致当选总统特朗普的信：如何使美国成为世界加密货币之都

加密行业已经产生了一系列成熟和新兴的用例，包括数字黄金、稳定币、无需许可的支付、去中心化金融

Dear Mr. President,

尊敬的总统先生，

The crypto industry has produced a range of use-cases, including digital gold, stablecoins, permissionless payments, decentralized finance, real world assets, decentralized physical infrastructure (DePIN), and many more. Many of them are being responsibly advanced in the United States by businesses such as Coinbase, Circle and Consensys, and by developers contributing to crypto’s open-source, decentralized infrastructure. To continue competing against their international rivals, these parties need clear rules of the road and proper regulatory guidance.

加密行业已经产生了一系列用例，包括数字黄金、稳定币、无需许可的支付、去中心化金融、现实世界资产、去中心化物理基础设施（DePIN）等等。其中许多技术正在美国由 Coinbase、Circle 和 Consensys 等企业以及为加密货币的开源、去中心化基础设施做出贡献的开发人员负责任地推进。为了继续与国际竞争对手竞争，这些各方需要明确的规则和适当的监管指导。

General Rules of the Road

道路一般规则

Token issuance and secondary sales, which lie at the heart of the crypto economy, are subject to confusing and overlapping regulatory authority from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). We propose that Congress enact legislation to clearly delineate the scope of jurisdiction among primary regulators and lay out when assets enter and exit that jurisdiction.

代币发行和二级销售是加密经济的核心，受到美国证券交易委员会（SEC）和商品期货交易委员会（CFTC）混乱且重叠的监管机构的管辖。我们建议国会颁布立法，明确界定主要监管机构的管辖范围，并规定资产何时进入和退出该管辖区。

Here, Congress should resist giving the U.S. securities laws an overbroad application, as the SEC has done. Tokens powered by open-source software and consensus mechanisms that are otherwise minimally dependent on centralized actors are not securities because there is no legal relationship between token owners and an “issuer,” as understood by the securities laws. Similarly, crypto assets such as art NFTs (which are simply digital artwork) and non-investment activities, like staking and lending bitcoin, fall outside the securities laws.

在这方面，国会应该避免像美国证券交易委员会那样对美国证券法进行过于广泛的应用。由开源软件和共识机制提供支持的代币不是证券，因为按照证券法的规定，代币所有者和“发行人”之间不存在法律关系，而这些代币对中心化参与者的依赖程度最低。同样，艺术 NFT（简称数字艺术品）等加密资产和非投资活动（例如质押和借贷比特币）也不属于证券法的范围。

Congress should be bold. That means not feeling bound by prior legislative efforts like FIT21 that were forged in an earlier political environment that have unintended consequences. It also means leveraging the regulatory experience of other nations, such as the European Union with its MiCA framework, while avoiding their pitfalls and charting a unique and dauntless path forward for the United States.

国会应该大胆。这意味着不要受到 FIT21 等先前立法努力的束缚，这些立法努力是在早期政治环境中制定的，并且会产生意想不到的后果。它还意味着利用其他国家的监管经验，例如欧盟的 MiCA 框架，同时避免它们的陷阱，并为美国制定一条独特且无畏的前进道路。

Specific Sectors

特定行业

Besides advocating for general rules, your administration should urge Congress and the relevant agencies to address specific sectors due to their strategic importance to the crypto industry and the nation.

除了倡导一般规则之外，您的政府还应该敦促国会和相关机构解决特定部门的问题，因为它们对加密行业和国家具有战略重要性。

Stablecoins. Stablecoins, with a current market cap in excess of $200 billion, are the lifeblood of the digital asset ecosystem. Increasingly recognized under frameworks like the Stablecoin Standard and by state regulators, they warrant comprehensive legislation for their issuance and management, ensuring that they are transparently backed and do not threaten financial stability. Aside from benefitting consumers, regulatory support of stablecoins furthers national interests. Similar to Eurodollars, stablecoins, which are usually denominated in U.S. dollars, reinforce the dollar’s status as the global reserve currency and increase demand for U.S. treasuries, which issuers hold in reserve.

稳定币。目前市值超过2000亿美元的稳定币是数字资产生态系统的命脉。它们在稳定币标准等框架下和国家监管机构日益得到认可，需要对其发行和管理进行全面的立法，确保它们得到透明的支持并且不会威胁金融稳定。除了使消费者受益之外，稳定币的监管支持还可以促进国家利益。与欧洲美元类似，通常以美元计价的稳定币巩固了美元作为全球储备货币的地位，并增加了对发行人持有的美国国债的需求。

TradFi Integration. The unprecedented success of Bitcoin and Ethereum ETFs demonstrates that crypto has begun integrating with traditional finance. Regulatory policy should ensure a safe and orderly integration by giving consumers access to trusted custody services. This requires amending or rescinding prejudicial SEC accounting guidelines (for instance, SAB 121) and custody rules. But it should not stop there. Pro-innovation policy in this area should also promote the tokenization of securities representing traditional financial assets like stocks, bonds, or real estate as blockchain-based tokens. The resulting benefits, which include improved liquidity, fractional ownership, and faster settlement, would strengthen U.S. capital markets, ensuring they remain the most developed and innovative in the world.

TradFi 集成。比特币和以太坊 ETF 的空前成功表明，加密货币已经开始与传统金融融合。监管政策应通过让消费者获得值得信赖的托管服务来确保安全有序的整合。这需要修改或废除有偏见的 SEC 会计准则（例如 SAB 121）和托管规则。但它不应该就此止步。该领域的支持创新政策还应促进代表股票、债券或房地产等传统金融资产的证券代币化为基于区块链的代币。由此产生的好处，包括改善流动性、部分所有权和更快的结算，将加强美国资本市场，确保其仍然是世界上最发达和创新的市场。

DeFi. Decentralized finance has the potential to modernize the global financial system and to return value to ordinary Americans by removing costly financial intermediaries. You should not allow entrenched interests and alarmism to stop the United States from becoming the world’s leader in DeFi. In this regard, regulations aimed at centralized actors, such as exchanges and issuers, must be crafted in ways that avoid inadvertently capturing and paralyzing the still-nascent DeFi ecosystem.

去中心化金融。去中心化金融有潜力实现全球金融体系现代化，并通过消除成本高昂的金融中介机构，为普通美国人带来价值。你不应该让根深蒂固的利益和危言耸听阻止美国成为 DeFi 领域的世界领导者。在这方面，针对交易所和发行人等中心化参与者的监管必须避免无意中捕获和瘫痪仍处于新生阶段的 DeFi 生态系统。