<p>在特朗普总统任期内，美国政府对加密货币采取了显著不同的态度。华盛顿不再将这一领域视为监管问题或投机威胁，而是开始将加密货币直接融入现有金融体系。</p>
<p>根据 @tiger_research 的说法，美国的战略并不是用加密货币取代传统金融，而是让加密货币在熟悉的金融规则和结构下运作。</p>
<p><strong>美国证券交易委员会（SEC）发出加密监管新时代的信号</strong></p>
<p>美国证券交易委员会（SEC）发生了重大变化。在前主席加里·根斯勒的领导下，加密监管主要依赖于对 Ripple、Coinbase 和 Binance 等公司的执法行动。通常缺乏明确的规则，诉讼优先于指导。</p>
<p>在根斯勒离职后，这一做法发生了变化。在新领导层下，SEC 推出了 <strong>加密项目（Project Crypto）</strong>，旨在明确哪些数字代币符合证券的定义。根据 <em>tiger_research</em> 的说法，这标志着监管从诉讼转向结构化的监管框架，这是加密行业长期增长的重要一步。</p>
<p><strong>商品期货交易委员会（CFTC）接受加密作为抵押品</strong></p>
<p>商品期货交易委员会（CFTC）也扩大了其角色。它正式承认比特币和以太坊为商品，并批准它们与 USDC 一起用作衍生品市场的抵押品。</p>
<p>通过其数字资产抵押品试点计划，CFTC 应用了传统的风险控制措施，如折扣，将加密资产视为与传统金融抵押品类似的资产。这标志着更深层次的机构信任，并将加密货币定位为功能性金融基础设施，而不仅仅是投机资产。</p>
<p><strong>货币监理署（OCC）打开银行大门</strong></p>
<p>也许最具结构性的变化来自货币监理署（OCC）。此前，加密公司被排除在联邦银行监管之外，必须逐州获得许可。</p>
<p>这一情况在 2025 年底发生了变化，OCC 有条件地批准了 Circle 和 Ripple 等公司的国家信托银行特许经营。这一举措使主要加密公司与传统银行处于同等地位，允许全国范围内运营并实现直接结算，无需中介银行。</p>
<p><strong>稳定币获得法律明确性</strong></p>
<p>国会通过 GENIUS 法案提供了期待已久的明确性，该法案为稳定币发行者设定了严格的规则。该法律要求 100% 储备支持，禁止再抵押，并指定联邦监管。正如分析师所指出的，这实际上将稳定币转变为法律认可的数字美元。</p>
<p><strong>这对加密货币的重要性</strong></p>
<p>过去一年表明，美国并没有禁止加密货币，也没有完全放松监管。相反，它正在将加密货币吸纳到其金融核心中。监管辩论仍然存在，特别是围绕像 Tornado Cash 这样的隐私工具，但这些紧张关系反映的是机构检查，而不是政策的逆转。</p>
<p>对于加密市场来说，特朗普任内比特币在 2025 年的表现波动但具有建设性。由于对加密货币的乐观情绪和监管明确性，BTC 在年初飙升至超过 109,000 美元，随后在特朗普宣布关税后迅速回落。</p>
<p>尽管回调，但通过州储备和企业比特币国库的采用持续上升，帮助 BTC 恢复并再次反弹。在美联储在九月份降息后，比特币在十月份飙升至接近 125,800 美元的新历史高点，乐观的宏观条件恢复了上涨预期。</p>
<p><strong>常见问题</strong></p>
<p><strong>SEC 从执法转向结构化监管可能对加密投资者产生什么影响？</strong></p>
<p>明确的监管框架减少了法律不确定性，鼓励机构投资，并使初创企业能够在不担心意外诉讼的情况下进行创新。</p>
<p><strong>加密公司获得联邦银行特许经营的潜在影响是什么？</strong></p>
<p>国家信托银行特许经营允许 Circle 和 Ripple 等公司在全国范围内运营，加快交易速度，并使加密货币与传统金融更紧密地结合。</p>
<p><strong>CFTC 批准加密作为抵押品可能对市场意味着什么？</strong></p>
<p>将加密视为传统金融抵押品可以使衍生品和借贷市场扩展，增加流动性并鼓励更广泛的机构采用。</p>

CRCL

<p>在特朗普政府期间，美国的加密货币政策发生了变化，旨在将加密货币融入金融体系。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）推出了新的法规和框架，承认加密货币是金融基础设施的一部分。《GENIUS 法案》为稳定币提供了法律明确性。这种方法旨在减少法律不确定性，鼓励机构投资，并将加密货币与传统金融整合，从而促进采用和市场增长</p>

<p>Under the President Donald Trump Administration, the U.S. government has taken a markedly different approach toward cryptocurrency. Instead of treating the sector as a regulatory problem or speculative threat, Washington is now moving to integrate crypto directly into the existing financial system.</p>
<div class="lb-trans"><p>在特朗普总统任期内，美国政府对加密货币采取了显著不同的态度。华盛顿不再将这一领域视为监管问题或投机威胁，而是开始将加密货币直接融入现有金融体系。</p>
</div><p>According to @tiger_research, the U.S. strategy is not to replace traditional finance with crypto, but to make crypto operate under familiar financial rules and structures.</p>
<div class="lb-trans"><p>根据 @tiger_research 的说法，美国的战略并不是用加密货币取代传统金融，而是让加密货币在熟悉的金融规则和结构下运作。</p>
</div><p><strong>U.S. SEC Signals New Era of Crypto Regulation</strong></p>
<div class="lb-trans"><p><strong>美国证券交易委员会（SEC）发出加密监管新时代的信号</strong></p>
</div><p>A major shift has occurred at the U.S. SEC. Under former Chair Gary Gensler, crypto regulation relied heavily on enforcement actions against companies like Ripple, Coinbase, and Binance. Clear rules were often missing, with lawsuits taking priority over guidance.</p>
<div class="lb-trans"><p>美国证券交易委员会（SEC）发生了重大变化。在前主席加里·根斯勒的领导下，加密监管主要依赖于对 Ripple、Coinbase 和 Binance 等公司的执法行动。通常缺乏明确的规则，诉讼优先于指导。</p>
</div><p>After Gensler’s exit, this approach changed. Under new leadership, the SEC introduced <strong>Project Crypto</strong>, aiming to clearly define which digital tokens qualify as securities. According to <em>tiger_research</em>, this signals a move away from regulation through lawsuits toward a structured regulatory framework, an important step for the crypto industry’s long-term growth.</p>
<div class="lb-trans"><p>在根斯勒离职后，这一做法发生了变化。在新领导层下，SEC 推出了 <strong>加密项目（Project Crypto）</strong>，旨在明确哪些数字代币符合证券的定义。根据 <em>tiger_research</em> 的说法，这标志着监管从诉讼转向结构化的监管框架，这是加密行业长期增长的重要一步。</p>
</div><p><strong>CFTC Embraces Crypto as Collateral</strong></p>
<div class="lb-trans"><p><strong>商品期货交易委员会（CFTC）接受加密作为抵押品</strong></p>
</div><p>The Commodity Futures Trading Commission (CFTC) has also expanded its role. It formally recognized Bitcoin and Ethereum as commodities and approved them, alongside USDC, for use as collateral in derivatives markets.</p>
<div class="lb-trans"><p>商品期货交易委员会（CFTC）也扩大了其角色。它正式承认比特币和以太坊为商品，并批准它们与 USDC 一起用作衍生品市场的抵押品。</p>
</div><p>Through its Digital Asset Collateral Pilot Program, the CFTC applied traditional risk controls like haircuts, treating crypto assets similarly to conventional financial collateral. This signals a deeper level of institutional trust and positions crypto as functional financial infrastructure, not just speculative assets.</p>
<div class="lb-trans"><p>通过其数字资产抵押品试点计划，CFTC 应用了传统的风险控制措施，如折扣，将加密资产视为与传统金融抵押品类似的资产。这标志着更深层次的机构信任，并将加密货币定位为功能性金融基础设施，而不仅仅是投机资产。</p>
</div><p><strong>OCC Opens the Banking Door</strong></p>
<div class="lb-trans"><p><strong>货币监理署（OCC）打开银行大门</strong></p>
</div><p>Perhaps the most structural shift came from the Office of the Comptroller of the Currency (OCC). Previously, crypto firms were locked out of federal banking oversight and forced to navigate state-by-state licensing.</p>
<div class="lb-trans"><p>也许最具结构性的变化来自货币监理署（OCC）。此前，加密公司被排除在联邦银行监管之外，必须逐州获得许可。</p>
</div><p>That changed in late 2025, when the OCC conditionally approved national trust bank charters for firms such as Circle and Ripple. This move puts major crypto companies on equal footing with traditional banks, allowing nationwide operations and direct settlement without intermediary banks.</p>
<div class="lb-trans"><p>这一情况在 2025 年底发生了变化，OCC 有条件地批准了 Circle 和 Ripple 等公司的国家信托银行特许经营。这一举措使主要加密公司与传统银行处于同等地位，允许全国范围内运营并实现直接结算，无需中介银行。</p>
</div><p><strong>Stablecoins Get Legal Clarity</strong></p>
<div class="lb-trans"><p><strong>稳定币获得法律明确性</strong></p>
</div><p>Congress also delivered long-awaited clarity through the GENIUS Act, which set strict rules for stablecoin issuers. The law mandates 100% reserve backing, bans rehypothecation, and assigns federal oversight. As the analyst notes, this effectively transforms stablecoins into legally recognized digital dollars.</p>
<div class="lb-trans"><p>国会通过 GENIUS 法案提供了期待已久的明确性，该法案为稳定币发行者设定了严格的规则。该法律要求 100% 储备支持，禁止再抵押，并指定联邦监管。正如分析师所指出的，这实际上将稳定币转变为法律认可的数字美元。</p>
</div><p><strong>Why This Matters for Crypto</strong></p>
<div class="lb-trans"><p><strong>这对加密货币的重要性</strong></p>
</div><p>This past year shows the U.S. is not banning crypto, nor fully deregulating it. Instead, it is absorbing crypto into its financial core. Regulatory debates still exist, especially around privacy tools like Tornado Cash, but those tensions reflect institutional checks rather than policy reversal.</p>
<div class="lb-trans"><p>过去一年表明，美国并没有禁止加密货币，也没有完全放松监管。相反，它正在将加密货币吸纳到其金融核心中。监管辩论仍然存在，特别是围绕像 Tornado Cash 这样的隐私工具，但这些紧张关系反映的是机构检查，而不是政策的逆转。</p>
</div><p>For crypto markets, Bitcoin’s 2025 run under Trump was volatile but constructive. BTC surged above $109,000 early in the year on pro-crypto optimism and regulatory clarity, then sold off sharply after Trump’s tariff announcements hit risk markets.</p>
<div class="lb-trans"><p>对于加密市场来说，特朗普任内比特币在 2025 年的表现波动但具有建设性。由于对加密货币的乐观情绪和监管明确性，BTC 在年初飙升至超过 109,000 美元，随后在特朗普宣布关税后迅速回落。</p>
</div><p>Despite the pullback, adoption kept rising through state reserves and corporate Bitcoin treasuries, helping BTC recover and rally again. After the Fed cut rates in September, Bitcoin surged to a new all-time high near $125,800 in October, with bullish macro conditions reviving upside expectations.</p>
<div class="lb-trans"><p>尽管回调，但通过州储备和企业比特币国库的采用持续上升，帮助 BTC 恢复并再次反弹。在美联储在九月份降息后，比特币在十月份飙升至接近 125,800 美元的新历史高点，乐观的宏观条件恢复了上涨预期。</p>
</div><p><strong>FAQs</strong></p>
<div class="lb-trans"><p><strong>常见问题</strong></p>
</div><p><strong>How might the SEC’s shift from enforcement to structured regulation impact crypto investors?</strong></p>
<div class="lb-trans"><p><strong>SEC 从执法转向结构化监管可能对加密投资者产生什么影响？</strong></p>
</div><p>A clear regulatory framework reduces legal uncertainty, encouraging institutional investment and enabling startups to innovate without fearing unexpected lawsuits.</p>
<div class="lb-trans"><p>明确的监管框架减少了法律不确定性，鼓励机构投资，并使初创企业能够在不担心意外诉讼的情况下进行创新。</p>
</div><p><strong>What are the potential effects of crypto firms gaining federal bank charters?</strong></p>
<div class="lb-trans"><p><strong>加密公司获得联邦银行特许经营的潜在影响是什么？</strong></p>
</div><p>National trust bank charters allow firms like Circle and Ripple to operate nationwide, speeding up transactions and integrating crypto more closely with traditional finance.</p>
<div class="lb-trans"><p>国家信托银行特许经营允许 Circle 和 Ripple 等公司在全国范围内运营，加快交易速度，并使加密货币与传统金融更紧密地结合。</p>
</div><p><strong>What could the CFTC’s approval of crypto as collateral mean for markets?</strong></p>
<div class="lb-trans"><p><strong>CFTC 批准加密作为抵押品可能对市场意味着什么？</strong></p>
</div><p>Treating crypto like traditional financial collateral allows derivatives and lending markets to expand, increasing liquidity and encouraging broader institutional adoption.</p>
<div class="lb-trans"><p>将加密视为传统金融抵押品可以使衍生品和借贷市场扩展，增加流动性并鼓励更广泛的机构采用。</p>
</div>

美国的加密货币政策在特朗普政府的领导下发生了历史性的转变