特朗普的快速發展，從謹慎的批評家到全喉的加密福音派，標誌著拜登政府的鎮壓時代急劇

這種轉變是戲劇性的。在前總統喬·拜登（Joe Biden）的領導下，美國證券交易委員會（Securities and Exchange Commission）在沒有監管的情況下傾向於積極執法。

The shift has been dramatic.

這種轉變是戲劇性的。

After former President Joe Biden’s Securities and Exchange Commission went hard on enforcement without regulatory clarity, Trump is pivoting toward pragmatism — fewer blanket accusations, more targeted fraud actions, and a clearer willingness to work with industry.

在前總統喬·拜登（Joe Biden）的證券交易委員會（Securities and Exchange Commission）努力執法的情況下，特朗普（Trump）朝著實用主義轉向務實 - 更少的毯子指控，更有針對性的欺詐行動以及更明確的與行業合作的意願。

“Chairman Gensler never met a crypto he didn’t think was a security,” said Michael Lowe, a partner at Troutman Pepper Locke and former federal prosecutor. “Biden’s SEC had no interest in guidance — it was all about enforcement.”

特勞特曼·佩珀·洛克（Pepper Locke）和前聯邦檢察官的合夥人邁克爾·洛（Michael Lowe）說：“董事長Gensler從未見過他認為不是安全的加密貨幣。” “拜登的SEC對指導沒有興趣 - 這全都是關於執法的。”

That enforcement-first era ended in January. Trump replaced Gensler’s regime with one focused on clarity, not punishment.

那個執行第一時代在一月份結束。特朗普用一個專注於清晰而不是懲罰的人取代了Gensler政權。

Eric Schiffer, chairman of the Los Angeles-based private equity firm Patriarch Organization, among other firms, compared the Gensler era to “tanks on the lawn” of the industry.

總部位於洛杉磯的私募股權公司族長組織的董事長埃里克·施夫（Eric Sc​​hiffer）將Gensler時代與行業的“坦克”進行了比較。

“Yesterday, the SEC parked tanks on crypto’s lawn; today, it’s handing out lemonade and term-sheet brochures. We’ve gone from catapults over the moat to guided castle tours,” Schiffer said.

Schiffer說：“昨天，SEC將坦克停在了加密貨幣的草坪上；今天，它正在分發檸檬水和術語手冊。我們已經從護城河上的彈射器變成了指導的城堡之旅。”

After the recent confirmation of SEC Chairman Paul Atkins, he launched a Crypto Task Force to develop a framework that distinguishes between securities and commodities — a critical dividing line in how digital assets are regulated.

在SEC主席保羅·阿特金斯（Paul Atkins）最近確認後，他成立了一個加密特遣部隊，以開發一個區分證券和商品的框架，這是數字資產如何受到監管的關鍵分界線。

“There hasn’t really been any kind of approach up until now to really get some guidance on what digital asset specifically is a security and what digital asset specifically is a commodity,” Lowe said.

Lowe說：“到目前為止，還沒有真正接近任何形式的信息，以真正獲得有關哪些數字資產專門是安全性以及哪些數字資產專門為商品的指導。”

Lowe noted that if a digital asset is classified as a commodity, then it is regulated under the Commodity Futures Trading Commission. And if it’s a security, that will fall under the SEC.

Lowe指出，如果將數字資產歸類為商品，則在商品期貨貿易委員會下進行監管。如果是安全性，它將屬於SEC。

“So right now, the Trump administration is actually interested in providing that guidance,” Lowe said.

洛說：“因此，目前，特朗普政府實際上有興趣提供該指導。”

In April, Deputy Attorney General Todd Blanche issued a directive pausing prosecutions based on unsettled legal theories around crypto. The memo declared the DOJ would defer to federal agencies to set rules — and only enforce those rules once defined.

4月，副檢察長托德·布蘭奇（Todd Blanche）根據圍繞加密貨幣的未安排的法律理論暫停了指令。該備忘錄宣布司法部將延遲到聯邦機構制定規則，僅執行一旦定義的這些規則。

“The Justice Department will no longer pursue litigation or enforcement actions that have the effect of imposing regulatory frameworks on digital assets while President Trump’s actual regulators do this work outside the punitive criminal justice framework,” according to the text of the memo.

根據備忘錄的文字，司法部將不再採取訴訟或執法行動，而特朗普總統的實際監管機構在懲罰性的刑事司法框架之外進行了這項工作，從而對數字資產強加監管框架。 ”

Lowe, a former fraud prosecutor, said he “was involved in crypto fraud prosecutions, and really, what I found was that most crypto fraud prosecutions are really just fraud prosecutions.”

前欺詐者勞（Lowe）說，他“參與了加密欺詐起訴，實際上，我發現大多數加密欺詐起訴實際上只是欺詐起訴。”

Last week, the administration demonstrated it is still taking crypto fraud seriously in a prosecution announced by recently installed acting U.S. Attorney for the District of Columbia Jeanine Pirro.

上週，政府表明，在最近為哥倫比亞特區珍妮·皮羅羅（Columbia Jeanine Pirro）宣布的代理律師宣布的起訴中，它仍在認真對待加密欺詐。

On Friday, Pirro announced the federal seizure of more than $800,000 in alleged proceeds of a “Cryptocurrency Confidence Scheme” in which criminals allegedly contacted victims through seemingly “misdirected text messages,” dating apps, or professional meetups and investment groups. She also said the United States recovered nearly $2.5 million in cryptocurrency involved in “fraudulent confidence schemes.”

週五，皮羅羅宣布，聯邦扣押了超過80萬美元的“加密貨幣信心計劃”收益，據稱犯罪分子通過看似“誤導的文本消息”，約會應用程序或專業聚會和投資集團與受害者聯繫。她還說，美國收回了涉及“欺詐信心計劃”的近250萬美元的加密貨幣。

“Whether they are in our district’s street or hiding behind a computer screen abroad, the United States will continue to hold fraudsters and grifters responsible, seize money they scam from hardworking Americans, and use our authority to compensate victims,” Pirro said.

皮羅羅說：“無論他們是在我們地區的街道上還是躲在國外的計算機屏幕後面，美國都將繼續負責負責欺詐者和欺詐者，抓住他們從勤奮的美國人身上騙取他們的錢，並利用我們的權威來補償受害者。”

Congress is now stepping in with bipartisan momentum.

國會現在正在踏上兩黨的勢頭。

Lawmakers in both chambers are advancing bills such as the GENIUS Act and the STABLE Act, aimed at defining stablecoins and clarifying disclosure rules. A broader market structure bill, backed by House Republicans, proposes a classification system for all digital assets.

兩個議會的立法者都在推進《天才法》和《穩定法》等法案，旨在定義穩定的法案並澄清披露規則。由眾議院共和黨人支持的更廣泛的市場結構法案提議針對所有數字資產的分類系統。

The speed of Trump’s transformation has surprised some observers — but not those closest to him. In early 2024, crypto fundraisers at Mar-a-Lago and Silicon Valley began drawing in major donors and attention. Soon after, Trump spoke at a major industry conference in Nashville, pledging to make the U.S. “the crypto capital of the planet.”

特朗普的轉變速度使一些觀察者感到驚訝，但並不是最接近他的觀察者。 2024年初，Mar-a-Lago的加密籌款活動和矽谷開始吸引主要的捐助者和注意力。不久之後，特朗普在納什維爾舉行的一次重大行業會議上發表了講話，該會議承諾使美國成為“地球的加密之都”。

Since then, crypto has become part of the Trump brand. His administration has launched a Strategic Bitcoin Reserve, banned federal development of a central bank digital currency, and has even partaken in digital trading cards reminiscent of the NFT craze while launching his own $TRUMP meme token on the Solana blockchain just before retaking the Oval Office.

從那時起，加密貨幣已成為特朗普品牌的一部分。他的政府推出了戰略性的比特幣儲備，禁止了中央銀行數字貨幣的聯邦開發項目，甚至還參與了數字交易卡，讓人聯想到NFT熱潮，同時在保留橢圓形辦公室之前在Solana區塊鏈上推出了自己的$ Trump Meme Token。

His Cabinet is also stacked with members who are equally as supportive of the digital market. Transportation Secretary Sean Duffy even admitted in 2023, “I’m bullish on bitcoin. I don’t have faith in the dollar.”

他的內閣還與同樣支持數字市場的成員堆疊在一起。運輸部長肖恩·達菲（Sean Duffy）甚至在2023年承認：“我看好比特幣。我對美元不信心。”

Still, Trump’s crypto good will has drawn criticism. A private dinner earlier this week for top investors in the $TRUMP meme coin is being scrutinized by ethics watchdogs.

儘管如此，特朗普的加密貨幣遺囑還是引起了批評。本週早些時候，為$特朗普模因硬幣的頂級投資者提供了私人晚宴，正在受到倫理監管機構的審查。

Though the coin is traded openly and does not directly fund Trump due to his children managing his assets, critics raised concerns over the foreign presence at the gathering, especially with the presence of billionaire Justin Sun, founder of cryptocurrency exchange Tron.

儘管硬幣是公開交易的，並且由於他的孩子管理自己的資產而沒有直接為特朗普提供資金，但批評者對聚會上的外國存在感到擔憂，尤其是在億萬富翁賈斯汀·孫（Justin Sun）的存在，加密貨幣交易所Tron的創始人。

“Anyone who was worried about a president’s son selling art should be able to see the ethics concerns of foreign interests donating through a

“任何擔心總統兒子賣藝術的人都應該能夠看到外國利益的道德問題