从监管游戏到生态重建，谁在定义加密的未来？

2025年3月7日，白宫举行了第一次加密货币行业峰会。

Author: Techub Crypto Conspiracy

作者：Techub Crypto阴谋

——From regulatory games to ecological reconstruction, who is defining the future of encryption?

- 从监管游戏到生态重建，谁在定义加密的未来？

On March 7, 2025, the White House held its first cryptocurrency industry summit. This closed-door meeting led by the Trump administration is regarded by the industry as a key milestone for cryptocurrency to move from marginal innovation to mainstream because of its "all-star" lineup and forward-looking topics. From exchange giants, Wall Street capital to blockchain protocol founders, multiple forces gathered in Washington to engage in a fierce game on the balance of regulation and innovation. How will this conference reshape the rules and structure of the global crypto market? The following is an in-depth analysis from three dimensions: the background of the participants, the core issues and the potential impact.

2025年3月7日，白宫举行了第一次加密货币行业峰会。特朗普政府领导的这次闭门会议被该行业视为加密货币从边际​​创新转向主流的关键里程碑，因为其“全明星”阵容和前瞻性的主题。从华尔街资本的交流巨头到区块链协议的创始人，多个部队聚集在华盛顿，从事监管和创新平衡的激烈游戏。这次会议将如何重塑全球加密市场的规则和结构？以下是来自三个维度的深入分析：参与者的背景，核心问题和潜在影响。

Participant Map: The Trio of Power, Capital and Technology

参与者地图：权力，资本和技术的三重奏

According to a White House statement, the meeting was led by David Sacks, the "cryptocurrency czar" and head of White House artificial intelligence and cryptocurrency affairs, and managed by Bo Hines, executive director of the Digital Asset Advisory Committee. Participants included not only business leaders such as Coinbase and MicroStrategy, but also members of the President's Digital Asset Task Force, highlighting the Trump administration's all-round wooing of the crypto industry.

根据白宫声明，会议是由“加密货币沙皇”兼白宫人工智能和加密货币事务负责人戴维·萨克斯（David Sacks）领导的，由数字资产咨询委员会执行董事Bo Hines管理。参与者不仅包括Coinbase和MicroStrategy等业务领导者，还包括总统数字资产工作组的成员，强调了特朗普政府对加密行业的全方位努力。

(The above picture only shows some of the participants)

（上图仅显示一些参与者）

1. Exchanges and financial services giants: pioneers in compliance

1。交流和金融服务巨头：合规性的开拓者

Brian Armstrong (Coinbase CEO) is the helmsman of the largest compliant exchange in the United States. In recent years, Coinbase has promoted the Digital Asset Market Structure Act (DAMA) through lobbying, and its appeal is directly directed at the SEC to clarify the token classification standards. Armstrong publicly stated before the meeting: "Regulation should not be the enemy of innovation, but a shield to protect users."

布莱恩·阿姆斯特朗（Coinbase Coinbase首席执行官）是美国最大的合规交易所的舵手。近年来，Coinbase通过游说促进了《数字资产市场结构法》（DAMA），其吸引力直接针对SEC来阐明令牌分类标准。阿姆斯特朗在会议前公开表示：“法规不应是创新的敌人，而是保护用户的盾牌。”

Vlad Tenev (Robinhood CEO) Robinhood has attracted more than 20 million young users with zero-commission crypto trading, but its "order flow payment" model has been investigated by the SEC. At this meeting, Tenev may promote a retail-friendly regulatory framework to balance market access and risk control.

Vlad Tenev（Robinhood CEO）Robinhood吸引了超过2000万年轻用户，具有零委员会加密交易，但SEC已调查了其“订单流量支付”模型。在这次会议上，Tenev可能会促进零售友好的监管框架，以平衡市场访问和风险控制。

Arjun Sethi (Kraken CEO) Kraken was recently sued by the SEC for its staking services. Sethi’s speech may focus on “modernization of regulatory measures” and emphasize the controversial applicability of traditional securities laws to on-chain activities such as staking and lending.

Arjun Sethi（Kraken CEO）Kraken最近被SEC起诉其Staging Services。塞西的讲话可能集中在“监管措施的现代化”上，并强调传统证券法在诸如放样和贷款之类的链活动中有争议的适用性。

2. Bitcoin fundamentalists: decentralization evangelists

2。比特币原教旨主义者：权力传教士

Michael Saylor (founder of MicroStrategy) is a "Bitcoin whale" who holds more than 200,000 BTC. Saylor has always advocated that "Bitcoin is digital gold." His speech is expected to emphasize the independence of Bitcoin's monetary policy and oppose the potential erosion of CBDC on crypto assets.

迈克尔·塞勒（Michael Saylor）（Microstrategy的创始人）是“比特币鲸”，拥有超过200,000 BTC。塞勒一直在提倡“比特币是数字黄金”。预计他的讲话将强调比特币的货币政策的独立性，并反对CBDC对加密资产的潜在侵蚀。

David Bailey (CEO of Bitcoin Magazine) , as the voice of the Bitcoin core community, may criticize the damage to the spirit of decentralization caused by "excessive regulation" and call for the protection of miners' rights and privacy technology innovation.

比特币核心社区的声音，大卫·贝利（Bitcoin Magazine的首席执行官）可能会批评因“过度监管”而造成的权力下放精神的破坏，并呼吁保护矿工的权利和隐私技术创新。

3. Capital traders: institutional promoters

3.资本交易者：机构推动者

Matt Huang (co-founder of Paradigm), a top Silicon Valley crypto venture capital firm that has led investments in star projects such as Uniswap and FTX, may propose "progressive regulation" and advocate the establishment of a sandbox mechanism for DeFi protocols.

Matt Huang（Paradigm的联合创始人）是一家顶级硅谷加密风险投资公司，领导了对诸如Uniswap和FTX等明星项目的投资，他可能会提出“渐进监管”，并倡导建立用于DEFI协议的沙盒机制。

Kyle Samani (Managing Partner of Multicoin Capital) , who is famous for betting on disruptive projects such as Solana and Helium, may emphasize that "regulation needs to adapt to the multi-chain ecosystem" to avoid a recurrence of Ethereum's centralization problem.

凯尔·萨马尼（Multicoin Capital的执行合伙人）以赌注（例如索拉纳和氦气）的颠覆性项目而闻名，他可能会强调，“法规需要适应多链生态系统”，以避免复发以太坊的集中化问题。

4. Protocol builders: the key players in technology implementation

4.协议制造商：技术实施的主要参与者

Sergey Nazarov (co-founder of Chainlink) Chainlink oracles provide data support for the DeFi ecosystem worth over $100 billion. Nazarov may call for the establishment of an "on-chain compliance infrastructure" such as a verifiable KYC oracle network.

Sergey Nazarov（Chainlink的联合创始人）ChainLink Oracles为价值超过1000亿美元的Defi生态系统提供了数据支持。纳扎罗夫（Nazarov）可能要求建立“链上合规基础架构”，例如可验证的KYC Oracle网络。

The participation of Jp Richardson (Exodus CEO) , a self-hosted wallet manufacturer, suggests that the meeting may discuss private key management standards and balance user asset control with anti-money laundering requirements.

自托管钱包制造商JP Richardson（出埃及记）的参与表明，会议可能会讨论私人密钥管理标准和平衡用户资产控制与反货币洗钱要求的平衡。

5. Representatives of emerging forces: the voice of globalization and liberalism

5。新兴力量的代表：全球化和自由主义的声音

Zach Witkoff (co-founder of World Liberty Fund) The organization is committed to promoting financial inclusion through cryptocurrency. Witkoff may propose the concept of "regulatory exemption zones" to allow developing countries to experiment with cryptocurrency policies.

Zach Witkoff（世界自由基金会的联合创始人）该组织致力于通过加密货币促进金融包容性。维科夫（Witkoff）可能会提出“监管豁免区”的概念，以允许发展中国家实验加密货币政策。

Core issues: rift and consensus coexist

核心问题：裂谷和共识共存

Despite the Trump administration's high-profile overtures to the crypto industry, the market has been volatile recently - Bitcoin has fallen from a high of $109,800 in January to a low of $78,200, almost wiping out all the gains since the election. Analysts point out that the market urgently needs two catalysts: the Fed's expected rate cuts to materialize or the Trump administration's introduction of a

尽管特朗普政府对加密货币行业提出了备受瞩目的提议，但该市场最近一直在动荡 - 比特币从一月份的109,800美元下降到78,200美元的低价，几乎消除了自选举以来的所有收益。分析师指出，市场迫切需要两种催化剂：美联储的预期降低速度可以实现或特朗普政府引入