加密升起：监管和政策影响

特朗普总统的亲克赖特托政策可能会引发美国数字货币景观的新增长和创新。

The administration of President Donald Trump is making progress on a new economic policy agenda that could reignite growth and innovation in the U.S. digital currency landscape.

唐纳德·特朗普（Donald Trump）总统的管理正在取得新的经济政策议程的进步，该议程可能会重新燃起美国数字货币格局的增长和创新。

Top takeaways

最高点

• Advocates of digital money have been pushing hard to play a pivotal role in how the global economy works. Reaching this goal has proven difficult as we encountered failures of cryptocurrency platforms like FTX and Terra Luna (an algorithmic stablecoin that went bust), stricter regulations from governments around the world and a period of crypto winter.

•数字资金的拥护者一直在努力在全球经济运作方面发挥关键作用。事实证明，实现这一目标很困难，因为我们遇到了像FTX和Terra Luna（一种破产的算法稳定的算法）等加密货币平台的失败，世界各地政府的更严格的法规以及一段加密冬季的时期。

• But a new sense of optimism is sweeping through the crypto world as President Trump promised to make America a leader in digital currency during his recent election campaign and has since begun fulfilling his early campaign promises and appointing crypto-friendly leaders across key federal agencies. Does this bode well for an era of unchecked risk-taking behavior or might it spell doom for the sunny outlook?

•但是，随着特朗普总统承诺在最近的选举活动期间使美国成为数字货币的领导者，但一种新的乐观感正在席卷加密世界，此后开始履行他的早期竞选承诺，并任命了整个主要联邦机构的加密货币友好型领导人。对于未经检查的冒险行为时代，这个堡是否很好，还是对阳光前景的厄运？

The good news is that the Trump administration and the Republican majority in both the House and Senate might provide much-needed clarity on the market structure of digital assets.

好消息是，众议院和参议院的特朗普政府和共和党多数派可能会对数字资产的市场结构提供急需的清晰度。

President Trump recently signed an executive order to strengthen America’s leadership in digital financial technology. This order establishes the position of the country’s first crypto and AI czar – filled by David Sacks – and calls for forming a presidential working group. This group will bring together key stakeholders from various government agencies and representatives from the private sector. It has been tasked with advising the president on what a well-crafted, pro-innovation policy should include to maintain U.S. leadership, enhance economic competitiveness and ensure national security in the face of rapidly advancing technologies.

特朗普总统最近签署了一项行政命令，以加强美国在数字金融技术方面的领导地位。该命令确立了该国第一个加密货币和AI沙皇（由David Sacks填补）的立场，并呼吁组建一个总统工作组。该组织将汇集来自各个政府机构和私营部门代表的主要利益相关者。它的任务是为总统提供一项精心制作的，亲自创新的政策，包括维持美国领导，增强经济竞争力并确保面对迅速发展的技术，并确保国家安全。

Mr. Sacks immediately set to work on his new mandate. On the very day the bipartisan stablecoin bill known as the GENIUS Act was unveiled, he led a press conference alongside members of Congress, signaling the start of a new era in the industry.

萨克斯先生立即开始履行他的新任务。那天，他被称为《天才法案》的两党stablecoin法案揭幕，他与国会议员一起举行了新闻发布会，这表明该行业的新时代开始了。

The crypto market has reacted positively to these developments. Bitcoin’s price soared to unprecedented heights, exceeding $100,000 in December while the market capitalization of stablecoins (digital coins tied to real money or assets like the dollar and gold) exceeded $200 billion by January, up over 45 percent year-on-year.

加密市场对这些发展做出了积极的反应。比特币的价格飙升至前所未有的高度，12月的价格超过了100,000美元，而稳定币的市值（与真实资金或资产相关的数字硬币或诸如美元和黄金之类的资产）超过了2000亿美元，同比增长超过45％。

Institutional adoption has also increased, fueled by the potential for legal and regulatory clarity. Last year, several leading Wall Street money managers began experimenting with digital versions of investment funds. This suggests that we might be entering a time when the broad adoption of cryptocurrencies could gain significant traction and popularity.

由于法律和法规清晰度的潜力，机构采用也增加了。去年，几位领先的华尔街货币经理开始尝试数字版本的投资基金。这表明我们可能会进入一个时代，即广泛采用加密货币可以获得大量的吸引力和受欢迎程度。

The implications for the global economy are significant as several countries in the East and Southeast are introducing their own regulations for crypto assets. For instance, Hong Kong, aiming to become a regional hub for digital assets, is implementing new rules for cryptocurrencies and stablecoins. Singapore offers straightforward laws and tax incentives, attracting companies like Binance. Brazil and several other countries are also getting involved, including the United Arab Emirates, which has quickly become a leading financial and technology hub across the Middle East.

由于东部和东南部的几个国家正在引入自己的加密资产法规，因此对全球经济的影响很大。例如，旨在成为数字资产区域枢纽的香港正在为加密货币和稳定币实施新规则。新加坡提供直接的法律和税收优惠，吸引了像Binance这样的公司。巴西和其他几个国家也参与其中，包括阿拉伯联合酋长国，该阿拉伯联合酋长国迅速成为整个中东的领先金融和技术枢纽。

The era in which cryptocurrency could operate outside of regulatory frameworks is over. While some regulations are overly complex, countries are now competing to attract crypto developers, investors and firms. However, if global rules for the cryptocurrency market are not harmonized, there is a considerable risk that the emerging “internet of value” could become fragmented and siloed, much like how an intranet or extranet pales in comparison to the internet. To achieve this alignment, leadership from the U.S. is crucial.

加密货币可以在监管框架之外运作的时代已经过去。尽管某些法规过于复杂，但国家现在正在竞争吸引加密开发人员，投资者和公司。但是，如果对加密货币市场的全球规则不统一，那么新兴的“价值”可能会变得分散和孤立的风险，就像与Internet相比，Intranet或Extranet易变的方式很大。为了实现这一协调，美国的领导是至关重要的。

What is the internet of value?

什么是价值网络？

The internet of value refers to a concept in which digital assets – such as money, stocks, intellectual property or even data – can be transferred over the internet with ease, speed and security. The goal is to facilitate peer-to-peer transactions that are instantaneous and cost-effective without needing to depend on intermediaries to verify or finalize the exchange. Technologies like blockchain and cryptocurrencies play crucial roles in this framework, enabling the digitization, tracking and securing of the transfer of value without centralized oversight.

价值互联网是指数字资产（例如货币，股票，知识产权甚至数据）可以轻松地通过互联网传输的概念。目的是促进瞬时且具有成本效益的点对点交易，而无需依靠中介来验证或最终确定交换。区块链和加密货币等技术在此框架中起着至关重要的作用，从而实现了数字化，跟踪和确保价值传输而无需集中监督。

However, America’s broader economic policies might complicate its ability to lead as international tensions escalate. Countries around the world are encountering the repercussions of the “America First” economic agenda, which has led to trade tensions between the U.S. and several other nations.

但是，随着国际紧张局势升级，美国的更广泛的经济政策可能会使其领先的能力变得复杂。世界各地的国家正在遇到“美国第一”经济议程的影响，这导致了美国与其他几个国家之间的贸易紧张局势。

Moreover, at the federal level, the U.S. has unfinished business and a mix of state interests and regulations regarding cryptocurrencies. The country is entangled in a regulatory tug-of-war over cryptocurrency policies. A fragmented landscape of markets and banking overseers has left agencies either vying for control or stepping back entirely. The Securities and Exchange Commission, Commodity Futures Trading Commission and state-level regulators often pursue conflicting goals, creating confusion for crypto firms and investors.

此外，在联邦一级，美国拥有未完成的业务以及有关加密货币的国家利益和法规。该国因加密货币政策而纠缠于一场监管拖船。市场和银行监督者的碎片景观使机构竞争控制或完全退缩。美国证券交易委员会，商品期货贸易委员会和州级监管机构经常追求矛盾的目标，对加密货币公司和投资者产生混乱。

This patchwork approach has real consequences. Banks open to servicing the crypto sector face a double jeopardy: Competitive pressures push them to innovate while compliance challenges force caution. The unresolved tension between state and federal authority – particularly in banking and payments – has also stalled critical stablecoin legislation more than any inherent risks in the crypto market. National

这种拼凑而成的方法有真正的后果。银行愿意为加密货币部门提供服务面临双重危险：竞争压力促使他们进行创新，而合规性挑战了强迫的谨慎。州和联邦当局之间未解决的紧张局势，尤其是在银行和付款方面 - 比加密货币市场中任何固有的风险都更加严格的稳定立法。国家的