乔·拜登的加密货币遗产：对比行动的故事

正如乔·拜登的总统任期所结束的那样，他对加密货币的态度留下了以对比行动为标志的复杂遗产。

President Joe Biden's approach to cryptocurrency has been a tale of two halves. On the one hand, his administration has taken a more hands-on approach to regulating the crypto industry, with the Securities and Exchange Commission (SEC) launching a record number of enforcement actions against crypto firms. On the other hand, Biden's era has also seen significant progress in institutional cryptocurrency adoption, with regulatory approval for several crypto products and custodians.

乔·拜登总统对加密货币的态度分为两部分。一方面，他的政府采取了更加实际的方法来监管加密行业，美国证券交易委员会（SEC）针对加密公司发起了创纪录数量的执法行动。另一方面，拜登时代在机构加密货币采用方面也取得了重大进展，多种加密产品和托管机构获得了监管部门的批准。

As Biden's presidency concludes, his approach to cryptocurrency leaves behind a complex legacy. Here's a closer look at the key events that have shaped the crypto landscape during Biden's term.

随着拜登总统任期的结束，他对加密货币的态度留下了复杂的遗产。以下是拜登任期内塑造加密货币格局的关键事件的详细分析。

Stringent crypto regulation

严格的加密货币监管

One of the most notable aspects of Biden's approach to cryptocurrency has been the increased regulatory scrutiny of the crypto industry. In April 2023, the SEC announced a new specialized crypto unit to enhance oversight and enforcement. This move came amid a broader effort by the Biden administration to ramp up crypto regulation following the collapse of several major crypto firms, including FTX and BlockFi.

拜登对加密货币的态度最引人注目的方面之一是加强对加密货币行业的监管审查。 2023 年 4 月，SEC 宣布成立一个新的专门加密货币部门，以加强监督和执法。此举是在 FTX 和 BlockFi 等几家主要加密货币公司倒闭后，拜登政府加大力度加强加密货币监管的背景下做出的。

The SEC, under the leadership of Gary Gensler, has taken the lead in this effort. In January 2024, the SEC announced a total of 103 legal actions against crypto firms for failing to register as securities brokers or exchanges. These enforcement actions, largely focused on crypto exchanges and lending platforms, aimed to address perceived non-compliance with legal standards for offering and facilitating securities trades.

在加里·詹斯勒 (Gary Gensler) 的领导下，美国证券交易委员会 (SEC) 在这项工作中发挥了带头作用。 2024 年 1 月，美国证券交易委员会 (SEC) 宣布对未注册为证券经纪人或交易所的加密货币公司采取总计 103 项法律行动。这些执法行动主要针对加密货币交易所和借贷平台，旨在解决提供和促进证券交易时不遵守法律标准的问题。

However, this stringent approach drew criticism from the crypto industry, which viewed these measures as overly aggressive and stifling technological advancements. In particular, the crypto industry took issue with the SEC's expansive definition of a security, which subjected a wide range of crypto assets and activities to stringent securities regulation.

然而，这种严格的做法引起了加密货币行业的批评，他们认为这些措施过于激进并抑制了技术进步。特别是，加密行业对 SEC 对证券的广泛定义提出了质疑，该定义将广泛的加密资产和活动置于严格的证券监管之下。

Tensions between the Biden administration and the crypto industry escalated in mid-2024 when a group of crypto executives accused the administration of using financial regulators to restrict banking services access for crypto companies. This move, aimed at limiting the ability of crypto firms to conduct business with traditional banks, sparked outrage within the crypto community.

2024 年中期，拜登政府与加密货币行业之间的紧张关系升级，当时一群加密货币高管指责政府利用金融监管机构限制加密货币公司的银行服务准入。此举旨在限制加密货币公司与传统银行开展业务的能力，引发了加密货币社区的愤怒。

Despite these tensions, Biden's administration also took steps to foster dialogue and engagement with the crypto industry. In March 2024, the White House convened a meeting with crypto industry representatives to discuss regulatory concerns and the administration's upcoming executive order on digital assets. This meeting signaled an effort by the administration to maintain open lines of communication with the industry.

尽管存在这些紧张局势，拜登政府还采取措施促进与加密行业的对话和接触。 2024 年 3 月，白宫与加密行业代表召开会议，讨论监管问题和政府即将发布的数字资产行政命令。这次会议标志着政府努力与业界保持开放的沟通渠道。

Institutional crypto adoption

机构加密货币采用

While the Biden administration's approach to cryptocurrency has been largely defined by increased regulation, this period has also seen significant strides in institutional cryptocurrency adoption.

虽然拜登政府对加密货币的态度在很大程度上是通过加强监管来定义的，但这一时期在机构加密货币采用方面也取得了重大进展。

One of the most anticipated developments was the approval of several crypto products by the SEC. In March 2023, the SEC paved the way for the launch of spot Bitcoin and Ether ETFs, opening up broader access to digital investments for mainstream investors. This move marked a turning point in the crypto industry's quest for regulatory recognition and mainstream integration.

最令人期待的进展之一是 SEC 批准了多种加密产品。 2023 年 3 月，SEC 为现货比特币和以太坊 ETF 的推出铺平了道路，为主流投资者提供了更广泛的数字投资机会。此举标志着加密行业寻求监管认可和主流整合的转折点。

In addition to crypto ETFs, the SEC also approved several other crypto products, including a Bitcoin trust from Grayscale and a crypto index fund from VanEck. These approvals brought a diverse range of crypto investment vehicles to the market, catering to varying risk appetites and investment strategies.

除了加密 ETF 之外，SEC 还批准了其他几种加密产品，包括 Grayscale 的比特币信托和 VanEck 的加密指数基金。这些批准为市场带来了多种加密货币投资工具，以满足不同的风险偏好和投资策略。

Together with an increase in digital asset custodians like Coinbase and Fidelity, these developments positioned the United States as a crucial player in institutional crypto custody. At the end of 2024, the US had the highest institutional crypto custody penetration rate globally at 84%, according to data from Chainalysis. This growth in institutional crypto custody signaled a maturing crypto market and increasing demand for secure storage solutions.

随着 Coinbase 和 Fidelity 等数字资产托管机构的增加，这些发展使美国成为机构加密货币托管领域的关键参与者。根据 Chainalysis 的数据，截至 2024 年底，美国的机构加密货币托管渗透率达到 84%，位居全球第一。机构加密货币托管的增长标志着加密货币市场的成熟和对安全存储解决方案的需求不断增加。

Another key aspect of Biden's approach to cryptocurrency was the administration's support for innovation in tokenization. This initiative aimed to leverage blockchain technology to tokenize traditional financial instruments, such as money market funds and certificates of deposit, to enhance efficiency and accessibility.

拜登对待加密货币的另一个关键方面是政府对代币化创新的支持。该举措旨在利用区块链技术对货币市场基金和存款证等传统金融工具进行代币化，以提高效率和可及性。

In December 2023, Franklin Templeton introduced a tokenized money fund, marking the first time an investment vehicle of this kind utilized blockchain technology for recordkeeping with SEC approval. Throughout Biden's term, the total value locked in US tokenized money funds, which includes the contribution of major stablecoins like USD Coin (USDC), surged to over $100 billion.

2023 年 12 月，富兰克林邓普顿推出了代币化货币基金，标志着此类投资工具首次在 SEC 批准下利用区块链技术进行记录保存。在拜登的整个任期内，美国代币化货币基金的锁定总价值飙升至超过 1000 亿美元，其中包括美元硬币（USDC）等主要稳定币的贡献。

This development attracted the attention of the US Treasury, which engaged in discussions on the potential of tokenization for broader economic transformation. The Treasury ultimately proposed a new framework for digital asset regulation, incorporating recommendations on stablecoins and tokenization.

这一发展引起了美国财政部的注意，美国财政部就代币化促进更广泛的经济转型的潜力进行了讨论。财政部最终提出了一个新的数字资产监管框架，其中纳入了有关稳定币和代币化的建议。

Crypto community anticipates Trump's policies

加密货币社区期待特朗普的政策

As Donald Trump assumes the presidency, the crypto community is eagerly awaiting how his policies might further shape the landscape of digital currencies, especially in the realm of tokenization and market expansion, potentially transforming the US financial markets.

随着唐纳德·特朗普就任总统，加密货币界正热切地等待他的政策如何进一步塑造数字货币的格局，特别是在代币化和市场扩张领域，从而有可能改变美国金融市场。