专家分析：特朗普的胜利将如何重塑加密货币监管

穆迪评级数字资产副总裁 Cristiano Ventricelli 讨论了特朗普领导的共和党政府对加密货币监管的潜在影响

A Moody’s digital assets expert has outlined how a Trump administration and pro-crypto Congress could lead to a major shift in U.S. crypto regulation, with potentially far-reaching implications for the industry.

穆迪的一位数字资产专家概述了特朗普政府和支持加密货币的国会如何导致美国加密货币监管发生重大转变，从而对该行业产生潜在的深远影响。

Following President-elect Donald Trump’s recent victory over Vice President Kamala Harris, and the election of over 280 pro-crypto candidates to Congress, a new era of crypto-friendly politics is dawning in the United States.

继当选总统唐纳德·特朗普 (Donald Trump) 最近战胜副总统卡马拉·哈里斯 (Kamala Harris)，以及 280 多名支持加密货币的候选人当选国会议员后，美国正在迎来一个加密货币友好型政治的新时代。

In an expert analysis piece, Cristiano Ventricelli, vice president for digital assets at Moody’s Ratings, discussed the potential impact of a Republican administration on cryptocurrency regulation.

穆迪评级公司数字资产副总裁 Cristiano Ventricelli 在一篇专家分析文章中讨论了共和党政府对加密货币监管的潜在影响。

According to Ventricelli, a Republican presidency may lead to a more accommodating stance towards cryptocurrencies, including the possible appointment of digital-asset friendly regulators.

Ventricelli 表示，共和党当选总统可能会导致对加密货币采取更加宽松的立场，包括可能任命对数字资产友好的监管机构。

However, he noted that substantial legislative change will still hinge on bipartisan cooperation.

不过，他指出，实质性的立法变革仍将取决于两党的合作。

“Any legislative advancements are contingent upon congressional action,” Ventricelli clarified. “While Republicans may ultimately control both the House and Senate, digital assets legislation will require bipartisan support, cannot be achieved through budget reconciliation, and it’s unclear the parties will reach a consensus in the short term.”

“任何立法进展都取决于国会的行动，”文特里切利澄清道。 “虽然共和党最终可能控制参众两院，但数字资产立法需要两党支持，无法通过预算协调来实现，而且目前尚不清楚两党能否在短期内达成共识。”

Shifting Focus at the SEC

SEC 的焦点转移

The anticipated leadership change at the U.S. Securities and Exchange Commission (SEC) will also play a crucial role in shaping the future regulatory landscape for crypto in the U.S.

美国证券交易委员会（SEC）预期的领导层变动也将在塑造美国加密货币未来监管格局方面发挥至关重要的作用

Trump has vowed to replace the current SEC Chair Gary Gensler, who has faced widespread criticism from the crypto sector for his “regulation-by-enforcement” approach, which many industry leaders view as stifling innovation.

特朗普发誓要取代现任 SEC 主席加里·詹斯勒 (Gary Gensler)，后者因其“执法监管”方式而受到加密货币行业的广泛批评，许多行业领袖认为这种方式扼杀了创新。

Coinbase CEO Brian Armstrong and others have repeatedly called for a new SEC leadership focused on transparency and a supportive regulatory framework.

Coinbase 首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 和其他人多次呼吁 SEC 的新领导层重点关注透明度和支持性监管框架。

SEC Commissioner Hester Peirce, who has earned the industry nickname “Crypto Mom,” has been lauded for her strong advocacy for a clear and innovation-friendly regulatory approach to crypto.

美国证券交易委员会委员 Hester Peirce 赢得了行业绰号“加密货币妈妈”，她因大力倡导对加密货币采取清晰且有利于创新的监管方法而受到赞誉。

If Peirce declines to pursue the SEC chair role, Commissioner Mark Uyeda is seen as a potential successor who could steer the SEC in a more crypto-friendly direction, in line with Trump’s stated pro-innovation stance.

如果 Peirce 拒绝担任 SEC 主席一职，专员 Mark Uyeda 被视为潜在的继任者，他可以引导 SEC 朝着更加对加密货币友好的方向发展，这与特朗普所宣称的支持创新的立场是一致的。

This shift would mark a significant regulatory departure for the U.S. crypto industry.

这一转变将标志着美国加密货币行业监管的重大转变。

“Further legislative and regulatory clarity could enhance the U.S.’s position in the digital finance industry globally, facilitating closer alignment with the regulatory landscapes of Asia and Europe,” Ventricelli concluded.

Ventricelli 总结道：“立法和监管的进一步明确可以提高美国在全球数字金融行业的地位，促进与亚洲和欧洲的监管环境更紧密地结合。”