唐纳德·特朗普（Donald Trump）重返权力后，加密货币市场会发生什么？

在美国总统唐纳德·特朗普（Donald Trump）返回之后，Coinbase看到了证券交易委员会撤销了其2023年的诉讼

Following US President Donald Trump’s return, Coinbase saw the Securities and Exchange Commission drop its 2023 lawsuit, alongside Robinhood Crypto’s investigation closure. On February 25, the SEC also ended its federal probe into Uniswap Labs, triggering market declines with Coinbase and Bitcoin (BTC), the latter of which dropped from its $109,114 peak to $87,000, showcasing a 20% retreat.

在美国总统唐纳德·特朗普（Donald Trump）的返回之后，Coinbase看到了证券交易委员会（Securities and Exchange Commission）与Robinhood Crypto的调查结束一起放弃了2023年的诉讼。 2月25日，美国证券交易委员会还结束了联邦调查对Uniswap Labs的调查，以Coinbase和Coinbase和Bitcoin（BTC）触发市场下降，后者从109,114美元的峰值下降到87,000美元，显示了20％的撤退。

There’s no apparent reason in sight, but the overall logic of the investors’ reaction is evident: They are not fond of unpredictability and usually care about the market much more than specific companies.

没有明显的理由，但是投资者反应的总体逻辑很明显：他们不喜欢不可预测性，通常比特定公司更关心市场。

The reason the SEC dropped all these cases is less important than the answer to what this tells us. It’s no secret that the Trump administration has received crypto donations, which may come in handy later. Let’s recall how Coinbase and Robinhood have donated to Trump, with Uniswap also participating in a crypto super PAC, Fairshake, worth $116 million.

SEC删除所有这些案件的原因不如回答说明我们的答案。特朗普政府已收到加密货币捐赠，这不是秘密，这可能会派上用场。让我们回想一下Coinbase和Robinhood是如何向特朗普捐款的，UNISWAP还参加了Crypto Super Pac，Fairshake，价值1.16亿美元。

Does the above signal to investors that the donations were accepted, or is it just a coincidence? Is this a warm welcome from Washington for crypto in general? Fortunately, there is a litmus test to determine where the Trump presidency sits on crypto that the industry may highly appreciate. If his administration takes three steps, it may be evidence that they value crypto and care about the market.

上述信号向投资者发出了捐款的接受，还是仅仅是巧合？这是华盛顿对加密货币的热烈欢迎吗？幸运的是，有一项试金石测试来确定特朗普总统在加密货币上的位置，该行业可能会非常感激。如果他的政府采取了三个步骤，则可以证明他们重视加密货币并关心市场。

Designation of CFTC by the regulator or a shift in the SEC’s position on token securities

监管机构指定CFTC或SEC在代币证券上的位置转变

The position of the SEC on token securities is crucial, with the commission indicating its intent to designate most tokens as securities under the previous leadership. This designation means that you could be at risk: Even if you are not directly issuing tokens yourself but instead developing a technical solution that interacts with or trades tokens, there could be complications — persistent legal risks connected to potential involvement with unregistered securities. This remains a significant barrier for crypto.

SEC在代币证券上的地位至关重要，委员会表明其目的是将大多数令牌指定为先前领导下的证券。该指定意味着您可能会面临风险：即使您自己不是直接发行代币，而是开发与代币交互或交易的技术解决方案，可能会有并发症 - 持续的法律风险与潜在参与未注册的证券有关。这仍然是加密货币的重要障碍。

It could also be altered by the Commodity Futures Trading Commission (CFTC). A company’s success has historically been a significant factor in a token’s price, and the classification of the token as a security was not really in the hands of the company. If the CFTC lessens regulations, however, there could be massive implications for businesses in the US, which may be more likely to get involved with cryptocurrencies. A close eye will be kept on any steps taken by the CFTC.

商品期货贸易委员会（CFTC）也可以改变它。从历史上看，公司的成功一直是代币价格的重要因素，而将令牌作为安全性的分类并没有真正掌握在公司手中。但是，如果CFTC减少了法规，那么对美国的企业可能会产生巨大影响，这可能更有可能参与加密货币。 CFTC采取的任何步骤都将密切关注。

Recently, the CFTC doesn't regulate crypto or have such powers. The transfer of jurisdictions over crypto to the CFTC will serve as a strong signal of the broad pro-crypto stance of the new administration. As a small and less aggressive regulator, the CFTC is less likely to pursue regulation through enforcement and will thus likely adopt a more collaborative stance towards the industry. As a result of any of these two developments, a massive risk US crypto companies face will be eliminated, thus unlocking a floodgate of innovative crypto enterprises entering the lucrative US market.

最近，CFTC不调节加密货币或具有这样的权力。将司法管辖区转移到CFTC上，将是新政府广泛的亲克赖普托立场的强烈信号。作为一个小小的积极的监管机构，CFTC不太可能通过执法进行监管，因此很可能对该行业采取更加协作的立场。由于这两个发展中的任何一种，将消除美国加密公司面临的巨大风险，从而释放了进入美国利润丰厚的美国市场的创新加密企业的闸门。

Adoption of stablecoins

采用稳定剂

The adoption of stablecoins is also expected to drive the growth of crypto payments, benefiting small and medium-sized businesses (SMBs). These businesses that start using crypto payments tend to turn to stablecoins first, so they must clearly understand the legal backdrop regarding stablecoins. It’s not enough to use hazy legislation that wasn’t intended for stablecoins. Instead, they need a well-defined framework to bring clarity to regulation.

预计采用Stablecoins也将推动加密货币支付的增长，从而使中小型企业（SMB）受益。这些开始使用加密货币付款的业务倾向于先转向稳定币，因此他们必须清楚地了解有关稳定的法律背景。使用朦胧的立法是不够的。取而代之的是，他们需要一个明确的框架来使监管清晰。

What is the result of a better regulatory approach? More confidence. Companies will enjoy greater certainty in the transition from stablecoin to crypto. And, crucially, as more businesses integrate crypto payments, more opportunities will emerge for US crypto companies. To facilitate this positive cycle, a dedicated legislative framework that recognizes stablecoins as a legitimate means of payment is needed. Direct regulatory oversight, ensuring trust in reserves, and managing risks for stablecoin issuers will also boost confidence.

更好的监管方法的结果是什么？更有信心。公司将在从Stablecoin到加密货币的过渡中享有更大的确定性。而且，至关重要的是，随着越来越多的企业整合加密货币的付款，美国加密公司将出现更多的机会。为了促进这个积极的周期，一个专门的立法框架将稳定的框架承认为合法的付款方式。直接的监管监督，确保对储备金的信任以及管理Stablecoin发行人的风险也将增强信心。

FinCEN’s role in banking crypto assets

Fincen在银行加密资产中的作用

Another sticking point is the problems crypto businesses face when opening bank accounts. Even when they manage it, they face higher service costs and fees as banks perceive significant money laundering risks in the crypto sector. This reluctance to serve crypto is ironic: The industry aims to establish an alternative payment system yet remains reliant on traditional banking.

另一个引人注目的是加密企业开设银行帐户时面临的问题。即使他们管理它，他们也会面临更高的服务成本和费用，因为银行认为加密货币部门的大量洗钱风险。这种不愿为加密服务的服务具有讽刺意味的是：该行业旨在建立替代支付系统，但仍依赖传统银行业务。

For the crypto ecosystem to expand, financial institutions must start providing services to crypto-related entities. It’s equally clear that progress will remain limited without the participation of traditional banks. The key to change could lie with the Financial Crimes Enforcement Network (FinCEN). If this bureau takes steps to revise its risk assessment for crypto businesses, banks will adjust their evaluations accordingly. Financial institutions will be more willing to work with crypto companies.

为了使加密生态系统扩展，金融机构必须开始为与加密相关的实体提供服务。同样清楚的是，如果没有传统银行的参与，进度将保持限制。变革的关键可能在于金融犯罪执法网络（FINCEN）。如果该局采取措施修改其对加密货币业务的风险评估，银行将相应地调整其评估。金融机构将更愿意与加密货币公司合作。

How crypto will unfold in the US is far from obvious: The Trump administration has accepted some crypto donations, but continuing uncertainty is felt in the markets. By keeping an eye on the activities of the CFTC and FinCEN, as well as positive shifts in the regulation of crypto, a

在美国，加密货币将如何展开远非显而易见：特朗普政府接受了一些加密捐赠，但市场上仍感受到了持续的不确定性。通过关注CFTC和Fincen的活动，以及加密调节的积极转变