<p>1. 美国在特朗普总统连任后的加密货币行业吸纳情况 随着特朗普总统连任，政府推出了一系列积极的支持加密货币政策。这标志着与过去立场的急剧转变——之前，加密货币行业主要被视为监管和控制的对象。美国进入了一个前所未有的阶段，迅速将加密货币行业纳入现有体系，几乎是单方面决策。证券交易委员会（SEC）和商品期货交易委员会（CFTC）的立场变化，以及传统金融机构参与加密货币相关业务，都表明广泛的结构性变化正在进行中。特别值得注意的是，这一切发生在特朗普总统连任仅一年之后。那么，到目前为止，美国在监管和政策层面上发生了哪些具体变化？ 2. 美国对加密货币立场的转变之年 2025 年，特朗普政府上任后，美国的加密货币政策经历了重大转折。行政部门、国会和监管机构共同努力，专注于减少市场不确定性，并将加密货币融入现有金融基础设施。 2.1. 证券交易委员会（SEC）之前，SEC 主要依靠执法行动来应对与加密货币相关的活动。在涉及 Ripple、Coinbase、Binance 和 Kraken 质押服务的重大案件中，SEC 提起诉讼，但未提供关于代币法律属性或允许进行的活动的明确标准，其执法往往基于事后诸葛亮。这导致加密货币公司更关注管理监管风险，而非业务扩展。在 Gary Gensler 主席辞职后，这一立场开始转变，他对加密货币行业持保守观点。在 Paul Atkins 的领导下，SEC 采取了更开放的态度，开始建立基础规则，旨在将加密货币行业纳入其监管框架，而不仅仅依赖诉讼。一个关键例子是 “加密项目” 的宣布。通过该项目，SEC 展示了其建立明确标准的意图，以定义哪些代币是证券，哪些不是。这个曾经毫无方向的监管机构开始重塑自己，成为一个更具包容性的机构。 2.2. 美国商品期货交易委员会（CFTC）</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406059?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406059"/></p>
<p><em>来源：Tiger Research</em></p>
<p>过去，CFTC 在加密货币方面的参与主要限于衍生品市场的监管。然而，今年，它采取了更积极的立场，正式承认比特币和以太坊为商品，并支持传统机构使用它们。</p>
<p>数字资产抵押品试点计划是一个关键举措。通过该计划，比特币、以太坊和 USDC 被批准作为衍生品交易的抵押品。CFTC 应用折扣率和风险管理标准，将这些资产视为与传统抵押品相同。</p>
<p>这一转变表明，CFTC 不再将加密资产视为纯粹的投机工具，而是开始将其视为可与传统金融资产相媲美的稳定抵押资产。 2.3. 货币监理署（OCC）之前，OCC 与加密货币行业保持距离。加密货币企业必须逐州申请许可证，难以进入联邦银行监管体系，限制了业务扩展，并在结构上阻碍了与传统金融体系的连接，因此大多在监管体系之外运作。这一做法现在已经改变。OCC 选择将加密货币公司纳入现有的银行监管框架，而不是将其排除在金融体系之外。它发布了一系列解释信（正式文件，澄清特定金融活动是否被允许），逐步扩大允许的业务范围，包括加密资产保管、交易，甚至银行支付链上交易费用。这一系列变化 culminated 于 12 月，OCC 有条件批准了 Circle 和 Ripple 等主要公司的国家信托银行章程。这一举措具有重要意义，因为它赋予这些加密公司与传统金融机构平等的地位。在一个单一的联邦监管机构下，它们可以在全国范围内运营，之前需要中介银行的转账现在可以直接处理，就像传统银行一样。 2.4. 立法和行政命令</p>
<p>2.4. 立法和行政命令</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406619?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406619"/></p>
<p><em>来源：Tiger Research</em></p>
<p>过去，尽管美国早在 2022 年就开始考虑稳定币立法，但反复的延迟导致市场出现监管真空。缺乏关于储备组成、监管权力和发行要求的明确标准，使得投资者无法可靠地验证发行者是否持有足够的储备，增加了对某些发行者储备透明度的担忧。</p>
<p>GENIUS 法案通过明确稳定币的发行要求和储备标准解决了这些问题。</p>
<p>这要求发行人持有相当于发行金额 100% 的储备，并禁止对储备资产进行再抵押，同时将监管权力集中于联邦金融监管机构。因此，稳定币已成为法律认可的数字美元，具备法定货币地位。3. 方向设定、竞争与制衡共存 在过去一年中，美国加密货币政策的方向非常明确：将加密货币行业纳入正式金融体系。然而，这一过程并不均匀或顺利。美国内部仍存在分歧。围绕以隐私为中心的混合服务 Tornado Cash 的争议就是一个典型例子：行政部门积极执行法律以阻止非法资金流动，而 SEC 主席则公开警告不要过度压制隐私。这表明美国政府对加密货币的理解并不完全统一。然而，这些分歧并不等同于政策的不稳定；相反，它们更接近于美国决策系统的固有特征。不同职责的机构从各自的角度解读问题，有时公开表达异议，通过制衡和说服向前推进。严格执法与保护创新之间的紧张关系可能会导致短期摩擦，但从长远来看，有助于使监管标准更加具体和精确。至关重要的是，这种紧张关系并没有阻碍进展。即使在辩论期间，美国也在多个方面同时推进：SEC 的规则制定、CFTC 的基础设施整合、OCC 的制度化，以及国会立法建立标准。它并不等待完全的共识，而是允许竞争和协调同时进行，推动系统向前发展。最终，美国既没有完全放任加密货币的发展，也没有试图压制其发展，而是同时重塑了监管、领导力和市场基础设施。通过将内部辩论和紧张关系转化为动力，美国选择了一种将全球加密货币行业引向自身的战略。过去一年至关重要，正因为这一方向超越了单纯的言辞，转化为具体的政策和实施。</p>

CRCL

<p>在特朗普政府期间，美国加密货币行业经历了显著的转变。积极的支持加密货币政策被引入，从监管转向与金融系统的整合。证券交易委员会（SEC）、商品期货交易委员会（CFTC）和货币监理署（OCC）采取了更具包容性的方式，承认加密资产作为稳定的抵押品，并将其纳入现有框架。像 GENIUS 法案这样的立法明确了稳定币发行的要求，标志着美国加密货币政策的重大转变</p>

<p>1. The US's Absorption of the Cryptocurrency Industry Following President Trump's re-election, the government introduced a series of aggressive pro-cryptocurrency policies. This marks a sharp shift from past stances—previously, the cryptocurrency industry was primarily seen as an object of regulation and control. The US has entered a previously unimaginable phase, rapidly absorbing the cryptocurrency industry into its existing system with near-unilateral decision-making. The shift in the positions of the SEC and CFTC, as well as the involvement of traditional financial institutions in cryptocurrency-related businesses, all indicate widespread structural changes are underway. It is particularly noteworthy that all of this has occurred only one year after President Trump's re-election. What specific changes have taken place in the US at the regulatory and policy levels so far? 2. A Year of Shift in the US Stance on Cryptocurrencies In 2025, with the Trump administration taking office, US cryptocurrency policy underwent a major turning point. The executive branch, Congress, and regulatory agencies worked together, focusing on reducing market uncertainty and integrating cryptocurrencies into existing financial infrastructure. 2.1. The Securities and Exchange Commission (SEC) Previously, the SEC primarily relied on enforcement actions to address cryptocurrency-related activities. In major cases involving Ripple, Coinbase, Binance, and Kraken staking services, the SEC filed lawsuits without providing clear standards on the legal attributes of tokens or what activities are permitted, and its enforcement was often based on hindsight. This led cryptocurrency companies to focus more on managing regulatory risks than on business expansion. This stance began to shift after the resignation of Chairman Gary Gensler, who held a conservative view of the cryptocurrency industry. Under Paul Atkins' leadership, the SEC adopted a more open approach, beginning to build foundational rules aimed at bringing the cryptocurrency industry under its regulatory framework, rather than relying solely on litigation. A key example is the announcement of the &#34;Crypto Project.&#34; Through this project, the SEC demonstrated its intention to establish clear standards to define which tokens are securities and which are not. This once directionless regulator is beginning to reshape itself into a more inclusive institution. 2.2. U.S. Commodity Futures Trading Commission (CFTC)</p>
<div class="lb-trans"><p>1. 美国在特朗普总统连任后的加密货币行业吸纳情况 随着特朗普总统连任，政府推出了一系列积极的支持加密货币政策。这标志着与过去立场的急剧转变——之前，加密货币行业主要被视为监管和控制的对象。美国进入了一个前所未有的阶段，迅速将加密货币行业纳入现有体系，几乎是单方面决策。证券交易委员会（SEC）和商品期货交易委员会（CFTC）的立场变化，以及传统金融机构参与加密货币相关业务，都表明广泛的结构性变化正在进行中。特别值得注意的是，这一切发生在特朗普总统连任仅一年之后。那么，到目前为止，美国在监管和政策层面上发生了哪些具体变化？ 2. 美国对加密货币立场的转变之年 2025 年，特朗普政府上任后，美国的加密货币政策经历了重大转折。行政部门、国会和监管机构共同努力，专注于减少市场不确定性，并将加密货币融入现有金融基础设施。 2.1. 证券交易委员会（SEC）之前，SEC 主要依靠执法行动来应对与加密货币相关的活动。在涉及 Ripple、Coinbase、Binance 和 Kraken 质押服务的重大案件中，SEC 提起诉讼，但未提供关于代币法律属性或允许进行的活动的明确标准，其执法往往基于事后诸葛亮。这导致加密货币公司更关注管理监管风险，而非业务扩展。在 Gary Gensler 主席辞职后，这一立场开始转变，他对加密货币行业持保守观点。在 Paul Atkins 的领导下，SEC 采取了更开放的态度，开始建立基础规则，旨在将加密货币行业纳入其监管框架，而不仅仅依赖诉讼。一个关键例子是 “加密项目” 的宣布。通过该项目，SEC 展示了其建立明确标准的意图，以定义哪些代币是证券，哪些不是。这个曾经毫无方向的监管机构开始重塑自己，成为一个更具包容性的机构。 2.2. 美国商品期货交易委员会（CFTC）</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406059" alt="" original-src="https://img.foresightnews.pro/202512/842-1766476406059?x-oss-process=style/scale70"/></p>
<p><em>Source: Tiger Research</em></p>
<div class="lb-trans"><p><em>来源：Tiger Research</em></p>
</div><p>In the past, the CFTC's involvement in cryptocurrencies was largely limited to the regulation of the derivatives market. However, this year, it has taken a more proactive stance, formally recognizing Bitcoin and Ethereum as commodities and supporting their use by traditional institutions.</p>
<div class="lb-trans"><p>过去，CFTC 在加密货币方面的参与主要限于衍生品市场的监管。然而，今年，它采取了更积极的立场，正式承认比特币和以太坊为商品，并支持传统机构使用它们。</p>
</div><p>The Digital Asset Collateral Pilot Program is a key initiative. Through this program, Bitcoin, Ethereum, and USDC have been approved as collateral for derivatives trading. The CFTC applies discount rates and risk management standards to treat these assets in the same way as traditional collateral.</p>
<div class="lb-trans"><p>数字资产抵押品试点计划是一个关键举措。通过该计划，比特币、以太坊和 USDC 被批准作为衍生品交易的抵押品。CFTC 应用折扣率和风险管理标准，将这些资产视为与传统抵押品相同。</p>
</div><p>This shift indicates that the CFTC no longer views crypto assets purely as speculative instruments, but has begun to recognize them as stable collateral assets comparable to traditional financial assets. 2.3. Office of the Comptroller of the Currency (OCC) Previously, the OCC maintained a distance from the cryptocurrency industry. Cryptocurrency businesses had to apply for licenses state by state, making it difficult to enter the federal banking regulatory system, limiting business expansion, and structurally hindering connections with the traditional financial system, thus mostly operating outside the regulated system. This approach has now changed. The OCC chose to bring cryptocurrency companies under the existing banking regulatory framework rather than exclude them from the financial system. It issued a series of explanatory letters (formal documents clarifying whether specific financial activities are permitted), gradually expanding the scope of allowed businesses to include crypto asset custody, trading, and even bank payments for on-chain transaction fees. This series of changes culminated in December when the OCC conditionally approved national trust bank bylaws for major companies like Circle and Ripple. This move is significant because it grants these crypto companies equal status with traditional financial institutions. Under a single federal regulatory body, they can operate nationwide, and transfers that previously required intermediary banks can now be processed directly, just like traditional banks. 2.4. Legislation and Executive Orders</p>
<div class="lb-trans"><p>这一转变表明，CFTC 不再将加密资产视为纯粹的投机工具，而是开始将其视为可与传统金融资产相媲美的稳定抵押资产。 2.3. 货币监理署（OCC）之前，OCC 与加密货币行业保持距离。加密货币企业必须逐州申请许可证，难以进入联邦银行监管体系，限制了业务扩展，并在结构上阻碍了与传统金融体系的连接，因此大多在监管体系之外运作。这一做法现在已经改变。OCC 选择将加密货币公司纳入现有的银行监管框架，而不是将其排除在金融体系之外。它发布了一系列解释信（正式文件，澄清特定金融活动是否被允许），逐步扩大允许的业务范围，包括加密资产保管、交易，甚至银行支付链上交易费用。这一系列变化 culminated 于 12 月，OCC 有条件批准了 Circle 和 Ripple 等主要公司的国家信托银行章程。这一举措具有重要意义，因为它赋予这些加密公司与传统金融机构平等的地位。在一个单一的联邦监管机构下，它们可以在全国范围内运营，之前需要中介银行的转账现在可以直接处理，就像传统银行一样。 2.4. 立法和行政命令</p>
</div><p>2.4. Legislation and Executive Orders</p>
<div class="lb-trans"><p>2.4. 立法和行政命令</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/842-1766476406619" alt="" original-src="https://img.foresightnews.pro/202512/842-1766476406619?x-oss-process=style/scale70"/></p>
<p><em>Source: Tiger Research</em></p>
<div class="lb-trans"><p><em>来源：Tiger Research</em></p>
</div><p>In the past, although the United States began to consider stablecoin legislation as early as 2022, repeated delays led to a regulatory vacuum in the market. There was a lack of clear standards regarding reserve composition, regulatory authority, and issuance requirements, making it impossible for investors to reliably verify whether issuers held sufficient reserves, raising concerns about the transparency of some issuers' reserves.</p>
<div class="lb-trans"><p>过去，尽管美国早在 2022 年就开始考虑稳定币立法，但反复的延迟导致市场出现监管真空。缺乏关于储备组成、监管权力和发行要求的明确标准，使得投资者无法可靠地验证发行者是否持有足够的储备，增加了对某些发行者储备透明度的担忧。</p>
</div><p>The GENIUS Act addressed these issues by clearly defining stablecoin issuance requirements and reserve standards.</p>
<div class="lb-trans"><p>GENIUS 法案通过明确稳定币的发行要求和储备标准解决了这些问题。</p>
</div><p>It requires issuers to hold reserves equivalent to 100% of the issuance amount and prohibits the re-collateralization of reserve assets, while centralizing regulatory authority under federal financial regulatory agencies. Thus, stablecoins have become legally recognized digital dollars with guaranteed legal tender status. 3. Direction Set, Competition and Checks and Balances Coexist Over the past year, the direction of US cryptocurrency policy has been clear: to integrate the cryptocurrency industry into the formal financial system. However, this process has not been uniform or frictionless. Internal disagreements persist within the US. The controversy surrounding the privacy-focused mixing service Tornado Cash is a prime example: the executive branch actively enforced the law to block illicit fund flows, while the SEC chairman publicly warned against excessive suppression of privacy. This indicates that the US government's understanding of cryptocurrencies is not entirely unified. However, these disagreements do not equate to policy instability; rather, they are closer to the inherent characteristics of the US decision-making system. Institutions with different responsibilities interpret issues from their own perspectives, sometimes openly expressing dissent, moving forward through checks and balances and persuasion. The tension between strict enforcement and the protection of innovation may cause short-term friction, but in the long run, it helps to make regulatory standards more specific and precise. Crucially, this tension has not hindered progress. Even during debates, the US has been advancing on multiple fronts simultaneously: SEC rule-making, CFTC infrastructure integration, OCC institutionalization, and congressional legislation establishing standards. It does not wait for complete consensus but allows competition and coordination to proceed concurrently, driving the system forward. Ultimately, the US has neither completely let cryptocurrencies run their course nor attempted to suppress their development, but has simultaneously reshaped regulation, leadership, and market infrastructure. By channeling internal debate and tension into momentum, the United States has chosen a strategy that will steer the global cryptocurrency industry towards itself. The past year has been crucial precisely because this direction has transcended mere rhetoric and translated into concrete policies and implementation.</p>
<div class="lb-trans"><p>这要求发行人持有相当于发行金额 100% 的储备，并禁止对储备资产进行再抵押，同时将监管权力集中于联邦金融监管机构。因此，稳定币已成为法律认可的数字美元，具备法定货币地位。3. 方向设定、竞争与制衡共存 在过去一年中，美国加密货币政策的方向非常明确：将加密货币行业纳入正式金融体系。然而，这一过程并不均匀或顺利。美国内部仍存在分歧。围绕以隐私为中心的混合服务 Tornado Cash 的争议就是一个典型例子：行政部门积极执行法律以阻止非法资金流动，而 SEC 主席则公开警告不要过度压制隐私。这表明美国政府对加密货币的理解并不完全统一。然而，这些分歧并不等同于政策的不稳定；相反，它们更接近于美国决策系统的固有特征。不同职责的机构从各自的角度解读问题，有时公开表达异议，通过制衡和说服向前推进。严格执法与保护创新之间的紧张关系可能会导致短期摩擦，但从长远来看，有助于使监管标准更加具体和精确。至关重要的是，这种紧张关系并没有阻碍进展。即使在辩论期间，美国也在多个方面同时推进：SEC 的规则制定、CFTC 的基础设施整合、OCC 的制度化，以及国会立法建立标准。它并不等待完全的共识，而是允许竞争和协调同时进行，推动系统向前发展。最终，美国既没有完全放任加密货币的发展，也没有试图压制其发展，而是同时重塑了监管、领导力和市场基础设施。通过将内部辩论和紧张关系转化为动力，美国选择了一种将全球加密货币行业引向自身的战略。过去一年至关重要，正因为这一方向超越了单纯的言辞，转化为具体的政策和实施。</p>
</div>

在特朗普政府执政一年后，美国加密行业的转型