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Donald Trump has been on quite a journey since the days when he said bitcoin “seems like a scam”. This week, the Trump family media company said it was raising $2.5bn from investors to buy up the cryptocurrency. His sons Eric and Donald Jr promised thousands of orange-clad bitcoin investors in Las Vegas a bonanza, in part because, as his vice-president JD Vance told the same conference, “crypto finally has a champion and an ally in the White House”. Bitcoin has hit a recent record high on optimism that US lawmakers will soon agree their first crypto regulations — for stablecoins, or digital tokens pegged to the dollar or another currency.
自从唐纳德•特朗普曾表示比特币“看起来像个骗局”以来，他已经走过了不平凡的历程。本周，特朗普家族的媒体公司宣布将从投资者那里筹集25亿美元，用于收购这种加密货币。他的儿子埃里克和小唐纳德•特朗普(Donald Jr)在拉斯维加斯(Las Vegas)向成千上万身穿橙色的比特币投资者承诺将带来一场盛宴，部分原因是，正如他的副总统JD•万斯(JD Vance)在同一会议上所说，“加密货币终于在白宫有了支持者和盟友”。由于市场乐观地认为美国立法者很快将就首个加密货币监管——针对稳定币达成一致，比特币近期创下新高。
Yet the Trump family’s enthusiasm for crypto ventures combined with his administration’s pro-crypto stance creates a glaring conflict of interest. The drive to legitimise often volatile crypto assets also threatens to inject new risks into the financial system.
然而，特朗普家族对加密货币项目的热情，加上其政府支持加密货币的立场，造成了明显的利益冲突。推动为经常波动的加密资产赋予合法地位，也可能为金融体系带来新的风险。
Few presidents and their families have associated themselves so closely, in office, with one industry. The US leader has promoted his $TRUMP memecoin, and hosted a gala dinner for its biggest holders. World Liberty Financial, which lists Trump as its “chief crypto advocate”, has launched a dollar-pegged stablecoin, USD1, which now has a $2.15bn market value.
很少有总统及其家人在任期间与某个行业联系得如此紧密。这位美国总统积极推广他的 $TRUMP 迷因币，并为其最大持有者举办了盛大晚宴。世界自由金融(World Liberty Financial)将特朗普列为其“首席加密货币倡导者”，并推出了一种与美元挂钩的稳定币——1美元，目前市值已达21.5亿美元。
Within days of returning to office, a Trump executive order revoked Biden-era measures aimed at limiting crypto risks, promising to promote US “leadership in digital assets and financial technology”. Another order set out to create a strategic bitcoin reserve. The president has appointed crypto advocates to key roles, including Paul Atkins as Securities and Exchange Commission chair.
特朗普重返总统职位后仅几天，就签署了一项行政命令，撤销了拜登时期旨在限制加密货币风险的相关措施，并承诺推动美国在数字资产和金融科技领域的“领导地位”。另一项命令则着手建立比特币战略储备。总统还任命了加密货币支持者担任关键职位，包括保罗•阿特金斯(Paul Atkins)出任美国证券交易委员会主席。
The incoming administration has shifted from “regulation by enforcement” to efforts to create a regulatory framework for crypto and foster growth. The Department of Justice has, along with the SEC, dropped several cases against crypto firms. Crypto enthusiasts have long suggested providing regulatory clarity via congress rather than the courts could bolster innovation and legitimate crypto businesses. But a more permissive environment risks amplifying dangers such as fraud and market manipulation.
新一届政府已经从“以执法为监管”转向致力于为加密货币建立监管框架并促进其发展。司法部与美国证交会(SEC)一道，已经撤销了针对多家加密货币公司的多起案件。加密货币支持者长期以来一直建议，通过国会而非法院来提供监管明确性，这有助于推动创新和合法的加密货币企业。但更为宽松的环境也可能加剧诸如欺诈和市场操纵等风险。
Until recently, it seemed the Trump family’s own crypto interests might become a block on legislative efforts. A group of Democratic senators refused to back the so-called Genius Act to regulate stablecoins unless it included steps to prohibit elected officials and their families — including the president — from owning or participating in stablecoin ventures. But they joined Republicans this month in allowing the bill to advance, arguing that the need for clear rules took priority.
直到最近，特朗普家族自身的加密货币利益似乎还可能成为立法努力的障碍。一些民主党参议员拒绝支持所谓的《天才法案》来监管稳定币，除非其中包括禁止民选官员及其家属——包括总统——持有或参与稳定币相关业务的条款。但本月他们与共和党人一道同意让该法案推进，认为制定明确规则的需求更为重要。
The bill does set worthwhile rules including requiring US stablecoin issuers to maintain reserves equal to 100 per cent of outstanding coins in dollars, US Treasuries or equivalents, and set out clear redemption procedures. But some senior Democrats have warned it has insufficient consumer protections and would still enable US exchanges to trade offshore-issued stablecoins such as Tether, which they say has a record of being used to facilitate criminal activity (Tether itself has denied any wrongdoing). Stablecoins exist in a grey world in which they act like banks, payment systems and securities, yet will be regulated as none of those. The Genius Act offers a very light-touch framework.
该法案确实设立了一些有价值的规定，包括要求美国稳定币发行方以美元、美国国债或等值资产，持有与流通稳定币总量等额的储备，并明确了赎回程序。但一些民主党高层警告称，该法案对消费者的保护力度不足，且仍允许美国交易所交易如Tether等离岸发行的稳定币，他们表示Tether曾被用于协助犯罪活动（Tether公司本身否认有任何不当行为）。稳定币存在于一个灰色地带，既像银行、支付系统和证券，但却不会被作为这些类别来监管。《天才法案》(Genius Act)则提供了极为宽松的监管框架。
Digital asset proponents argue they could speed up payments and increase financial inclusivity. But these benefits could be more safely harnessed through central bank digital currencies. Trump vigorously opposes a US CBDC, insisting instead that private stablecoins will “expand the dominance of the US dollar”. Unless they are extremely carefully policed, they may only do the opposite.
数字资产的支持者认为，这些资产可以加快支付速度并提升金融包容性。但通过央行数字货币可以更安全地实现这些益处。特朗普坚决反对美国央行数字货币(US CBDC)，反而坚持认为私人稳定币将“扩大美元的主导地位”。但除非对其进行极为严格的监管，否则结果可能恰恰相反。
虚拟货币相关活动存在较大法律风险。请根据监管规范，注意甄别和远离非法金融活动，谨防个人财产和权益受损。