrate within the TradFi banking and financial system, this has been seen as good news by the majority of investors, analysts, and crypto policy advocates. Such an approach is easy to understand; with spot bitcoin ETFs approaching nearly $30 billion in assets and inflows continuing, the price of bitcoin and other crypto has been on an upward trend.

随着加密货币继续融入 TradFi 银行和金融系统，这被大多数投资者、分析师和加密货币政策倡导者视为好消息。这种方法很容易理解；随着现货比特币 ETF 的资产接近 300 亿美元，资金持续流入，比特币和其他加密货币的价格一直呈上升趋势。

Additionally, by looping in players such as PayPal, Stripe, and Visa, the crypto industry receives a large dose of legitimacy especially among non-expert users, not to mention the increasing ease with which investors can access the marketplace.

此外，通过 PayPal、Stripe 和 Visa 等参与者的加入，加密行业获得了很大的合法性，尤其是在非专家用户中，更不用说投资者进入市场变得越来越容易。

One point that is worth highlighting is that this very centralization and integration can ultimately lead to stagnation if not carefully balanced with the innovative ethos that has powered crypto forward to date. Specifically, every large financial institution, payment processor or asset manager has large (and other often global) businesses outside of crypto; these businesses will by necessity take priority over crypto if need be. Following this fact pattern, it is reasonable to conclude that the very pathways that have powered crypto might also limit this upside moving forward.

值得强调的一点是，如果不与迄今为止推动加密货币向前发展的创新精神进行仔细平衡，这种中心化和整合最终可能会导致停滞。具体来说，每个大型金融机构、支付处理商或资产管理公司都拥有加密货币之外的大型（通常是全球性的）业务；如果需要的话，这些企业必然会优先于加密货币。遵循这一事实模式，可以合理地得出这样的结论：为加密货币提供动力的途径也可能会限制这种上涨趋势。

The point that any crypto veteran is well versed in is the fact that U.S. regulators have not – to date – taken a pro-innovation approach with regards to cryptoassets. Tax treatment discourages usage as a medium of exchange, the SEC has waged a near constant campaign against the industry, and the lack of Treasury guidance continues to stifle further integration within TradFi institutions.

任何加密货币领域的资深人士都清楚，美国监管机构迄今为止尚未对加密资产采取支持创新的做法。税收待遇阻碍了作为交易媒介的使用，美国证券交易委员会几乎持续不断地针对该行业发起运动，而财政部指导的缺乏继续阻碍 TradFi 机构内部的进一步整合。

That said, advocates and policymakers should be cautious about the enthusiasm with which a (most likely) pro-crypto Congress will embrace the mandate for writing and passing legislation. Imperfect legislation is virtually guaranteed, but the true risk for the industry lies down another path that remains undiscussed.

也就是说，倡导者和政策制定者应该对（最有可能的）支持加密货币的国会接受起草和通过立法的授权的热情保持谨慎。不完善的立法几乎是必然的，但该行业的真正风险在于另一条尚未讨论的道路。

Regulations, and the entirely regulatory process, almost always tend to favor the incumbent institutions that possess the personnel, payroll, and lobbying mechanisms to help develop and curate policy discussions. Even with the crypto industry spending nearly $200 million on the current election cycle, punctuated by the pledge for $25 million from Coinbase, the sector remains a new player in these areas. Crypto native firms, and advocates looking to create a fertile landscape for future innovation, will need to balance the need of policymakers to “do something” with the need for forward looking policies.

法规以及整个监管过程几乎总是倾向于有利于拥有人员、工资和游说机制来帮助制定和策划政策讨论的现有机构。尽管加密货币行业在当前的选举周期中花费了近 2 亿美元，并且 Coinbase 承诺提供 2500 万美元，但该行业仍然是这些领域的新参与者。加密货币本土公司和寻求为未来创新创造肥沃环境的倡导者将需要平衡政策制定者“做某事”的需求与前瞻性政策的需求。

Last but not least, the reality is that governmental policy and legislation works on a timeline and cycle that is measured in years, something that the technology industry continues to find out via the multiple hearings and lawsuits that have besieged the sector since 2015. Crypto is an industry and economic area well known for moving fast, experimentation, innovation, and the dramatic rise in market capitalization and user base reflects the success of this approach. As the industry matures and continues to partner with TradFi institutions, and by necessity the regulatory apparatus, the acknowledgment that progress might take years will need to be accepted by leaders in the space. That said, this very ambiguity and inconsistent approach has not stopped the industry from growing rapidly and making inroads across the economy so perhaps this adjustment will continue to create an environment that crypto firms can operate within successfully.

最后但并非最不重要的一点是，现实情况是，政府政策和立法的实施是以年为单位的时间表和周期，科技行业通过自 2015 年以来困扰该行业的多次听证会和诉讼不断发现这一点。一个以快速发展、实验、创新而闻名的行业和经济领域，以及市值和用户群的急剧上升反映了这种方法的成功。随着行业的成熟并继续与 TradFi 机构以及必要的监管机构合作，该领域的领导者需要承认进步可能需要数年时间。也就是说，这种非常模糊和不一致的方法并没有阻止该行业的快速增长并在整个经济领域取得进展，因此也许这种调整将继续创造一个加密货币公司可以成功运营的环境。

Crypto continues to evolve and attract mainstream adoption, but investors and advocates alike need to actively monitor trends moving forward.

加密货币不断发展并吸引主流采用，但投资者和倡导者都需要积极监控未来的趋势。