特朗普的快速发展，从谨慎的批评家到全喉的加密福音派，标志着拜登政府的镇压时代急剧

这种转变是戏剧性的。在前总统乔·拜登（Joe Biden）的领导下，美国证券交易委员会（Securities and Exchange Commission）在没有监管的情况下倾向于积极执法。

The shift has been dramatic.

这种转变是戏剧性的。

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.

在前总统乔·拜登（Joe Biden）的证券交易委员会（Securities and Exchange Commission）努力执法的情况下，特朗普（Trump）朝着实用主义转向务实 - 更少的毯子指控，更有针对性的欺诈行动以及更明确的与行业合作的意愿。

“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.”

特劳特曼·佩珀·洛克（Pepper Locke）和前联邦检察官的合伙人迈克尔·洛（Michael Lowe）说：“董事长Gensler从未见过他认为不是安全的加密货币。” “拜登的SEC对指导没有兴趣 - 这全都是关于执法的。”

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

那个执行第一时代在一月份结束。特朗普用一个专注于清晰而不是惩罚的人取代了Gensler政权。

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.

总部位于洛杉矶的私募股权公司族长组织的董事长埃里克·施夫（Eric Sc​​hiffer）将Gensler时代与行业的“坦克”进行了比较。

“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说：“昨天，SEC将坦克停在了加密货币的草坪上；今天，它正在分发柠檬水和术语手册。我们已经从护城河上的弹射器变成了指导的城堡之旅。”

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主席保罗·阿特金斯（Paul Atkins）最近确认后，他成立了一个加密特遣部队，以开发一个区分证券和商品的框架，这是数字资产如何受到监管的关键分界线。

“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说：“到目前为止，还没有真正接近任何形式的信息，以真正获得有关哪些数字资产专门是安全性以及哪些数字资产专门为商品的指导。”

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，如果将数字资产归类为商品，则在商品期货贸易委员会下进行监管。如果是安全性，它将属于SEC。

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

洛说：“因此，目前，特朗普政府实际上有兴趣提供该指导。”

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，副检察长托德·布兰奇（Todd Blanche）根据围绕加密货币的未安排的法律理论暂停了指令。该备忘录宣布司法部将延迟到联邦机构制定规则，仅执行一旦定义的这些规则。

“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.

根据备忘录的文字，司法部将不再采取诉讼或执法行动，而特朗普总统的实际监管机构在惩罚性的刑事司法框架之外进行了这项工作，从而对数字资产强加监管框架。”

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.”

前欺诈者劳（Lowe）说，他“参与了加密欺诈起诉，实际上，我发现大多数加密欺诈起诉实际上只是欺诈起诉。”

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.

上周，政府表明，在最近为哥伦比亚特区珍妮·皮罗罗（Columbia Jeanine Pirro）宣布的代理律师宣布的起诉中，它仍在认真对待加密欺诈。

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.”

周五，皮罗罗宣布，联邦扣押了超过80万美元的“加密货币信心计划”收益，据称犯罪分子通过看似“误导的文本消息”，约会应用程序或专业聚会和投资集团与受害者联系。她还说，美国收回了涉及“欺诈信心计划”的近250万美元的加密货币。

“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.

皮罗罗说：“无论他们是在我们地区的街道上还是躲在国外的计算机屏幕后面，美国都将继续负责负责欺诈者和欺诈者，抓住他们从勤奋的美国人身上骗取他们的钱，并利用我们的权威来补偿受害者。”

Congress is now stepping in with bipartisan momentum.

国会现在正在踏上两党的势头。

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.

两个议会的立法者都在推进《天才法》和《稳定法》等法案，旨在定义稳定的法案并澄清披露规则。由众议院共和党人支持的更广泛的市场结构法案提议针对所有数字资产的分类系统。

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.”

特朗普的转变速度使一些观察者感到惊讶，但并不是最接近他的观察者。 2024年初，Mar-a-Lago的加密筹款活动和硅谷开始吸引主要的捐助者和注意力。不久之后，特朗普在纳什维尔举行的一次重大行业会议上发表了讲话，该会议承诺使美国成为“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.

从那时起，加密货币已成为特朗普品牌的一部分。他的政府推出了战略性的比特币储备，禁止了中央银行数字货币的联邦开发项目，甚至还参与了数字交易卡，让人联想到NFT热潮，同时在保留椭圆形办公室之前在Solana区块链上推出了自己的$ 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.”

他的内阁还与同样支持数字市场的成员堆叠在一起。运输部长肖恩·达菲（Sean Duffy）甚至在2023年承认：“我看好比特币。我对美元不信心。”

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.

尽管如此，特朗普的加密货币遗嘱还是引起了批评。本周早些时候，为$特朗普模因硬币的顶级投资者提供了私人晚宴，正在受到伦理监管机构的审查。

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.

尽管硬币是公开交易的，并且由于他的孩子管理自己的资产而没有直接为特朗普提供资金，但批评者对聚会上的外国存在感到担忧，尤其是在亿万富翁贾斯汀·孙（Justin Sun）的存在，加密货币交易所Tron的创始人。

“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

“任何担心总统儿子卖艺术的人都应该能够看到外国利益的道德问题