特朗普重返办公室可以重塑加密货币市场

最近，数字世界变得更加复杂。仅2024年，美国人就损失了22亿美元的与加密相关的欺诈。尽管如此，随着时间的流逝，特朗普在数字资产上的地位却发生了巨大变化。

Donald Trump made headlines in the crypto world just three days before taking office. He launched his own digital asset, $TRUMP, which reached a staggering $14 billion valuation before inauguration day. The move sparked major concerns since Trump and his associates control 80% of the token’s supply.

唐纳德·特朗普（Donald Trump）在上任前三天就在加密世界（Crypto World）成为头条新闻。他推出了自己的数字资产，特朗普$ $，就职典礼那天，其估值达到了惊人的140亿美元。此举引发了主要的担忧，因为特朗普和他的同事控制着令牌的80％的供应。

Trump's Shifting Crypto Stance

特朗普转移的加密立场

Trump's position on digital assets has changed dramatically over time. He shifted from being critical to promising to make the U.S. “the crypto capital of the planet.”

随着时间的流逝，特朗普在数字资产上的地位发生了巨大变化。他从至关重要的人转变为承诺使美国“地球的加密首都”。

Trump once viewed cryptocurrency with deep skepticism. He dismissed Bitcoin as “a scam” and criticized it for competing against the dollar during a Fox Business interview in 2021. His position started to change after crypto industry leaders contributed $25 million to his campaign.

特朗普曾经以深切的怀疑看待加密货币。他将比特币视为“骗局”，并批评它在2021年的福克斯商务采访中与美元竞争。在加密行业领导人为他的竞选活动贡献了2500万美元之后，他的立场开始变化。

The Nashville Bitcoin conference marked a turning point where Trump embraced cryptocurrency and vowed to make the United States “the crypto capital of the planet”. His administration took action by signing an executive order that established regulatory clarity for digital assets.

纳什维尔比特币会议标志着特朗普接受加密货币的转折点，并誓言使美国成为“地球的加密首都”。他的政府通过签署行政命令采取了行动，该命令确立了数字资产的监管清晰度。

Trump’s policy promises now include:

特朗普的政策现在包括：

The market reacted strongly to Trump’s new stance. Bitcoin crossed $100,000 for the second time after his election victory. His pro-crypto cabinet appointments, including Paul Atkins as SEC chair, created more market optimism. Notwithstanding that, some analysts remain cautious and point to these investments’ highly speculative nature.

市场对特朗普的新立场做出了强烈反应。大选胜利后，比特币第二次越过100,000美元。他的亲克莱普托内阁任命，包括保罗·阿特金斯（Paul Atkins）担任SEC主席，创造了更多的市场乐观情绪。尽管如此，一些分析师仍然谨慎，并指出这些投资的高度投机性质。

Regulatory Landscape Under Trump

特朗普领导下的监管景观

The SEC’s regulatory approach under Trump shows a clear change from the “regulation by enforcement” style used by the previous administration. Paul Atkins, the new SEC chair, wants to make the SEC’s role in crypto markets clearer instead of just enforcing rules.

美国证券交易委员会（SEC）在特朗普（Trump）下的监管方法表明，与上届政府使用的“执法法规”风格的“法规”有了明显的变化。新的SEC主席保罗·阿特金斯（Paul Atkins）希望使SEC在加密市场中的角色更加清晰，而不仅仅是执行规则。

Trump’s regulatory vision relies heavily on the Presidential Working Group on Digital Asset Markets. This group brings together the heads of major financial agencies to create a detailed federal framework for digital assets.

特朗普的监管愿景在很大程度上取决于数字资产市场的总统工作组。该集团汇集了主要金融机构的负责人，以为数字资产创建详细的联邦框架。

Several new bills could revolutionize the regulatory world. The Financial Innovation and Technology Act and the Digital Asset Market Structure Act tackle the ongoing debate about whether crypto belongs to the SEC or CFTC.

几个新法案可以彻底改变监管世界。 《金融创新与技术法》以及《数字资产市场结构法》解决了关于加密货币是否属于SEC还是CFTC的持续辩论。

This clarity might reduce the market uncertainty that often leads to price swings. The relationship between state and federal regulation creates unique challenges. Both the Clarity for Payment Stablecoins Act and the Lummis-Gillibrand Payment Stablecoins Act try to create consistent rules across different jurisdictions. State-chartered banks might soon issue stablecoins without getting Federal Reserve approval.

这种清晰度可能会减少市场不确定性，这通常会导致价格波动。州和联邦法规之间的关系带来了独特的挑战。 《付款Stablecoins法案的清晰度》和《 Lummis-Gillibrand付款Stablecoins法》都试图在不同司法管辖区建立一致的规则。州宪章的银行可能很快就会在未获得美联储批准的情况下签发稳定的银行。

Federal Reserve and Monetary Policy

美联储和货币政策

The Federal Reserve’s role in cryptocurrency markets has become central in the Trump administration through a groundbreaking executive order. This is similar to how the best online casinos are regulated directly by states.

美联储在加密货币市场中的作用已通过开创性的行政命令成为特朗普政府的核心。这类似于如何直接由州管制最佳的在线赌场。

This order created a working group of financial leaders. The Treasury secretary and chairs of major regulatory bodies make up this group. Their aim is to develop detailed digital asset frameworks.

该命令创建了一组财务领导者。财政部长和主要监管机构的主席组成了这一组。他们的目的是开发详细的数字资产框架。

Potential Bitcoin Reserve Implementation

潜在的比特币储备实施

The administration wants to create a national digital asset stockpile, which shows a substantial change in federal policy. The working group will review and create this reserve through two possible channels:

政府希望创建国家数字资产库存，该资产库存显示了联邦政策的实质性变化。工作组将通过两个可能的渠道进行审查并创建此储备：

The proposed reserve could work just like the Strategic Petroleum Reserve. The Federal Reserve would manage policy while the CFTC would oversee the assets. Moreover, the U.S. might acquire 1 million BTC by 2029. If Bitcoin keeps growing at 25% yearly, this reserve could make up 35.5% of the national debt by 2049.

拟议的储备可以像战略石油储备一样工作。美联储将管理政策，而CFTC将监督资产。此外，到2029年，美国可能会收购100万BTC。如果比特币每年增长25％，则该储备金可能会在2049年占国家债务的35.5％。

Impact on Dollar Hegemony

对美元霸权的影响

The administration sees stablecoins as a way to keep dollar supremacy. The White House AI and crypto czar believes stablecoins can help spread dollar dominance worldwide. The executive order promotes USD-backed stablecoins globally but bans U.S. central bank digital currencies.

政府将Stablecoins视为保持美元至高无上的一种方式。白宫AI和Crypto Czar认为，Stablecoins可以帮助全球范围内的美元统治地位。该行政命令在全球范围内推广以美元支持的Stablecoins，但禁止美国中央银行数字货币。

Inflation and Crypto Adoption

通货膨胀和加密采用

The Federal Reserve’s monetary policy choices strongly affect crypto markets. History shows that interest rate cuts lead to rising crypto prices because borrowing costs less.

美联储的货币政策选择强烈影响加密市场。历史表明，降低利率会导致加密货币价格上涨，因为借贷成本较低。

Cryptocurrency ownership among U.S. internet users is expected to grow from 11.2% in 2024 to 14.5% by 2026. The number of crypto owners using their holdings to make payments will rise from 13.4% to 19.4% during this time.

美国互联网用户的加密货币所有权预计将从2024年的11.2％增长到2026年的14.5％。在此期间，使用其持股量的加密所有者数量将从13.4％上升到19.4％。

Global Crypto Market Implications

全球加密市场的影响

Trump’s executive order on digital assets creates waves through international regulatory frameworks across global markets. His administration takes a different path from previous policies. It promotes U.S. leadership in blockchain while canceling earlier international cooperation frameworks.

特朗普对数字资产的行政命令通过全球市场的国际监管框架创造了波浪。他的政府采取了与以前的政策不同的道路。它促进了美国在区块链方面的领导地位，同时取消了较早的国际合作框架。

International Regulatory Response

国际监管反应

Major financial hubs now follow unique approaches that could influence U.S. policy. Below is a summary of what these frameworks include:

现在，主要的财务枢纽遵循可能影响美国政策的独特方法。以下是这些框架包括的摘要：

Cross-border Trading Impact

跨境交易影响

Trump’s policies strengthen dollar sovereignty through USD-backed stablecoins. His administration protects American interests first and foremost. The executive order openly supports legal dollar-backed stablecoins worldwide.

特朗普的政策通过以美元支持的stablecoins来增强美元主权。他的政府首先保护美国利益。行政命令公开支持全球合法的美元支持的稳定币。

This strategy could change international trading patterns as the U.S. becomes a global crypto hub.

随着美国成为全球加密枢纽，该策略可能会改变国际交易模式。

Geopolitical Considerations

地缘政治考虑

Economic uncertainty looms as trade policies might change. Trump’s promise to add tariffs up to 20%

经济不确定性可能会随着贸易政策的变化而存在。特朗普的承诺将增加高达20％的关税