加密货币正在成为重要选举年的首要政策问题

随着 2024 年接近中点，加密资产继续迎来积极的一年。随着资金继续流入比特币 ETF、以太坊 ETF 在 5 月份获得批准以及持续的机构采用，加密货币的商业案例看起来将继续改善。

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 年接近中点，加密资产经历了积极的一年。随着资金继续流入比特币 ETF、以太坊 ETF 在 5 月份获得批准以及持续的机构采用，加密货币的商业案例看起来将继续改善。

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，除了私人市场推动的积极情绪和趋势之外，政策圈子也突然转向加密货币。也许是受到 FTX 破产的积极消息的推动（尽管这应该结合具体情况来看待），或者是意识到主席 Gensler 领导下的 SEC 不会停止看似永无休止的通过执法监管加密货币的行动，美国政策制定者做出了回应：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 在众议院获得通过，并进入参议院，这是加密货币日益成为一个政治问题、一个无党派问题、对选民、投资者和政策制定者都至关重要的最新迹象。此外，众议院通过了一项禁止美联储发行 CBDC 的法案，这一事实表明政策越权问题正在慢慢得到认识和解决。

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.

美国与加密资产相关的另一项引人注目且令人惊讶的两党行动是拒绝 SAB 121，这是 SEC 发布的员工会计公告，该公告将使金融机构代表客户持有加密资产变得更加复杂和成本更高。尽管遭到业界甚至美国证券交易委员会委员 Hester Peirce 的反对，此事仍需要一段时间才能引起国会的关注。事实上，即使在看似现代历史上最具争议的选举年之一，国会也以两党合作的方式迅速采取行动，这一事实凸显了以下几点：加密货币对于选民和投资者来说是一个重大政策问题。

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

让我们来看看其中的一些原因，以及加密货币投资者未来应该牢记的事情。

Crypto Will Change The Financial System

加密货币将改变金融体系

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.

加密货币迅速​​成为政策圈热门话题的最明显原因是，随着 TradFi 进入该领域，人们越来越认识到加密货币将改变并影响美国（和全球）金融体系的未来。无论比特币或任何其他特定代币在某一天的价格如何，事实仍然是，代币化交易和代币化金融工具似乎是投资者和机构的前进道路。其中一个小例子是，前总统唐纳德·特朗普（在 2020 年失败后寻求连任）的竞选活动宣布是美国主要政党首次接受加密货币捐赠的政治竞选活动。

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.

银行和支付基础设施的不同方面都可以看到更大规模的变化。经过多年缓慢地将加密选项整合到其广泛的支付网络中之后，PayPal 发行了原生稳定币，这只是加速加密采用的支付处理器之一。在 FTX 事件后退出之后，Visa 和万事达卡都重新启动了围绕企业区块链和加密支付的努力。最后但并非最不重要的一点是，Stripe 通过与 Circle 合作重新推出了稳定币支付。

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

加密货币支付正在持续增长，而且即使是新手加密货币爱好者也越来越容易使用。

Crypto Drives Innovation

加密货币推动创新

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.

一般来说，对加密资产和区块链最重要的批评之一是，部署到这些项目中的投资资金和时间可以更好地分配到其他地方。抛开政策制定者善于挑选赢家和选择者的可能性极低——过去这种做法从来没有奏效过——这一立场也是不正确的。除了代币化资产和支付已经给金融领域带来的变化和改进之外，加密资产的持续开发和投资也在其他经济领域显现出好处。

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.

可再生能源就是这样的一个例子，尽管围绕化石燃料替代品的争论已经变得政治化，但加密资产仍然是这些对话的重要组成部分。通过充当电力的生产者/消费者，加密货币矿工和其他运营商可以帮助减轻极端天气造成的电力激增和赤字。此外，据比特币矿业委员会报告，比特币矿工已经使用了约 60% 的非化石燃料资源消耗的能源。随着《通货膨胀削减法案》等旨在增加非化石燃料消耗的政策，政策制定者应该拥抱已经（在许多情况下）的绿色加密货币行业。

Crypto Improves Privacy

加密技术改善隐私

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.

自从社交媒体平台在个人和公司如何互动、学习和互动方面发挥着如此巨大的作用以来，隐私一直是政策辩论、国会听证会以及多种其他形式的监督和批评的主题。最初对社交媒体的狭隘关注现已扩展到几乎涵盖美国数字商务和生活的各个方面。

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，人们越来越担心，随着包括 SEC 和 OCC 在内的几家美国监管机构阻碍加密货币原生创新，央行数字货币的潜力将继续走向现实。由于对全面、即时和永久的洞察力以及对涉及美国 CBDC 网络的所有交易的访问的担忧是有根据的，因此对这种可能性的抵制已经