一份新的報告對唐納德·特朗普總統與加密貨幣市場的財務聯繫進行了新的審查。

無黨派監管機構估計，特朗普的個人財富中最多37％可能與數字資產有關，包括特朗普硬幣和世界自由金融（WLFI）等有爭議的代幣。

A new report by the State Democracy Defenders Fund (SDDF) has brought fresh scrutiny to President Donald Trump’s financial ties to the cryptocurrency market.

州民主捍衛者基金會（SDDF）的一份新報告已向唐納德·特朗普總統的財務關係帶到了加密貨幣市場。

The nonpartisan watchdog estimates that up to 37% of Trump’s personal wealth may now be linked to digital assets, including controversial tokens such as the TRUMP coin and the World Liberty Financial (WLFI).

無黨派監管機構估計，特朗普的個人財富中最多37％可能與數字資產有關，包括特朗普硬幣和世界自由金融（WLFI）等有爭議的代幣。

The findings raise serious concerns over ethics, financial disclosure gaps, and potential policy conflicts of interest in the current administration.

這些發現引起了人們對道德，財務披露差距和潛在政策衝突的嚴重關注。

The report comes at a time when Trump is actively shaping crypto policy from the White House.

該報告是在特朗普積極塑造白宮加密政策的時候。

His administration’s push for deregulation and pro-blockchain initiatives has raised eyebrows, particularly as some of the same tokens benefiting from the policy shift are those linked to Trump’s private portfolio.

他的政府對放鬆管制和親鍊鍊計劃的推動引起了人們的關注，尤其是由於政策轉變受益的一些代幣是與特朗普的私人投資組合有關的代幣。

SDDF’s findings call attention to a growing blind spot in how political figures are required—or not required—to disclose digital assets that may influence public decision-making.

SDDF的調查結果引起人們對政治人物的要求披露可能影響公共決策的數字資產的越來越多的盲點的關注。

Trump coin dominates

特朗普硬幣占主導地位

At the centre of the report are two digital asset ventures: the TRUMP meme coin and WLFI, which issues both a governance token and a stablecoin called USD1.

該報告的中心是兩個數字資產冒險：特朗普模因硬幣和WLFI，既發行了治理令牌，又發行了稱為USD1的穩定者。

According to SDDF, the Trump family is believed to control up to 80% of the total TRUMP coin supply.

根據SDDF的說法，據信特朗普家族控制著多達80％的特朗普硬幣供應。

In January 2025, trading fees on the token alone reportedly surpassed $100 million, although on-chain analysis has yet to independently verify whether these funds directly benefit the Trump family.

據報導，僅代幣的交易費用超過了1億美元，儘管鏈分析尚未獨立驗證這些資金是否直接使特朗普家族受益。

The WLFI ecosystem also comes under sharp focus. The project has gained traction by positioning itself as a pro-freedom financial system, but SDDF flags the lack of transparency around its token allocation and ownership structure.

WLFI生態系統也被焦點引起了人們的關注。該項目通過將自己定位為一個親自由的金融體係而獲得了吸引力，但是SDDF標誌在其令牌分配和所有權結構上缺乏透明度。

WLFI’s offerings include a tokenised stablecoin, USD1, which some investors have compared to controversial assets such as TerraUSD due to its centralised management and promotional ties.

WLFI的產品包括一個令牌化的Stablecoin，USD1，一些投資者將其與Terrausd等有爭議的資產（由於其集中的管理和促銷關係）進行了比較。

Policy overlaps questioned

政策重疊質疑

Since returning to the White House, Trump has pursued several crypto-friendly policies.

自從返回白宮以來，特朗普就採取了幾項對加密貨幣友好的政策。

These include calls for looser regulatory frameworks, clearer definitions for stablecoins, and protections for decentralised finance platforms.

其中包括呼籲較寬的監管框架，對穩定幣的更清晰的定義以及對分散融資平台的保護。

While such moves have been welcomed by parts of the digital asset industry, the timing and targets of these changes now face scrutiny.

儘管這些動作受到數字資產行業的部分地區的歡迎，但這些變化的時間和目標現在面臨審查。

The SDDF report raises concerns that the administration’s policy stance may be unduly influenced by Trump’s private interests.

SDDF報告提出了擔心政府的政策立場可能會受到特朗普的私人利益的不適當影響。

In particular, critics have noted that the regulatory efforts appear to benefit memecoins and stablecoin projects similar to those in which Trump is reportedly invested.

特別是，批評家指出，監管工作似乎使成人和Stablecoin項目受益於與特朗普投資的項目相似。

Trump has also publicly promoted the idea of a “crypto-first” financial future, including through campaign messaging and appearances at blockchain conferences.

特朗普還公開促進了“加密優先”財務未來的想法，包括通過競選消息和區塊鏈會議的出場。

While these endorsements have helped pump token prices in some cases, watchdogs warn that the absence of proper conflict-of-interest laws could leave investors and citizens exposed to undisclosed risks.

儘管這些代言在某些情況下有助於抽出代幣價格，但監管機構警告說，缺乏適當的利益衝突法可能會使投資者和公民面臨未公開的風險。

Transparency calls rise

透明呼叫上升

The revelations from SDDF have reignited calls for stronger financial transparency laws in the US.

SDDF的啟示重新點燃了美國在美國的財務透明度法律更強的呼籲。

Currently, public officials are not required to disclose cryptocurrency holdings unless converted into fiat currency or generating standardised income.

目前，除非轉換為法定貨幣或產生標準化的收入，否則不需要公職人員披露加密貨幣持有。

This regulatory loophole has allowed political figures, including Trump, to operate digital asset portfolios without formal oversight.

這種監管漏洞使包括特朗普在內的政治人物可以在沒有正式監督的情況下運營數字資產組合。

Ethics watchdogs argue that Trump’s case demonstrates the urgent need to modernise financial disclosure requirements.

道德監管機構認為，特朗普的案件表明迫切需要現代化財務披露要求。

In particular, they recommend the introduction of legislation mandating the reporting of crypto wallet addresses, token holdings, and any involvement in DeFi governance.

特別是，他們建議引入立法，要求報告加密錢包地址，代幣持有和任何參與Defi治理的立法。

While Trump’s supporters claim that the president’s embrace of crypto is a forward-looking move to boost innovation and financial inclusion, the SDDF’s findings suggest a more complicated picture.

儘管特朗普的支持者聲稱總統對加密貨幣的擁抱是提高創新和金融包容性的前瞻性舉措，但SDDF的調查結果表明了一個更複雜的情況。

With major projects like WLFI still lacking independent audits or public transparency on token allocations, the debate over ethics and financial governance in politics is likely to intensify in the months ahead.

由於WLFI這樣的主要項目仍缺乏獨立的審計或關於令牌分配的公共透明度，因此在未來幾個月中，關於政治道德和財務治理的辯論很可能會加劇。