加密貨幣正成為重要選舉年的首要政策議題

隨著 2024 年接近中點，加密資產繼續迎來積極的一年。隨著資金繼續流入比特幣 ETF、以太坊 ETF 在 5 月獲得批准以及持續的機構採用，加密貨幣的商業案例看起來將繼續改善。

Cryptoassets have had a positive year so far as 2024 nears the midway point. With funds continuing to flow into bitcoin ETFs, ether ETF approval following in May, and ongoing institutional adoption, the business case of crypto looks set to continue to improve.

截至 2024 年接近中點，加密資產經歷了積極的一年。隨著資金繼續流入比特幣 ETF、以太坊 ETF 在 5 月獲得批准以及持續的機構採用，加密貨幣的商業案例看起來將繼續改善。

In addition to the positive sentiment and trends driven by the private market, however, there has been a sudden pivot to crypto in policy circles as well. Perhaps pushed forward by the positive news of the FTX bankruptcy (although that should be taken in context), or by the realization that the SEC under Chair Gensler will not stop its seemingly endless crusade to regulate crypto by enforcement, U.S. policymakers have responded in a major way.

然而，除了私人市場推動的正面情緒和趨勢之外，政策圈也突然轉向加密貨幣。也許是受到FTX 破產的積極消息的推動（儘管這應該結合具體情況來看待），或者是意識到主席Gensler 領導下的SEC 不會停止看似永無止境的通過執法監管加密貨幣的行動，美國政策制定者做出了回應：主要方式。

The passing of FIT21 in the House of Representatives, moving forward to the Senate, is the latest sign that crypto is increasingly a political issue, a non-partisan issue, and one that matters to voters, investors, and policymakers alike. Additionally the fact that the House passed a bill that would ban the Federal Reserve from ever issuing a CBDC indicates that policy over-reach is slowly being recognized and addressed.

FIT21 在眾議院獲得通過，並進入參議院，這是加密貨幣日益成為一個政治問題、一個無黨​​派問題、對選民、投資者和政策制定者都至關重要的最新跡象。此外，眾議院通過了一項禁止聯準會發行 CBDC 的法案，這一事實表明政策越權問題正在慢慢被認識和解決。

Another high profile, and surprisingly bipartisan, action taken related to cryptoassets in the U.S. was the repudiation of SAB 121, an SEC issued staff accounting bulletin that would have it more complicated and costly for financial institutions to hold cryptoassets on behalf of clients. Despite pushback from the industry, and even SEC commissioner Hester Peirce, it took time for this matter to reach the level of Congressional attention. The fact that, even in an election year that looks set to be one of the most contentious in modern history, Congress has acted quickly and in a bipartisan manner highlights the following; crypto is a major policy issue for voters and investors.

美國與加密資產相關的另一項引人注目且令人驚訝的兩黨行動是拒絕SAB 121，這是SEC 發布的員工會計公告，該公告將使金融機構代表客戶持有加密資產變得更加複雜和成本更高。儘管遭到業界甚至美國證券交易委員會委員 Hester Peirce 的反對，此事仍需要一段時間才能引起國會的關注。事實上，即使在看似現代歷史上最具爭議的選舉年之一，國會也以兩黨合作的方式迅速採取行動，這一事實凸顯了以下幾點：加密貨幣對選民和投資者來說是一個重大政策議題。

Let’s take a look at a few of the reasons why that is, and what crypto investors should keep in mind going forward.

讓我們來看看其中的一些原因，以及加密貨幣投資者未來應該牢記的事情。

Crypto Will Change The Financial System

加密貨幣將改變金融體系

The most obvious reason why crypto has quickly become a hot topic in policy circles is that as TradFi moves into the space the realization is growing that crypto will change and influence the U.S. (and global) financial system going forward. No matter what the price of bitcoin or any other specific token does on a given day, the fact remains that tokenized transactions and tokenized financial instruments look like the path forward for investors and institutions alike. One small example of this is the announcement that the campaign of former President Donald Trump (seeking re-election following a 2020 defeat) is the first political campaign of a major U.S. political party to accept crypto donations.

加密貨幣迅速成為政策圈熱門話題的最明顯原因是，隨著 TradFi 進入該領域，人們越來越認識到加密貨幣將改變並影響美國（和全球）金融體系的未來。無論比特幣或任何其他特定代幣在某一天的價格如何，事實仍然是，代幣化交易和代幣化金融工具似乎是投資者和機構的前進道路。其中一個小例子是，前總統唐納德·川普（在 2020 年失敗後尋求連任）的競選活動宣布是美國主要政黨首次接受加密貨幣捐贈的政治競選活動。

Larger scale changes can be seen working through different aspects of the banking and payments infrastructure. PayPal issuing a native stablecoin, following years of slowly integrating crypto options into its widespread payment network, is just one payment processor accelerating crypto adoption. After pulling back during the aftermath of FTX, both Visa and Mastercard have reinvigorated efforts around both enterprise blockchain and crypto payments. Last but not least Stripe has reintroduced stablecoin payments via a partnership with Circle.

銀行和支付基礎設施的不同方面都可以看到更大規模的變化。經過多年緩慢地將加密選項整合到其廣泛的支付網路中之後，PayPal 發行了原生穩定幣，這只是加速加密採用的支付處理器之一。在 FTX 事件後退出之後，Visa 和萬事達卡都重新啟動了圍繞企業區塊鏈和加密支付的努力。最後但並非最不重要的一點是，Stripe 透過與 Circle 合作重新推出了穩定幣支付。

Crypto payments and here to stay, are growing, and are increasingly accessible to even novice crypto enthusiasts.

加密貨幣支付正在不斷增長，並將繼續存在，甚至對於新手加密貨幣愛好者來說也越來越容易使用。

Crypto Drives Innovation

加密貨幣推動創新

One of the most important critiques of cryptoassets and blockchain in general is that the investment dollars and time deployed into these projects could be better allocated elsewhere. Setting aside the exceedingly low probability that policymakers would be adept at picking winners and choosers – it has never worked well in the past – this position is also incorrect. In addition to the changes and improvements that tokenized assets and payments are already delivering to the financial space, the continued development of, and investment in, cryptoassets is manifesting benefits in other economic areas.

一般來說，對加密資產和區塊鏈最重要的批評之一是，部署到這些項目的投資資金和時間可以更好地分配到其他地方。拋開政策制定者善於挑選贏家和選擇者的可能性極低——過去這種做法從來沒有奏效過——這一立場也是不正確的。除了代幣化資產和支付已經為金融領域帶來的變化和改進之外，加密資產的持續開發和投資也在其他經濟領域顯現出好處。

Renewable energy is one such example, and even though the debate around fossil fuel alternatives has become politically charged, cryptoassets remain an important part of these conversations. By acting as swing producers/consumers of electricity, crypto miners and other operators can help mitigate surges and deficits caused by extreme weather. In addition, bitcoin miners – as reported by the Bitcoin Mining Council – are already using approximately 60% of total energy consumed from non-fossil fuel resources. With policies such as the Inflation Reduction Act targeting increases in non-fossil fuel consumption, policymakers should be embracing the already (in many cases) green crypto sector.

再生能源就是這樣的一個例子，儘管圍繞化石燃料替代品的爭論已經變得政治化，但加密資產仍然是這些對話的重要組成部分。透過充當電力的生產者/消費者，加密貨幣礦工和其他營運商可以幫助減輕極端天氣造成的電力激增和赤字。此外，根據比特幣礦業委員會報告，比特幣礦工已經使用了約 60% 的非化石燃料資源消耗的能源。隨著《通貨膨脹削減法案》等旨在增加非化石燃料消耗的政策，政策制定者應該擁抱已經（在許多情況下）的綠色加密貨幣產業。

Crypto Improves Privacy

加密技術改善隱私

Privacy has been a subject of policy debate, Congressional hearings, and multiple other forms of oversight and critique since social media platforms obtained such an outsized role in how individuals and firms interact, learn, and engage with each other. This initially narrow focus on social media has expanded to include virtually every aspect of digital commerce and life in the United States.

自從社群媒體平台在個人和公司如何互動、學習和互動方面發揮著如此巨大的作用以來，隱私一直是政策辯論、國會聽證會以及多種其他形式的監督和批評的主題。最初對社群媒體的狹隘關注現已擴展到幾乎涵蓋美國數位商務和生活的各個方面。

Recently fears have grown that as several U.S. regulators, including the SEC and OCC, have stymied crypto native innovation that the potential of a central bank digital currency will continue to move toward reality. With well grounded fears of total, instantaneous and permanent insight and access to all transactions touching the U.S. CBDC network, the pushback against such a possibility has

最近，人們越來越擔心，隨著包括 SEC 和 OCC 在內的幾家美國監管機構阻礙加密貨幣原生創新，央行數位貨幣的潛力將繼續走向現實。由於對全面、即時和永久的洞察力以及對涉及美國 CBDC 網路的所有交易的存取的擔憂是有根據的，因此對這種可能性的抵制已經