<p>1. 美國在特朗普總統連任後的加密貨幣行業吸納情況 隨着特朗普總統連任，政府推出了一系列積極的支持加密貨幣政策。這標誌着與過去立場的急劇轉變——之前，加密貨幣行業主要被視為監管和控制的對象。美國進入了一個前所未有的階段，迅速將加密貨幣行業納入現有體系，幾乎是單方面決策。證券交易委員會（SEC）和商品期貨交易委員會（CFTC）的立場變化，以及傳統金融機構參與加密貨幣相關業務，都表明廣泛的結構性變化正在進行中。特別值得注意的是，這一切發生在特朗普總統連任僅一年之後。那麼，到目前為止，美國在監管和政策層面上發生了哪些具體變化？ 2. 美國對加密貨幣立場的轉變之年 2025 年，特朗普政府上任後，美國的加密貨幣政策經歷了重大轉折。行政部門、國會和監管機構共同努力，專注於減少市場不確定性，並將加密貨幣融入現有金融基礎設施。 2.1. 證券交易委員會（SEC）之前，SEC 主要依靠執法行動來應對與加密貨幣相關的活動。在涉及 Ripple、Coinbase、Binance 和 Kraken 質押服務的重大案件中，SEC 提起訴訟，但未提供關於代幣法律屬性或允許進行的活動的明確標準，其執法往往基於事後諸葛亮。這導致加密貨幣公司更關注管理監管風險，而非業務擴展。在 Gary Gensler 主席辭職後，這一立場開始轉變，他對加密貨幣行業持保守觀點。在 Paul Atkins 的領導下，SEC 採取了更開放的態度，開始建立基礎規則，旨在將加密貨幣行業納入其監管框架，而不僅僅依賴訴訟。一個關鍵例子是 “加密項目” 的宣佈。通過該項目，SEC 展示了其建立明確標準的意圖，以定義哪些代幣是證券，哪些不是。這個曾經毫無方向的監管機構開始重塑自己，成為一個更具包容性的機構。 2.2. 美國商品期貨交易委員會（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>來源：Tiger Research</em></p>
<p>過去，CFTC 在加密貨幣方面的參與主要限於衍生品市場的監管。然而，今年，它採取了更積極的立場，正式承認比特幣和以太坊為商品，並支持傳統機構使用它們。</p>
<p>數字資產抵押品試點計劃是一個關鍵舉措。通過該計劃，比特幣、以太坊和 USDC 被批准作為衍生品交易的抵押品。CFTC 應用折扣率和風險管理標準，將這些資產視為與傳統抵押品相同。</p>
<p>這一轉變表明，CFTC 不再將加密資產視為純粹的投機工具，而是開始將其視為可與傳統金融資產相媲美的穩定抵押資產。 2.3. 貨幣監理署（OCC）之前，OCC 與加密貨幣行業保持距離。加密貨幣企業必須逐州申請許可證，難以進入聯邦銀行監管體系，限制了業務擴展，並在結構上阻礙了與傳統金融體系的連接，因此大多在監管體系之外運作。這一做法現在已經改變。OCC 選擇將加密貨幣公司納入現有的銀行監管框架，而不是將其排除在金融體系之外。它發佈了一系列解釋信（正式文件，澄清特定金融活動是否被允許），逐步擴大允許的業務範圍，包括加密資產保管、交易，甚至銀行支付鏈上交易費用。這一系列變化 culminated 於 12 月，OCC 有條件批准了 Circle 和 Ripple 等主要公司的國家信託銀行章程。這一舉措具有重要意義，因為它賦予這些加密公司與傳統金融機構平等的地位。在一個單一的聯邦監管機構下，它們可以在全國範圍內運營，之前需要中介銀行的轉賬現在可以直接處理，就像傳統銀行一樣。 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>來源：Tiger Research</em></p>
<p>過去，儘管美國早在 2022 年就開始考慮穩定幣立法，但反覆的延遲導致市場出現監管真空。缺乏關於儲備組成、監管權力和發行要求的明確標準，使得投資者無法可靠地驗證發行者是否持有足夠的儲備，增加了對某些發行者儲備透明度的擔憂。</p>
<p>GENIUS 法案通過明確穩定幣的發行要求和儲備標準解決了這些問題。</p>
<p>這要求發行人持有相當於發行金額 100% 的儲備，並禁止對儲備資產進行再抵押，同時將監管權力集中於聯邦金融監管機構。因此，穩定幣已成為法律認可的數字美元，具備法定貨幣地位。3. 方向設定、競爭與制衡共存 在過去一年中，美國加密貨幣政策的方向非常明確：將加密貨幣行業納入正式金融體系。然而，這一過程並不均勻或順利。美國內部仍存在分歧。圍繞以隱私為中心的混合服務 Tornado Cash 的爭議就是一個典型例子：行政部門積極執行法律以阻止非法資金流動，而 SEC 主席則公開警告不要過度壓制隱私。這表明美國政府對加密貨幣的理解並不完全統一。然而，這些分歧並不等同於政策的不穩定；相反，它們更接近於美國決策系統的固有特徵。不同職責的機構從各自的角度解讀問題，有時公開表達異議，通過制衡和説服向前推進。嚴格執法與保護創新之間的緊張關係可能會導致短期摩擦，但從長遠來看，有助於使監管標準更加具體和精確。至關重要的是，這種緊張關係並沒有阻礙進展。即使在辯論期間，美國也在多個方面同時推進：SEC 的規則制定、CFTC 的基礎設施整合、OCC 的制度化，以及國會立法建立標準。它並不等待完全的共識，而是允許競爭和協調同時進行，推動系統向前發展。最終，美國既沒有完全放任加密貨幣的發展，也沒有試圖壓制其發展，而是同時重塑了監管、領導力和市場基礎設施。通過將內部辯論和緊張關係轉化為動力，美國選擇了一種將全球加密貨幣行業引向自身的戰略。過去一年至關重要，正因為這一方向超越了單純的言辭，轉化為具體的政策和實施。</p>

CRCL

<p>在特朗普政府期間，美國加密貨幣行業經歷了顯著的轉變。積極的支持加密貨幣政策被引入，從監管轉向與金融系統的整合。證券交易委員會（SEC）、商品期貨交易委員會（CFTC）和貨幣監理署（OCC）採取了更具包容性的方式，承認加密資產作為穩定的抵押品，並將其納入現有框架。像 GENIUS 法案這樣的立法明確了穩定幣發行的要求，標誌着美國加密貨幣政策的重大轉變</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. 美國在特朗普總統連任後的加密貨幣行業吸納情況 隨着特朗普總統連任，政府推出了一系列積極的支持加密貨幣政策。這標誌着與過去立場的急劇轉變——之前，加密貨幣行業主要被視為監管和控制的對象。美國進入了一個前所未有的階段，迅速將加密貨幣行業納入現有體系，幾乎是單方面決策。證券交易委員會（SEC）和商品期貨交易委員會（CFTC）的立場變化，以及傳統金融機構參與加密貨幣相關業務，都表明廣泛的結構性變化正在進行中。特別值得注意的是，這一切發生在特朗普總統連任僅一年之後。那麼，到目前為止，美國在監管和政策層面上發生了哪些具體變化？ 2. 美國對加密貨幣立場的轉變之年 2025 年，特朗普政府上任後，美國的加密貨幣政策經歷了重大轉折。行政部門、國會和監管機構共同努力，專注於減少市場不確定性，並將加密貨幣融入現有金融基礎設施。 2.1. 證券交易委員會（SEC）之前，SEC 主要依靠執法行動來應對與加密貨幣相關的活動。在涉及 Ripple、Coinbase、Binance 和 Kraken 質押服務的重大案件中，SEC 提起訴訟，但未提供關於代幣法律屬性或允許進行的活動的明確標準，其執法往往基於事後諸葛亮。這導致加密貨幣公司更關注管理監管風險，而非業務擴展。在 Gary Gensler 主席辭職後，這一立場開始轉變，他對加密貨幣行業持保守觀點。在 Paul Atkins 的領導下，SEC 採取了更開放的態度，開始建立基礎規則，旨在將加密貨幣行業納入其監管框架，而不僅僅依賴訴訟。一個關鍵例子是 “加密項目” 的宣佈。通過該項目，SEC 展示了其建立明確標準的意圖，以定義哪些代幣是證券，哪些不是。這個曾經毫無方向的監管機構開始重塑自己，成為一個更具包容性的機構。 2.2. 美國商品期貨交易委員會（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>來源：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>過去，CFTC 在加密貨幣方面的參與主要限於衍生品市場的監管。然而，今年，它採取了更積極的立場，正式承認比特幣和以太坊為商品，並支持傳統機構使用它們。</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>數字資產抵押品試點計劃是一個關鍵舉措。通過該計劃，比特幣、以太坊和 USDC 被批准作為衍生品交易的抵押品。CFTC 應用折扣率和風險管理標準，將這些資產視為與傳統抵押品相同。</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>這一轉變表明，CFTC 不再將加密資產視為純粹的投機工具，而是開始將其視為可與傳統金融資產相媲美的穩定抵押資產。 2.3. 貨幣監理署（OCC）之前，OCC 與加密貨幣行業保持距離。加密貨幣企業必須逐州申請許可證，難以進入聯邦銀行監管體系，限制了業務擴展，並在結構上阻礙了與傳統金融體系的連接，因此大多在監管體系之外運作。這一做法現在已經改變。OCC 選擇將加密貨幣公司納入現有的銀行監管框架，而不是將其排除在金融體系之外。它發佈了一系列解釋信（正式文件，澄清特定金融活動是否被允許），逐步擴大允許的業務範圍，包括加密資產保管、交易，甚至銀行支付鏈上交易費用。這一系列變化 culminated 於 12 月，OCC 有條件批准了 Circle 和 Ripple 等主要公司的國家信託銀行章程。這一舉措具有重要意義，因為它賦予這些加密公司與傳統金融機構平等的地位。在一個單一的聯邦監管機構下，它們可以在全國範圍內運營，之前需要中介銀行的轉賬現在可以直接處理，就像傳統銀行一樣。 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>來源：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>過去，儘管美國早在 2022 年就開始考慮穩定幣立法，但反覆的延遲導致市場出現監管真空。缺乏關於儲備組成、監管權力和發行要求的明確標準，使得投資者無法可靠地驗證發行者是否持有足夠的儲備，增加了對某些發行者儲備透明度的擔憂。</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 法案通過明確穩定幣的發行要求和儲備標準解決了這些問題。</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>這要求發行人持有相當於發行金額 100% 的儲備，並禁止對儲備資產進行再抵押，同時將監管權力集中於聯邦金融監管機構。因此，穩定幣已成為法律認可的數字美元，具備法定貨幣地位。3. 方向設定、競爭與制衡共存 在過去一年中，美國加密貨幣政策的方向非常明確：將加密貨幣行業納入正式金融體系。然而，這一過程並不均勻或順利。美國內部仍存在分歧。圍繞以隱私為中心的混合服務 Tornado Cash 的爭議就是一個典型例子：行政部門積極執行法律以阻止非法資金流動，而 SEC 主席則公開警告不要過度壓制隱私。這表明美國政府對加密貨幣的理解並不完全統一。然而，這些分歧並不等同於政策的不穩定；相反，它們更接近於美國決策系統的固有特徵。不同職責的機構從各自的角度解讀問題，有時公開表達異議，通過制衡和説服向前推進。嚴格執法與保護創新之間的緊張關係可能會導致短期摩擦，但從長遠來看，有助於使監管標準更加具體和精確。至關重要的是，這種緊張關係並沒有阻礙進展。即使在辯論期間，美國也在多個方面同時推進：SEC 的規則制定、CFTC 的基礎設施整合、OCC 的制度化，以及國會立法建立標準。它並不等待完全的共識，而是允許競爭和協調同時進行，推動系統向前發展。最終，美國既沒有完全放任加密貨幣的發展，也沒有試圖壓制其發展，而是同時重塑了監管、領導力和市場基礎設施。通過將內部辯論和緊張關係轉化為動力，美國選擇了一種將全球加密貨幣行業引向自身的戰略。過去一年至關重要，正因為這一方向超越了單純的言辭，轉化為具體的政策和實施。</p>
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在特朗普政府執政一年後，美國加密行業的轉型