总统权力与数字金融的邂逅：宪法危机正在酝酿之中？

当选总统唐纳德·特朗普在第二次就职前四天推出了 $TRUMP 加密货币，此举史无前例，在政界和金融界引起了震动。

Four days before his second inauguration, President-elect Donald Trump unveiled a cryptocurrency called $TRUMP, sparking both excitement and legal scrutiny in equal measure.

在第二次就职典礼前四天，当选总统唐纳德·特朗普推出了一种名为“$TRUMP”的加密货币，同时引发了兴奋和法律审查。

Designed to capitalize on the personality-driven online trend, the meme coin quickly tripled in value from $20 to $70 per token within 48 hours. Fueled by curiosity and FOMO, the coin notched up an impressive trading volume of over $24 billion, driving its market capitalization to a staggering $14 billion.

这款模因币的设计初衷是利用个性驱动的在线趋势，其价值在 48 小时内迅速从每枚 20 美元增至 70 美元，增加了两倍。在好奇心和 FOMO 的推动下，该代币的交易量令人印象深刻，超过 240 亿美元，使其市值达到惊人的 140 亿美元。

While crypto enthusiasts hailed the launch as a watershed moment for digital assets, a closer examination reveals deeper implications at the intersection of presidential power, securities law, and market integrity. At stake is not just the future of cryptocurrency regulation, but fundamental questions about the boundaries between political office and private enterprise in the digital age.

尽管加密货币爱好者称赞此次发布是数字资产的分水岭，但更仔细的研究揭示了总统权力、证券法和市场诚信交叉点的更深层次影响。岌岌可危的不仅是加密货币监管的未来，还包括数字时代政治办公室和私营企业之间界限的基本问题。

A screenshot of the GetTrump coin from the homepage.

GetTrump 币主页的屏幕截图。

Enter the Howey Test

进入豪伊测试

The structure of the $TRUMP meme coin, with 80% ownership concentrated in Trump-owned CIC Digital LLC, raises critical questions under the well-known Howey Test, the Supreme Court’s landmark decision for determining whether an asset constitutes a security. Despite the disclaimer attempting to characterize the tokens as "expressions of support" rather than securities, several factors suggest potential classification as a security:

$TRUMP meme 代币的 80% 所有权集中在特朗普旗下的 CIC Digital LLC，其结构在著名的豪伊测试（最高法院确定资产是否构成证券的里程碑式判决）下提出了关键问题。尽管免责声明试图将代币描述为“支持的表达”而不是证券，但有几个因素表明其可能被归类为证券：

The disclaimer's attempt to characterize the token as "not intended to be... an investment opportunity" appears insufficient given the substance-over-form approach consistently applied by courts and regulators to crypto assets.

鉴于法院和监管机构对加密资产一贯采用实质重于形式的方法，免责声明试图将代币描述为“无意成为……投资机会”似乎还不够。

Moreover, the structure of the $TRUMP token raises additional red flags:

此外，$TRUMP 代币的结构引发了额外的危险信号：

In a message posted on his Truth Social platform and X, Trump unveiled the so-called meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend.

在他的 Truth Social 平台和 X 上发布的消息中，特朗普推出了所谓的模因硬币，该硬币旨在利用某种个性、运动或病毒式互联网趋势的受欢迎程度。

The SEC has repeatedly emphasized that labels like "meme coin" or "expression of support" do not override the economic realities of an investment scheme.

美国证券交易委员会一再强调，“模因币”或“支持表达”等标签不会凌驾于投资计划的经济现实之上。

Regulatory Oversight Concerns

监管监督问题

The imminent leadership transition at the SEC heralds a potential shift in cryptocurrency regulation, as Paul Atkins' nomination as SEC Chair, replacing Gary Gensler, suggests a markedly different regulatory approach. Atkins, as co-chair of the Digital Chamber's Token Alliance since 2017 and known for his advocacy of lighter-touch regulation during his previous SEC tenure (2002-2008), represents a stark departure from Gensler's stringent oversight.

SEC 即将到来的领导层换届预示着加密货币监管的潜在转变，保罗·阿特金斯 (Paul Atkins) 被提名为 SEC 主席，取代加里·根斯勒 (Gary Gensler)，这表明了一种截然不同的监管方法。阿特金斯自 2017 年起担任数字商会代币联盟的联合主席，并以其在 SEC 任职期间（2002-2008 年）倡导宽松监管而闻名，这与 Gensler 的严格监督截然不同。

However, the fundamental legal principles remain unchanged and personality and policy preferences at the SEC's helm cannot override established securities law.

然而，基本的法律原则保持不变，SEC 掌舵人的个性和政策偏好不能凌驾于既定的证券法之上。

The Supreme Court's Howey Test, a cornerstone of securities regulation for over 75 years, transcends individual administrations and political appointments. While the SEC's enforcement priorities may evolve under new leadership, its statutory obligation to apply the Howey Test remains absolute. This enduring framework for evaluating investment schemes operates independently of any chair's crypto-friendly stance or industry connections.

最高法院的豪伊测试是 75 年来证券监管的基石，超越了个人政府和政治任命。尽管 SEC 的执法重点可能会在新领导层的领导下发生变化，但其应用豪伊测试的法定义务仍然是绝对的。这个评估投资计划的持久框架独立于任何主席的加密货币友好立场或行业联系而运作。

The challenge for Atkins' SEC will be balancing industry innovation with investor protection. Despite his background suggesting a more accommodating approach to crypto, the Commission must fulfill its mandate to enforce securities laws based on economic substance rather than form. This tension becomes particularly acute in cases like the $TRUMP token, where political connections and market enthusiasm cannot exempt the offering from fundamental securities law analysis.

阿特金斯 SEC 面临的挑战将是平衡行业创新与投资者保护。尽管他的背景表明对加密货币采取更宽松的态度​​，但委员会必须履行其职责，根据经济实质而不是形式来执行证券法。在像 $TRUMP 代币这样的情况下，这种紧张关系变得尤其严重，因为政治关系和市场热情不能免除该发行的基本证券法分析。

Business and Politics Collide

商业与政治的碰撞

The launch of $TRUMP coin represents more than just another addition to Trump's merchandise empire – it signifies an unprecedented escalation in the mingling of political power and private enterprise. Unlike traditional merchandise such as Trump-branded perfumes, watches (priced up to $100,000), or even his $11,500 signed guitars, this cryptocurrency venture creates direct financial incentives that could influence presidential policy-making.

特朗普币的推出不仅仅是特朗普商品帝国的又一补充，它还标志着政治权力与私营企业的融合前所未有的升级。与特朗普品牌香水、手表（售价高达 10 万美元），甚至是他价值 11,500 美元的签名吉他等传统商品不同，这种加密货币企业创造了直接的经济激励，可能会影响总统的决策。

With reported revenues of $7.2 million from NFTs and $4.6 million from guitar sales already demonstrating the lucrative nature of leveraging political brand for profit, the $TRUMP token raises substantially greater concerns about conflicts of interest.

据报道，NFT 收入为 720 万美元，吉他销售收入为 460 万美元，这已经表明利用政治品牌获利的利润丰厚，$TRUMP 代币引发了对利益冲突的更大担忧。

Two key factors distinguish this venture from previous merchandising efforts.

有两个关键因素将这次冒险与之前的营销活动区分开来。

This progression from selling branded merchandise to launching a cryptocurrency ahead of taking office represents a significant escalation in potential conflicts of interest. While selling Trump-branded products might raise ethical concerns, controlling a financial instrument whose value could be directly affected by presidential policies creates a far more serious conflict between public duty and private gain.

从销售品牌商品到在上任前推出加密货币的这一进程代表了潜在利益冲突的显着升级。虽然销售特朗普品牌的产品可能会引起道德问题，但控制一种其价值可能直接受到总统政策影响的金融工具，会在公共义务和私人利益之间造成更为严重的冲突。

Industry's Divided Response

业界反应不一

The launch of $TRUMP has created a division within the cryptocurrency community. While some celebrate it as a watershed moment for mainstream adoption, others see it as a dangerous precedent. The polarization reflects deeper concerns about the intersection of political power and crypto markets:

$TRUMP 的推出在加密货币社区中产生了分歧。虽然一些人庆祝这是主流采用的分水岭，但另一些人则认为这是一个危险的先例。这种两极分化反映了人们对政治权力与加密货币市场交叉的更深层次的担忧：

Politics Meets Crypto: Old Games, New Ledgers

政治遇上加密货币：旧游戏，新账本

The launch of the $TRUMP meme coin exposes a fundamental tension in contemporary American politics. While Trump positions himself as a champion of the cryptocurrency industry, promising to make America "the crypto capital of the planet," the structure and timing of his own digital token venture suggest a concerning fusion of personal enrichment and political power. The concentration of token ownership in Trump-affiliated

$特朗普模因硬币的推出暴露了当代美国政治中的根本紧张局势。尽管特朗普将自己定位为加密货币行业的冠军，承诺让美国成为“地球的加密之都”，但他自己的数字代币企业的结构和时机表明，个人致富和政治权力的融合令人担忧。代币所有权集中于特朗普旗下