2025 年加密行业：唐纳德·特朗普支持加密议程下的黄金时代

加密货币行业正处于十字路口，在有利监管的推动下，2025 年有望实现前所未有的增长，这可能为 ETF 铺平道路

The crypto industry is poised for a year of unprecedented growth in 2025, driven by favorable regulations, ETF (exchange-traded funds) approvals, institutional participation, and the emerging concept of Bitcoin (BTC) reserves in national treasuries.

在有利的监管、ETF（交易所交易基金）批准、机构参与以及国家财政部中比特币（BTC）储备这一新兴概念的推动下，加密行业有望在 2025 年实现前所未有的增长。

With Donald Trump’s pro-crypto agenda gaining significant momentum, the stage is being set for a promising year for digital assets.

随着唐纳德·特朗普的支持加密货币议程获得巨大动力，数字资产充满希望的一年即将到来。

Positive Regulations Under Donald Trump: A Pro-Crypto Blueprint

唐纳德·特朗普的积极监管：支持加密货币的蓝图

Donald Trump’s re-election could herald a golden age for the crypto industry. Trump’s policy blueprint, which analysts have highlighted as pro-business and crypto-friendly, is already creating optimism across the sector. During his campaign, Trump expressed strong support for cryptocurrencies, framing them as critical to maintaining US competitiveness in the global financial system.

唐纳德·特朗普的连任可能预示着加密行业的黄金时代。分析师强调特朗普的政策蓝图有利于商业和加密货币友好，已经在整个行业创造了乐观情绪。在竞选期间，特朗普表达了对加密货币的强烈支持，认为加密货币对于维持美国在全球金融体系中的竞争力至关重要。

His victory, according to analysts, could lead to an era of positive regulatory clarity that encourages innovation while providing guardrails for investor protection. Already, Trump’s early moves signal his commitment to fostering crypto adoption. Notably, his appointment of Paul Atkins as the new SEC chair has generated waves in the crypto arena.

分析师认为，他的胜利可能会带来一个积极监管明确的时代，鼓励创新，同时为投资者保护提供护栏。特朗普的早期举动已经表明了他对促进加密货币采用的承诺。值得注意的是，他任命保罗·阿特金斯（Paul Atkins）为新任 SEC 主席，在加密货币领域引起了轰动。

Atkins, known for his deregulatory stance and pro-crypto sentiment, is expected to reverse the hostile policies of his predecessor, Gary Gensler. Atkins’ leadership will likely focus on eliminating excessive regulatory burdens, fostering clearer guidelines for token classification, and expediting the approval of crypto-based financial products.

阿特金斯以其放松管制的立场和支持加密货币的情绪而闻名，预计他将扭转其前任加里·詹斯勒(Gary Gensler)的敌对政策。阿特金斯的领导可能会专注于消除过多的监管负担，制定更清晰的代币分类指南，并加快基于加密货币的金融产品的批准。

In addition, Trump has appointed David Sacks as a “crypto czar,” further underlining his administration’s focus on digital assets. Sacks has already positioned himself as a strong opponent of Operation Choke Point 2.0, a controversial initiative that many believe unfairly targeted the crypto industry by restricting access to banking services. Sacks has vowed to dismantle these barriers, allowing crypto firms to operate more freely and access critical financial infrastructure.

此外，特朗普还任命大卫·萨克斯为“加密货币沙皇”，进一步凸显了其政府对数字资产的关注。萨克斯已经将自己定位为“窒息点行动 2.0”的强烈反对者，这是一项有争议的举措，许多人认为该举措通过限制银行服务的访问来不公平地针对加密行业。萨克斯发誓要消除这些障碍，让加密货币公司能够更自由地运营并访问关键的金融基础设施。

“There are too many stories of people being hurt by Operation Choke Point 2.0. It needs to be looked at,” he said.

“有太多人们因“窒息点行动 2.0”而受伤的故事。需要对其进行研究，”他说。

With these appointments and policies, Trump’s administration is already laying the groundwork for a promising 2025, one where the crypto industry can thrive under supportive regulations.

通过这些任命和政策，特朗普政府已经为充满希望的 2025 年奠定了基础，加密行业可以在支持性法规的支持下蓬勃发展。

More ETF Approvals: A Gradual Expansion of Crypto Financial Products

更多 ETF 获批：加密金融产品逐步扩展

Another significant development in the crypto space is the rise of exchange-traded funds (ETFs). While Bitcoin and Ethereum ETFs have seen growing acceptance, analysts are now eyeing the next phase of approvals, which could include altcoins.

加密货币领域的另一个重大发展是交易所交易基金（ETF）的兴起。虽然比特币和以太坊 ETF 的接受度越来越高，但分析师现在正在关注下一阶段的批准，其中可能包括山寨币。

Solana ETF prospects have attracted significant attention following NYSE and Grayscale’s recent filing for approval with the SEC. However, experts caution that a Solana ETF remains unlikely in the immediate future due to regulatory uncertainty and lingering concerns about decentralization.

在 NYSE 和 Grayscale 最近向 SEC 提交批准申请后，Solana ETF 的前景引起了广泛关注。然而，专家警告称，由于监管不确定性和对权力下放的担忧挥之不去，Solana ETF 在不久的将来仍然不太可能出现。

Similarly, an XRP ETF has emerged as a strong contender. WisdomTree’s recent filing for a spot XRP ETF has created chatter, while Ripple CEO Brad Garlinghouse has called the approval of an XRP ETF “inevitable” as regulatory clarity improves. Market demand for XRP-based products remains high, further increasing the likelihood of approval in the coming months.

同样，XRP ETF 已成为强有力的竞争者。 WisdomTree 最近提交的 XRP ETF 现货申请引发了争议，而 Ripple 首席执行官 Brad Garlinghouse 表示，随着监管透明度的提高，XRP ETF 的批准是“不可避免的”。市场对基于 XRP 的产品的需求仍然很高，这进一步增加了未来几个月获得批准的可能性。

Additionally, Bitwise has expressed interest in a broader suite of crypto ETFs, including an ambitious proposal for a 10-crypto index ETF.

此外，Bitwise 还表达了对更广泛的加密 ETF 套件的兴趣，其中包括一项雄心勃勃的 10 种加密货币指数 ETF 提案。

Meanwhile, HBAR, Hedera Hashgraph’s native token, has also entered the ETF discussion. Canary Capital has filed for an HBAR ETF, marking yet another step toward mainstream institutional acceptance.

与此同时，Hedera Hashgraph的原生代币HBAR也进入了ETF讨论。 Canary Capital 已申请 HBAR ETF，标志着向主流机构接受又迈出了一步。

Despite this progress, however, BlackRock, the largest asset management firm, remains conservative. It continues to prioritize only Bitcoin and Ethereum ETFs while steering clear of altcoin offerings for the time being.

然而，尽管取得了这些进展，最大的资产管理公司贝莱德仍然保持保守。它继续优先考虑比特币和以太坊 ETF，同时暂时避开山寨币产品。

If more ETFs gain approval, crypto assets will become increasingly accessible to institutional investors and retail traders alike. This would inject fresh liquidity into the market and drive broader adoption.

如果更多的 ETF 获得批准，机构投资者和散户交易者将越来越容易获得加密资产。这将为市场注入新的流动性并推动更广泛的采用。

Entry of More Institutional Investors

更多机构投资者进入

Institutional investors are expected to play a pivotal role in 2025, further legitimizing cryptocurrencies as an asset class. Trump’s pro-business stance and regulatory reforms are already paving the way for greater institutional participation.

预计机构投资者将在 2025 年发挥关键作用，进一步使加密货币作为一种资产类别合法化。特朗普的亲商立场和监管改革已经为更大程度的机构参与铺平了道路。

From hedge funds to pension plans, large financial players are exploring crypto as a hedge against inflation, currency devaluation, and global economic uncertainty. As ETF products roll out and regulatory clarity improves, institutional inflows into crypto are likely to accelerate, strengthening market stability and driving prices upward.

从对冲基金到养老金计划，大型金融机构正在探索利用加密货币来对冲通胀、货币贬值和全球经济不确定性。随着 ETF 产品的推出和监管透明度的提高，机构资金流入加密货币可能会加速，从而加强市场稳定性并推动价格上涨。

Bitcoin Reserve Strategy in the US

美国的比特币储备策略

One of the most groundbreaking developments under Trump’s administration could be the formal adoption of Bitcoin reserves in the United States. Trump recently emphasized his commitment to advancing a Bitcoin reserve strategy, calling it a necessary step for securing the nation’s financial sovereignty.

特朗普政府最具突破性的进展之一可能是美国正式采用比特币储备。特朗普最近强调了他对推进比特币储备战略的承诺，称这是确保国家金融主权的必要步骤。

The Bitcoin reserve bill has already gained bipartisan support, signaling that the concept is being taken seriously across political divides. Notably, Senator Cynthia Lummis has proposed funding the reserve by selling portions of the US gold holdings, marking a strategic pivot toward digital assets.

比特币储备法案已经获得了两党的支持，这表明这一概念正在跨越政治分歧得到认真对待。值得注意的是，参议员辛西娅·卢米斯 (Cynthia Lummis) 提议通过出售部分美国黄金储备来为储备提供资金，这标志着战略转向数字资产。

Several US states have already embraced this trend. Florida’s CFO endorsed a Bitcoin reserve, while Pennsylvania and Texas have introduced similar proposals, reflecting growing state-level support for

美国的几个州已经接受了这一趋势。佛罗里达州的首席财务官支持建立比特币储备，而宾夕法尼亚州和德克萨斯州也提出了类似的提议，反映出州级对比特币的支持不断增加