一份新的报告对唐纳德·特朗普总统与加密货币市场的财务联系进行了新的审查。

无党派监管机构估计，特朗普的个人财富中最多37％可能与数字资产有关，包括特朗普硬币和世界自由金融（WLFI）等有争议的代币。

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.

州民主捍卫者基金会（SDDF）的一份新报告已向唐纳德·特朗普总统的财务关系带到了加密货币市场。

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).

无党派监管机构估计，特朗普的个人财富中最多37％可能与数字资产有关，包括特朗普硬币和世界自由金融（WLFI）等有争议的代币。

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

这些发现引起了人们对道德，财务披露差距和潜在政策冲突的严重关注。

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

该报告是在特朗普积极塑造白宫加密政策的时候。

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.

他的政府对放松管制和亲链链计划的推动引起了人们的关注，尤其是由于政策转变受益的一些代币是与特朗普的私人投资组合有关的代币。

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的调查结果引起人们对政治人物的要求披露可能影响公共决策的数字资产的越来越多的盲点的关注。

Trump coin dominates

特朗普硬币占主导地位

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.

该报告的中心是两个数字资产冒险：特朗普模因硬币和WLFI，既发行了治理令牌，又发行了称为USD1的稳定者。

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

根据SDDF的说法，据信特朗普家族控制着多达80％的特朗普硬币供应。

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.

据报道，仅代币的交易费用超过了1亿美元，尽管链分析尚未独立验证这些资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生态系统也被焦点引起了人们的关注。该项目通过将自己定位为一个亲自由的金融体系而获得了吸引力，但是SDDF标志在其令牌分配和所有权结构上缺乏透明度。

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的产品包括一个令牌化的Stablecoin，USD1，一些投资者将其与Terrausd等有争议的资产（由于其集中的管理和促销关系）进行了比较。

Policy overlaps questioned

政策重叠质疑

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

自从返回白宫以来，特朗普就采取了几项对加密货币友好的政策。

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

其中包括呼吁较宽的监管框架，对稳定币的更清晰的定义以及对分散融资平台的保护。

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

尽管这些动作受到数字资产行业的部分地区的欢迎，但这些变化的时间和目标现在面临审查。

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

SDDF报告提出了担心政府的政策立场可能会受到特朗普的私人利益的不适当影响。

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.

特别是，批评家指出，监管工作似乎使成人和Stablecoin项目受益于与特朗普投资的项目相似。

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

特朗普还公开促进了“加密优先”财务未来的想法，包括通过竞选消息和区块链会议的出场。

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.

尽管这些代言在某些情况下有助于抽出代币价格，但监管机构警告说，缺乏适当的利益冲突法可能会使投资者和公民面临未公开的风险。

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的启示重新点燃了美国在美国的财务透明度法律更强的呼吁。

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

目前，除非转换为法定货币或产生标准化的收入，否则不需要公职人员披露加密货币持有。

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

这种监管漏洞使包括特朗普在内的政治人物可以在没有正式监督的情况下运营数字资产组合。

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

道德监管机构认为，特朗普的案件表明迫切需要现代化财务披露要求。

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

特别是，他们建议引入立法，要求报告加密钱包地址，代币持有和任何参与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.

尽管特朗普的支持者声称总统对加密货币的拥抱是提高创新和金融包容性的前瞻性举措，但SDDF的调查结果表明了一个更复杂的情况。

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.

由于WLFI这样的主要项目仍缺乏独立的审计或关于令牌分配的公共透明度，因此在未来几个月中，关于政治道德和财务治理的辩论很可能会加剧。