<p>来源：白宫；编译：金色财经</p>
<p>北京时间 5 月 20 日，美国总统特朗普于周二签署了一项行政命令，要求联邦政府和美联储审查现有的监管框架，以促进数字资产和金融科技与传统金融服务和支付系统的更深层次整合。</p>
<p><strong>该行政命令要求美国金融监管机构在接下来的三个月内审查现有规则，并识别出任何 &#34;不合理阻碍&#34; 金融科技公司与联邦监管金融机构合作的条款。在六个月内，监管机构还必须采取措施以鼓励金融创新。</strong></p>
<p>该命令特别要求联邦储备委员会重新评估无保险存款机构和非银行金融公司访问支付账户和服务的资格。该文件还要求 12 个地区联邦储备银行研究是否可以在不依赖联邦储备委员会批准的情况下，独立向相关机构开放支付账户。以下是特朗普总统的行政命令全文。根据美国宪法和法律赋予我的总统权力，我特此命令：第一节：政策 美国是金融创新的全球领导者，金融科技公司的快速发展是一个重要的推动力。这些公司提供各种创新的金融产品和服务，拓宽了公众对金融服务的获取，并为所有美国人创造了发展机会。为了支持金融创新，联邦政府需要修订现有的监管规则，以促进数字资产和创新技术与传统金融服务和支付系统的整合。同时，必须废除冗余、繁琐和不一致的监管条款和执法方法，打破长期以来有利于传统、成熟金融机构的行业准入壁垒，促进健康的市场竞争。基于此，美国国家政策确立为：简化监管流程，减少不合理的行业准入壁垒，促进金融科技公司、联邦监管金融机构和联邦金融监管机构之间的多方合作。第二节：定义 本行政命令适用以下定义：(a) 金融科技公司：这些是依赖或开发各种技术手段提供或促进金融产品和服务的非银行公司；涵盖可用于渠道整合、资产管理、数据处理及其他与金融产品和服务相关的场景的各种应用、数字和在线技术。它们的金融产品和服务包括但不限于：支付清算、信贷业务、存款、衍生品交易、投资管理、经纪服务、证券承销和资本市场业务、资产保管和信托服务、数字银行业务、数字资产相关服务、证券和商品市场业务，以及区块链技术相关的金融服务。为澄清，上述金融业务范围还包括《1956 年银行控股公司法》第 4(k) 条第 4.4 款 A 至 G 小节中列出的所有业务活动。(b) 银行：该定义基于《联邦存款保险法》第 3 节的相关规定。(c) 信用合作社：该定义基于《联邦信用合作社法》第 101 节中对受保险信用合作社的定义。(d) 金融产品和服务：指联邦和州法律允许银行和信用合作社进行的商业活动，以及《联邦法规汇编》第 12 卷第 242 部分附录 A 中列出的金融业务。(e) 联邦金融监管机构：包括消费者金融保护局、证券交易委员会、国家信用合作社管理局、商品期货交易委员会、联邦存款保险公司和货币监理署。第三节：简化监管流程 (a) 在本行政命令生效之日起 90 天内，各联邦金融监管机构的负责人必须全面审查现有的监管法律、指导方针、执法原则和申请流程，识别可以优化和修订的规则条款，并协助金融科技公司开展金融业务创新和参与市场竞争，重点支持中小型新兴金融科技实体。此次审查需要识别两类监管障碍：第一，妨碍金融科技公司与存款机构、信用合作社、证券经纪人、投资顾问和期货经纪人等持牌联邦金融机构之间合作的监管条款、指导文件、行政裁定和无异议函。第二，可以修订以优化和简化合规申请流程的规则，简化符合条件的金融科技公司申请银行执照、信用合作社执照、存款/股票保险和其他联邦运营资格的审批程序。流程优化必须考虑多个原则：平衡创新发展的需求，严格遵守金融安全和稳定的底线，实施金融消费者和投资者权益的保护，维护市场秩序，确保金融稳定，并改善规范化的监管机制。(b) 在本行政命令生效之日起 180 天内，各联邦金融监管机构的负责人应结合本命令第 1 节的审查结果和总统经济政策助理的意见，提出支持措施，以促进金融创新的实施。第四节：访问联邦储备服务 (a) 联邦储备委员会必须同时实施本行政命令第 3 节中的所有改革措施。(b) 联邦储备委员会必须全面审查和分析相关法律、法规和政策框架，以明确非参与存款机构、非银行金融机构（包括涉及数字资产和各种新金融业务的市场实体，统称为适用实体）以及实时支付网络的直接参与者申请开设联邦储备银行支付账户和使用联邦储备支付服务的访问规则。在本行政命令生效之日起 120 天内，联邦储备委员会应通过总统经济政策助理向总统提交特别评估报告，概述研究结果、访问计划和政策建议。评估应包括：(i) 根据《联邦储备法》和其他现行联邦法律，联邦储备是否有法律权力直接向适用实体开放储备银行支付账户和支付服务；(ii) 在法律允许的范围内，依靠合规和风险控制机制扩展服务访问渠道的可行实施计划；以及 (iii) 妨碍市场实体直接访问的法律障碍，对这些障碍进行深入分析，以及既能开放访问又能防止支付系统风险的立法和监管优化路径，维护金融稳定和美国经济安全。(iv) 美国各地的 12 个地区联邦储备银行是否有法律权力独立批准和决定是否向公众开放支付账户和支付服务？如果地区联邦储备具有独立决策权，联邦储备总部制定或计划推出什么统一的监管政策，以确保所有适用实体无论向哪个地区联邦储备提交申请，都遵循相同的审查标准？(c) 如果联邦储备根据本节第 2 节的评估，确定现行法律允许适用实体直接访问联邦储备银行的支付账户和支付服务，则必须建立透明和开放的访问申请流程，并在收到完整申请材料后的 90 天内完成审批决定。第五节：一般条款 (a) 本行政命令中的任何内容不得被解释为：(i) 减少联邦行政部门、机构及其负责人法定权力；(ii) 干扰预算事务、行政事务和立法提案中管理和预算办公室主任的法定职能。(b) 本行政命令应严格按照适用法律实施，并仅由国会分配的资金资助。(c) 本行政命令不创造任何可以根据普通法或衡平法对美国联邦政府、其机构、公共官员或相关实体主张的实质性或程序性权利，也不授予任何实体相关的法定权利。(d) 正式发布本行政命令的费用将由美国财政部全额承担。唐纳德·J·特朗普 白宫 2026 年 5 月 19 日</p>

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<p>在 5 月 20 日，特朗普总统签署了一项行政命令，要求对金融科技和数字资产的监管框架进行审查。该命令旨在消除阻碍金融科技与传统金融机构合作的障碍，并促进创新。金融监管机构需在三个月内评估现有规则，并在六个月内实施措施以鼓励金融创新。该命令强调需要简化流程，并增强金融科技公司对支付账户的访问</p>

<p>Source: The White House; Compiled by: Jinse Finance</p>
<div class="lb-trans"><p>来源：白宫；编译：金色财经</p>
</div><p>On May 20th, Beijing time, US President Trump signed an executive order on Tuesday requiring the federal government and the Federal Reserve to review the existing regulatory framework to promote deeper integration of digital assets and fintech into traditional financial services and payment systems.</p>
<div class="lb-trans"><p>北京时间 5 月 20 日，美国总统特朗普于周二签署了一项行政命令，要求联邦政府和美联储审查现有的监管框架，以促进数字资产和金融科技与传统金融服务和支付系统的更深层次整合。</p>
</div><p><strong>The executive order requires US financial regulators to review existing rules within the next three months and identify any provisions that &#34;unreasonably hinder&#34; fintech companies from cooperating with federally regulated financial institutions. Within six months, regulators must also take measures to encourage financial innovation.</strong></p>
<div class="lb-trans"><p><strong>该行政命令要求美国金融监管机构在接下来的三个月内审查现有规则，并识别出任何 &#34;不合理阻碍&#34; 金融科技公司与联邦监管金融机构合作的条款。在六个月内，监管机构还必须采取措施以鼓励金融创新。</strong></p>
</div><p>The order specifically requires the Federal Reserve to reassess the eligibility of uninsured depository institutions and non-bank financial companies to access payment accounts and services. The document also requires the 12 regional Federal Reserve Banks to study whether they can independently open payment accounts to relevant institutions without relying on approval from the Federal Reserve Board. The following is the full text of Trump's executive order. Pursuant to the Presidential Power granted to me by the Constitution and laws of the United States, I hereby order: Section 1: Policy The United States is a global leader in financial innovation, and the rapid development of fintech companies is a significant driving force. These companies offer a variety of innovative financial products and services, broadening the public's access to financial services and creating development opportunities for all Americans. To support financial innovation, the federal government needs to revise existing regulatory rules to promote the integration of digital assets and innovative technologies into traditional financial services and payment systems. Simultaneously, it must abolish redundant, cumbersome, and inconsistent regulatory provisions and enforcement methods, breaking down industry entry barriers—barriers that have long favored traditional, established financial institutions and hindered healthy market competition. Based on this, the US national policy is established to: streamline regulatory processes, reduce unreasonable industry entry barriers, and promote multi-party collaboration between fintech companies, federally regulated financial institutions, and federal financial regulatory agencies. Section 2: Definitions The following definitions apply to this Executive Order: (a) Fintech companies: These are non-bank companies that rely on or develop various technological means to provide or facilitate the provision of financial products and services; encompassing various applications, digital and online technologies that can be used for channel integration, asset management, data processing, and other scenarios related to financial products and services. Their financial products and services include, but are not limited to: payment clearing, credit business, deposit taking, derivatives trading, investment management, brokerage services, securities underwriting and capital market business, asset custody and trust services, digital banking business, digital asset-related services, securities and commodity market business, and blockchain technology-related financial services. To clarify, the aforementioned scope of financial business also includes all business activities listed in subsections A through G of Section 4(k) 4.4 of the Bank Holding Company Act of 1956. (b) Banks: The definition is based on the relevant provisions of Section 3 of the Federal Deposit Insurance Act. (c) Credit Unions: The definition is based on the insured credit unions as defined in Section 101 of the Federal Credit Union Act. (d) Financial Products and Services: Refers to business activities permitted by federal and state laws for banks and credit unions, as well as financial business listed in Appendix A of Part 242 of Title 12 of the Compilation of Federal Regulations. (e) Federal financial regulatory agencies: including the Consumer Financial Protection Bureau, the Securities and Exchange Commission, the National Credit Union Administration, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. Section 3: Streamlining Regulatory Processes (a) Within 90 days of the effective date of this Executive Order, the heads of each federal financial regulatory agency must comprehensively review existing regulatory laws, guidelines, enforcement principles, and application processes, identify rule provisions that can be optimized and revised, and assist fintech companies in developing financial business innovation and participating in market competition, with a focus on supporting small and medium-sized emerging fintech entities. This review needs to identify two types of regulatory obstacles: First, regulatory provisions, guidance documents, administrative rulings, and letters of no objection that hinder cooperation between fintech companies and licensed federal financial institutions such as depository institutions, credit unions, securities brokers, investment advisors, and futures brokers. Second, rules that can be revised to optimize and simplify compliance application processes, streamlining approval procedures for eligible fintech companies applying for banking licenses, credit union licenses, deposit/stock insurance, and other federal operating qualifications. Process optimization must consider multiple principles: balancing the needs of innovative development, strictly adhering to the bottom line of financial security and stability, implementing the protection of financial consumer and investor rights, maintaining market order and ensuring financial stability, and improving the normalized regulatory mechanism. (b) Within 180 days of the effective date of this Executive Order, the heads of each federal financial regulatory agency, in conjunction with the results of the review in Section 1 of this Order and the Assistant to the President for Economic Policy, shall introduce supporting measures to facilitate the implementation of financial innovation. Section 4: Access to Federal Reserve Services (a) The Federal Reserve Board is required to simultaneously implement all reform measures in Section 3 of this Executive Order. (b) The Federal Reserve Board is required to comprehensively review and analyze the relevant laws, regulations, and policy framework to clarify the access rules for non-participating depository institutions, non-bank financial institutions (including market entities involved in digital assets and various new financial businesses, collectively referred to as applicable entities), and direct participants in real-time payment networks to apply for the opening of Federal Reserve Bank payment accounts and the use of Federal Reserve payment services. Within 120 days of the effective date of this executive order, the Federal Reserve shall, through the Assistant to the President for Economic Policy, submit a special assessment report to the President, outlining the research findings, access plans, and policy recommendations. The assessment shall include: (i) the Federal Reserve's legal authority, in accordance with the Federal Reserve Act and other current federal laws, to directly open Reserve Bank payment accounts and payment services to applicable entities; (ii) feasible implementation plans for expanding service access channels within the scope permitted by law, relying on compliance and risk control mechanisms; and (iii) legal barriers hindering direct access for market entities, in-depth analysis of these barriers, and legislative and regulatory optimization paths that both open access and prevent payment system risks, maintaining financial stability and U.S. economic security. (iv) Do the twelve regional Federal Reserve Banks across the United States have the legal authority to independently approve and decide whether to open payment accounts and payment services to the public? If the regional Federal Reserves have independent decision-making power, what unified regulatory policies has the Federal Reserve headquarters formulated or plans to introduce to ensure that all applicable entities, regardless of which regional Federal Reserve they submit their applications to, are subject to the same review standards? (c) If the Federal Reserve, based on the assessment in Section 2 of this section, determines that current law allows applicable entities to directly access the payment accounts and payment services of the Federal Reserve Banks, it must establish a transparent and open access application process and complete the approval decision within 90 days of receiving complete application materials. Section 5: General Provisions (a) Nothing in this Executive Order shall be construed as: (i) reducing the statutory powers of federal executive departments, agencies, and their heads; (ii) interfering with the statutory functions of the Director of the Office of Management and Budget in matters of budgetary affairs, administrative affairs, and legislative proposals. (b) This Executive Order shall be implemented strictly in accordance with applicable laws and shall be funded only by funds allocated by Congress. (c) This Executive Order does not create any substantive or procedural rights that can be asserted under common law or equity against the U.S. federal government, its agencies, public officials, or related entities, nor does it grant any related statutory rights to any entity. (d) The costs of formally publishing this Executive Order will be borne entirely by the U.S. Treasury Department. Donald J. Trump The White House May 19, 2026</p>
<div class="lb-trans"><p>该命令特别要求联邦储备委员会重新评估无保险存款机构和非银行金融公司访问支付账户和服务的资格。该文件还要求 12 个地区联邦储备银行研究是否可以在不依赖联邦储备委员会批准的情况下，独立向相关机构开放支付账户。以下是特朗普总统的行政命令全文。根据美国宪法和法律赋予我的总统权力，我特此命令：第一节：政策 美国是金融创新的全球领导者，金融科技公司的快速发展是一个重要的推动力。这些公司提供各种创新的金融产品和服务，拓宽了公众对金融服务的获取，并为所有美国人创造了发展机会。为了支持金融创新，联邦政府需要修订现有的监管规则，以促进数字资产和创新技术与传统金融服务和支付系统的整合。同时，必须废除冗余、繁琐和不一致的监管条款和执法方法，打破长期以来有利于传统、成熟金融机构的行业准入壁垒，促进健康的市场竞争。基于此，美国国家政策确立为：简化监管流程，减少不合理的行业准入壁垒，促进金融科技公司、联邦监管金融机构和联邦金融监管机构之间的多方合作。第二节：定义 本行政命令适用以下定义：(a) 金融科技公司：这些是依赖或开发各种技术手段提供或促进金融产品和服务的非银行公司；涵盖可用于渠道整合、资产管理、数据处理及其他与金融产品和服务相关的场景的各种应用、数字和在线技术。它们的金融产品和服务包括但不限于：支付清算、信贷业务、存款、衍生品交易、投资管理、经纪服务、证券承销和资本市场业务、资产保管和信托服务、数字银行业务、数字资产相关服务、证券和商品市场业务，以及区块链技术相关的金融服务。为澄清，上述金融业务范围还包括《1956 年银行控股公司法》第 4(k) 条第 4.4 款 A 至 G 小节中列出的所有业务活动。(b) 银行：该定义基于《联邦存款保险法》第 3 节的相关规定。(c) 信用合作社：该定义基于《联邦信用合作社法》第 101 节中对受保险信用合作社的定义。(d) 金融产品和服务：指联邦和州法律允许银行和信用合作社进行的商业活动，以及《联邦法规汇编》第 12 卷第 242 部分附录 A 中列出的金融业务。(e) 联邦金融监管机构：包括消费者金融保护局、证券交易委员会、国家信用合作社管理局、商品期货交易委员会、联邦存款保险公司和货币监理署。第三节：简化监管流程 (a) 在本行政命令生效之日起 90 天内，各联邦金融监管机构的负责人必须全面审查现有的监管法律、指导方针、执法原则和申请流程，识别可以优化和修订的规则条款，并协助金融科技公司开展金融业务创新和参与市场竞争，重点支持中小型新兴金融科技实体。此次审查需要识别两类监管障碍：第一，妨碍金融科技公司与存款机构、信用合作社、证券经纪人、投资顾问和期货经纪人等持牌联邦金融机构之间合作的监管条款、指导文件、行政裁定和无异议函。第二，可以修订以优化和简化合规申请流程的规则，简化符合条件的金融科技公司申请银行执照、信用合作社执照、存款/股票保险和其他联邦运营资格的审批程序。流程优化必须考虑多个原则：平衡创新发展的需求，严格遵守金融安全和稳定的底线，实施金融消费者和投资者权益的保护，维护市场秩序，确保金融稳定，并改善规范化的监管机制。(b) 在本行政命令生效之日起 180 天内，各联邦金融监管机构的负责人应结合本命令第 1 节的审查结果和总统经济政策助理的意见，提出支持措施，以促进金融创新的实施。第四节：访问联邦储备服务 (a) 联邦储备委员会必须同时实施本行政命令第 3 节中的所有改革措施。(b) 联邦储备委员会必须全面审查和分析相关法律、法规和政策框架，以明确非参与存款机构、非银行金融机构（包括涉及数字资产和各种新金融业务的市场实体，统称为适用实体）以及实时支付网络的直接参与者申请开设联邦储备银行支付账户和使用联邦储备支付服务的访问规则。在本行政命令生效之日起 120 天内，联邦储备委员会应通过总统经济政策助理向总统提交特别评估报告，概述研究结果、访问计划和政策建议。评估应包括：(i) 根据《联邦储备法》和其他现行联邦法律，联邦储备是否有法律权力直接向适用实体开放储备银行支付账户和支付服务；(ii) 在法律允许的范围内，依靠合规和风险控制机制扩展服务访问渠道的可行实施计划；以及 (iii) 妨碍市场实体直接访问的法律障碍，对这些障碍进行深入分析，以及既能开放访问又能防止支付系统风险的立法和监管优化路径，维护金融稳定和美国经济安全。(iv) 美国各地的 12 个地区联邦储备银行是否有法律权力独立批准和决定是否向公众开放支付账户和支付服务？如果地区联邦储备具有独立决策权，联邦储备总部制定或计划推出什么统一的监管政策，以确保所有适用实体无论向哪个地区联邦储备提交申请，都遵循相同的审查标准？(c) 如果联邦储备根据本节第 2 节的评估，确定现行法律允许适用实体直接访问联邦储备银行的支付账户和支付服务，则必须建立透明和开放的访问申请流程，并在收到完整申请材料后的 90 天内完成审批决定。第五节：一般条款 (a) 本行政命令中的任何内容不得被解释为：(i) 减少联邦行政部门、机构及其负责人法定权力；(ii) 干扰预算事务、行政事务和立法提案中管理和预算办公室主任的法定职能。(b) 本行政命令应严格按照适用法律实施，并仅由国会分配的资金资助。(c) 本行政命令不创造任何可以根据普通法或衡平法对美国联邦政府、其机构、公共官员或相关实体主张的实质性或程序性权利，也不授予任何实体相关的法定权利。(d) 正式发布本行政命令的费用将由美国财政部全额承担。唐纳德·J·特朗普 白宫 2026 年 5 月 19 日</p>
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Trump Executive Order: Integrating Fintech Innovations such as Digital Assets into Regulation

- 美国总统特朗普签署行政命令，要求审查金融监管框架。  
- 此命令旨在促进数字资产与金融科技更深融入传统金融服务。  
- 监管机构需在三个月内识别并修订阻碍金融科技发展的规则。

CoinLive

Grayscale Bitcoin Trust BTC - ETF

American Bitcoin

Coinbase

Bitfarms Canada

Galaxy Digital

Bitdeer Tech

Circle

Riot Platforms

Grayscale Litecoin Trust (LTC)

Bakkt

Hut 8 Mining

Bitwise Bitcoin ETF

VanEck Bitcoin ETF

ProShares Bitcoin Strategy ETF

Leverage Shares 2X Long CRCL Daily ETF

iShares Bitcoin Trust ETF

纳斯达克 NexGen 经济 ETF - Reality Shares

特朗普签署行政命令：将金融科技创新，例如数字资产，纳入监管体系