即使按照加密标准，也是一个动荡的一周。

随着行业爱好者和商业领袖在法国首都中心举行为期一周的行业活动时，代币的价格鞭打了。

Even by crypto standards, it’s been a volatile week.

即使按照加密标准，也是一个动荡的一周。

As industry enthusiasts and business leaders descended on Paris for a weeklong industry event in the heart of the French capital, token prices whipsawed.

随着行业爱好者和商业领袖在法国首都中心举行为期一周的行业活动时，代币的价格鞭打了。

The market’s largest digital assets plummeted by double digits on Monday, only to bounce back on Wednesday after US President Donald Trump announced he would pause harsh tariffs on the world’s largest economy.

该市最大的数字资产周一被双数位数下降，但在美国总统唐纳德·特朗普（Donald Trump）宣布他将对世界上最大的经济体持续严重关税后，在周三反弹。

Bitcoin, Ethereum and XRP all jumped 8% on Thursday morning.

比特币，以太坊和XRP在周四早上跃升了8％。

By Friday, Ethereum dropped another 4%. Other assets are trading flat.

到星期五，以太坊又下降了4％。其他资产交易平坦。

“It’s chaos,” John Nahas, vice president of business development at Ava Labs, told DL News on the sidelines of Paris Blockchain Week.

“这是混乱，” Ava Labs业务发展副总裁John Nahas在巴黎区块链周的旁观方面告诉DL新闻。

It’s also not what industry enthusiasts expected from Trump’s so-called crypto embrace.

这也不是行业爱好者对特朗普所谓的加密货币拥抱的期望。

In his first weeks in office, the president appointed financial regulators that dropped or delayed several high-profile lawsuits against crypto firms, appointed the country’s first-ever crypto czar, and signed a slew of executive orders that prioritise the industry.

在任职的头几周中，总统任命了金融监管机构，他们撤销或推迟了针对加密货币公司的几项备受瞩目的诉讼，任命了该国有史以来的第一个加密沙皇，并签署了一系列行政命令，将其优先考虑该行业。

And yet prices slump.

价格低落。

Since Trump took office on January 20, the total crypto market has dropped by almost 30%, or nearly $1 trillion, according to CoinGecko.

根据Coingecko的说法，自从特朗普于1月20日上任以来，加密货币市场的总数下降了近30％，即近1万亿美元。

“The irony is you went from complete regulatory uncertainty to regulatory certainty,” Nahas said.

纳哈斯说：“具有讽刺意味的是，您从完全的监管不确定性转变为监管确定性。”

“But now there’s general market and geopolitical uncertainty.”

“但是现在有一般市场和地缘政治不确定性。”

Delayed plans

延迟计划

Nahas didn’t concede that Trump has been bad for crypto.

纳哈斯（Nahas）并不承认特朗普（Trump）对加密货币不利。

Still, timelines for some crypto firms have changed even as American crypto rules take shape.

尽管如此，即使在美国加密规则成形的情况下，一些加密货币公司的时间表也发生了变化。

Chiliz, the crypto company behind sports-branded cryptocurrencies issued by stalwart soccer clubs like Juventus and PSG, provides a unique glimpse into this dynamic.

奇利兹（Chiliz）是由尤文图斯（Juventus）和PSG等坚定的足球俱乐部发行的运动品牌加密货币背后的加密货币公司，为这种动态提供了独特的瞥见。

Alexander Dreyfus, the company’s CEO, said Chiliz spent $80 million to establish similar partnerships with 27 NBA teams, 13 NFL teams, 13 NHL teams, and the entire MLS in 2021 and 2022.

该公司首席执行官亚历山大·德雷福斯（Alexander Dreyfus）表示，Chiliz花了8000万美元与2021年和2022年的27支NBA球队，13支NFL团队，13个NHL球队以及整个MLS建立了类似的合作伙伴关系。

It eventually left the country in 2024 due to regulatory reasons, among other strategic reasons, according to Dreyfus.

Dreyfus表示，由于监管原因以及其他战略原因，它最终于2024年离开该国。

The Securities and Exchange Commission included the company’s token, called CHZ, in a long list of several other tokens that the agency alleged were securities in its lawsuit against Consensys in 2024.

证券交易委员会包括该公司的代币，名为CHZ，在2024年对Consensys诉讼中的证券中的其他几个代币中的一长串代币中。

The SEC dropped the lawsuit in April, and Dreyfus says he’s now rekindling those major league relationships stateside.

SEC在4月放弃了诉讼，Dreyfus表示，他现在正在将这些美国职业棒球大联盟的关系重新扎根。

“Whoever is relevant to what we’ve done in the past and what we want to do in the future, we’re reengaging with them,” Dreyfus said.

Dreyfus说：“谁与我们过去所做的事情以及我们将来想做的事情有关，我们都会与他们重新接触。”

The timeline for when the company can reveal anything on this front is still murky due to the Trump-induced market chop, he said.

他说，由于特朗普引起的市场股，该公司何时可以在这方面透露任何东西的时间表仍然阴暗。

Supply chain chaos

供应链混乱

Reports are also emerging of how Trump’s tariff action has spurred discussions among crypto mining outfits and hardware wallet providers to reroute critical supply chains.

关于特朗普的关税行动如何激发了加密货币矿业服和硬件钱包提供商的讨论，以重新布鲁特重新供应链条。

Asked whether Ledger, the industry’s largest wallet provider, was having similar discussions, Ian Rodgers, the firm’s chief design officer, said it’s still far too early.

该公司首席设计官伊恩·罗杰斯（Ian Rodgers）说，该行业最大的钱包提供商是否有类似的讨论，当时该行业最大的钱包提供商表示还为时过早。

Ledger has a partnership with Foxconn, one of the largest electronics manufacturers in the world with factories around Asia.

Ledger与富士康（Foxconn）建立了合作伙伴关系，后者是世界上最大的电子制造商之一，在亚洲各地拥有工厂。

“We’re not worried yet,” he told DL News. “There will be a sane solution to this. And there are people, like Nike, that are in a much harder place than we are.”

他对DL新闻说：“我们还不担心。” “这将有一个理智的解决方案。而且，像耐克这样的人在一个比我们更难的地方。”

Still, others say that lagging price is lagging price.

尽管如此，其他人仍说落后的价格是落后的价格。

“On the crypto agenda in the United States, we’ve probably made more progress in four months in this new administration than in four years,” Dante Disparte, the chief strategy officer of stablecoin issuer Circle, declared on Tuesday.

“在美国的加密议程中，在新政府中，我们可能在四个月内取得了比四年的进步。” Stablecoin发行人圈子的首席战略官Dante Disparte周二宣布。

Ironically, Circle is another company that’s entered a holding pattern amid market chaos.

具有讽刺意味的是，Circle是另一家在市场混乱中进入持有模式的公司。

Days after Circle filed to list publicly on the New York Stock Exchange in April, it moved to delay the listing, according to the Wall Street Journal.

根据《华尔街日报》的报道，圆圈于4月在纽约证券交易所公开上市的几天后，它推迟了上市。

‘First time, huh?’

“第一次，是吗？”

For still more hardened crypto founders, any complaints about the recent market turbulence are for the birds.

对于更坚固的加密创始人，对最近市场动荡的任何抱怨都是针对鸟类的。

The industry managed to climb to $2.6 trillion with very little government assistance, after all.

毕竟，在政府的援助很少，该行业设法攀升至2.6万亿美元。

Charles Hoskinson, the founder of Cardano development firm IOHK, said that even in the face of plunging prices, many in the industry are showing a remarkable lack of stomach.

Cardano开发公司IOHK的创始人查尔斯·霍斯金森（Charles Hoskinson）表示，即使面对价格下跌，许多行业中的许多人也表现出明显的胃部。

“We’ve lived through 90% downturns in crypto,” he told DL News in an exclusive interview.

他在一次独家采访中对DL新闻说：“我们在加密货币中经历了90％的衰退。”

“It’s like the meme with the guy with the noose on his neck, where he’s, like, ’first time, huh?‘”

“这就像与绞索绞索的家伙的模因一样，他在哪里，就像，'第一次，吧？'”

Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.

利亚姆·凯利（Liam Kelly）是DL新闻的柏林记者。有小费吗？通过liam@dlnews.com给他发送电子邮件。