Here is the English translation of the text, with the specified terms retained as is:

Introduction

Bitcoin has recently experienced a decline, but its status as a core US dollar asset remains unaffected. The regulatory trend is relaxing, and US dollar assets are expected to maintain a volatile upward trend.

With the implementation of the crypto-friendly policies of the Trump administration, the US crypto industry is facing unprecedented opportunities. Key agencies such as the Treasury Department, SEC, and CFTC are led by pro-crypto officials, the White House has established a Digital Asset Working Group, and Congress has set up a Crypto Asset Committee, driving the industry's legalization and institutionalization. This policy orientation has boosted market confidence and accelerated the entry of mainstream financial institutions.

At the legislative level, the advancement of the FIT21 bill, the establishment of a stablecoin regulatory framework, and the SEC's softening enforcement attitude indicate that the crypto industry is bidding farewell to policy uncertainty and moving towards a more stable and sustainable development path. Although the market may experience short-term volatility due to macroeconomic factors and the timing of policy implementation, the long-term trend is positive. The US is accelerating the construction of the world's most competitive crypto-financial ecosystem, and the industry is transitioning from the "Wild West" to the mainstream financial system.

I. The Trump Administration Appoints Crypto-Friendly Officials, Bringing Development Opportunities to the Industry

1. Leadership Changes in Key Regulatory Agencies

The Trump administration has demonstrated a crypto-friendly stance in the leadership appointments of key financial regulatory agencies:

Treasury Secretary/Scott Bessent: As a hedge fund manager and crypto currency advocate, he supports Bit and DeFi, pushing the Treasury Department to relax regulations on crypto assets and providing the industry with more space in tax policies.

SEC Chairman/Paul Atkins: A former SEC commissioner, he supports free market development and reduced regulatory intervention. His appointment suggests that the SEC may reduce enforcement actions and promote market freedom.

CFTC Chairman/Brian Quintenz: As a former CFTC commissioner, he supports relaxed regulation of crypto derivatives and DeFi, and the CFTC is expected to encourage innovation rather than restrict industry development.

The appointment of these key officials has boosted market confidence, and investors expect the US regulatory environment to become more open.

2. White House Digital Asset Working Group

The Trump administration has established the President's Working Group on Digital Asset Markets, led by White House AI and Crypto Special Advisor David Sacks, with members including the Treasury Secretary, Attorney General, SEC, and CFTC heads.

The goals of this working group include:

Developing a national crypto currency regulatory framework - unifying market structure, consumer protection, and risk management rules.

Assessing the feasibility of Bit as a national reserve - submitting relevant policy recommendations within 180 days.

Preventing CBDC development - clearly prohibiting the Federal Reserve from developing a central bank digital currency (CBDC), maintaining the private digital currency market.

The establishment of this working group has put the US on the path to becoming a global crypto currency center, with more systematic policy advancement.

3. US Senate Banking Committee: Establishing a Digital Asset Committee

On January 23, 2025, the Senate Banking Committee established a Digital Asset Committee, chaired by Senator Cynthia Lummis, to promote industry compliance: through bipartisan legislation, it will promote stablecoin regulation, market structure optimization, and the push for Bit to become a national strategic reserve asset. It will oversee financial regulators to prevent discriminatory suppression of crypto currencies, such as "Operation Choke Point 2.0".

Lummis has proposed the Strategic Bit Reserve Act, suggesting the sale of a portion of the Federal Reserve's gold reserves to purchase 1 million Bit, establishing a national Bit reserve, reflecting the Trump administration's emphasis on Bit.

The following is an overview of crypto-related officials appointed by Trump since taking office:

Name	Position	Views
JD Vance	Vice President	Vance has always been supportive of the crypto industry and critical of the US Securities and Exchange Commission's (SEC) regulatory policies on crypto. A saying circulating in the Silicon Valley venture capital circle is: "The best way to deeply understand a person is to carefully analyze their venture capital portfolio." In 2021, Vance's estimated net worth was $5 million, including assets and income, and according to his latest financial disclosure in 2022, he holds Bit worth $100,000 to $250,000 on Coinbase and has invested about $15,000 on the DEX Ethex. It can be said that Vance is the first US presidential candidate to own Bit.
Scott Bessent	Cabinet/Treasury Secretary	Bessent has a positive attitude towards crypto currencies, stating that "crypto currencies are about freedom" and believing that Bit can attract young people and new investors, helping to cultivate a market culture in the US. Bessent has a positive attitude towards crypto currencies and recently gave a speech opposing the issuance of a central bank digital currency (CBDC). In addition, Bessent will be a member of the new "President's Working Group on Digital Asset Markets" established in the executive order issued by Trump on January 23.
Paul Atkins	SEC/Chairman	Atkins is the CEO of Patomak Global Partners LLC, a company that provides consulting services to financial companies and crypto currency companies. He is the co-chair of the Token Alliance, a crypto industry lobbying group initiated by the Digital Chamber of Commerce. Paul Atkins has long advocated for a less restrictive regulatory framework for emerging technologies like crypto currencies and blockchain, believing that such a framework can promote innovation and reduce regulatory barriers to their development, thus driving the growth of the crypto field and bringing great innovation and development opportunities to the financial market. Atkins advocates for establishing a coordinated regulatory framework, calling for reducing overlapping and cumbersome regulations that may stifle innovation. He believes that the regulation of blockchain and the crypto market is not just a federal government issue, but involves many other jurisdictions, and attention should be paid to regulatory differences across different jurisdictions.
Hester Peirce (known as "Crypto Mom")	SEC/Crypto Currency Special Working Group/Head	Hester Peirce is currently an SEC commissioner and also the head of the SEC's Crypto Working Group, having a pivotal influence on the SEC's subsequent crypto policies. Recently, Peirce pointed out the need to provide the crypto industry with greater regulatory clarity, and also issued a statement titled "There Must Be Some Way Out of Here", outlining her views on crypto policy. The article has a somewhat relaxed attitude towards the custody rule. In addition, it clearly distinguishes tokenized securities and acknowledges compliance, including considering revising current securities laws and supporting "programmable securities", which could directly promote the explosion of RWA. The overall trend of the SEC is shifting towards rule-making, and the resulting compliance costs and enforcement intensity are also likely to change accordingly. If actually implemented, this would be a net positive for the industry overall.
Landon Zinda	SEC/Crypto Currency Special Working Group/Member	Landon Zinda has resigned from his position as Policy Director at the crypto advocacy organization Coin Center and joined the US Securities and Exchange Commission (SEC) Crypto Currency Special Working Group. On February 4, SEC Acting Chairman Mark Uyeda announced that Zinda has become his legal counsel and senior advisor to the Crypto Currency Special Working Group, led by Commissioner Hester Peirce.
Brian Quintenz	Commodity Futures Trading Commission (CFTC)/Chairman	Brian Quintenz was the former head of crypto policy at a16z. CFTC Acting Chairman Pham stated in a statement that she had collaborated with Quintenz on many important initiatives during his tenure as a CFTC commissioner, and believes he will achieve similar success in the fields of crypto currencies and innovation.
David O. Sacks	White House Crypto Currency and AI Special Advisor (Crypto Tsar)

Here is the English translation of the text, with the specified terms preserved and not translated: David O. Sacks' early interviews revealed his deep insights and firm beliefs about the cryptocurrency industry. As early as 2018, David O. Sacks joined the advisory board of the core team of the decentralized trading protocol 0x. Later, in February 2020, Harbor was acquired by the digital asset custodian Bit Go. In an interview with CNBC, David O. Sacks stated that Harbor had solved the compliance issues of asset tokenization, and blockchain had a huge opportunity to bring more liquidity and transparency to private securities. Tom Emmer, the Vice Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, believes that the United States has a "great opportunity" to lead the future of digital assets. Emmer has been a strong supporter of the cryptocurrency field and has introduced cryptocurrency-focused bills in the past few years, including one aimed at clarifying the classification of digital assets. As the Executive Director of the Presidential Digital Assets Advisory Committee, Bo Hines reports directly to David Sacks. Bo will work with David to promote innovation and growth in the digital asset field, while ensuring that industry leaders have the resources they need to succeed. Hines received funding from a PAC that supports cryptocurrencies in his 2022 congressional campaign. According to Business Insider, some of the funds came from former FTX executive Ryan Salame, who is currently serving a seven-and-a-half-year sentence after admitting to multiple charges, including conspiring to make illegal political contributions. House Financial Services Committee Chairman French Hill, along with Representatives Dan Meuser, Andy Barr, and Bryan Steil, the Chairman of the Digital Assets Working Group, have urged the Federal Deposit Insurance Corporation (FDIC) to implement clearer regulations on digital assets. Senator Cynthia Lummis, the Chair of the Senate Banking Committee's Digital Assets Subcommittee, supports the use of Bitcoin as a national reserve asset and is pushing for clearer regulatory classification of cryptocurrencies. The recent policy adjustments by the SEC indicate a softening of the regulatory stance, providing the cryptocurrency industry with some breathing room. The SEC has terminated investigations and lawsuits against major crypto companies, recognized the non-security status of Memecoins, and promised to improve policy transparency and engage in dialogue with industry leaders. These measures have helped the US cryptocurrency industry avoid frequent enforcement pressure and move towards a more stable and healthy development. On February 5th, US Senator Bill Hagerty introduced a stablecoin regulation bill that would bring USDT, USDC, and other stablecoins under the Federal Reserve's regulatory framework, providing compliance guidance. The bill has bipartisan support and is seen as a key step in the cryptocurrency market's transition to the mainstream financial system. Its passage is expected to significantly increase the legitimacy and security of stablecoins, attracting more traditional financial institutions to enter the market and further drive industry development. On January 24th, the SEC officially revoked the SAB121 cryptocurrency accounting policy, making the financial treatment of cryptocurrency custody business more flexible. The previous policy required custodians to record client cryptocurrency assets on their balance sheets, increasing compliance costs and operational pressure. The policy adjustment allows banks, exchanges, and financial institutions to provide cryptocurrency custody services more freely, lowering the barriers for institutional investors to enter the market. The FIT21 bill, passed in the House on May 22nd, 2024, is seen as a historic breakthrough for the US cryptocurrency industry. The bill resolves the long-standing regulatory conflicts between the SEC and CFTC, clearly defining their respective jurisdictions over cryptocurrencies, establishing classification standards for cryptocurrency securities and commodities, clarifying token issuance and trading rules, and promoting research on DeFi regulation. The advancement of this bill is gradually legalizing and institutionalizing the US cryptocurrency market, boosting market confidence and positioning the US as a globally competitive cryptocurrency financial center. After the Trump administration took office, the US cryptocurrency industry's policy environment underwent a fundamental change, with the regulatory stance shifting from high pressure to a more friendly approach, significantly boosting market confidence. The government, through key personnel appointments, the establishment of a Digital Assets Working Group, and the promotion of congressional legislation, has gradually clarified the regulatory framework for the cryptocurrency industry, providing a more stable policy environment. With the continued implementation of policy incentives, the further opening of the corporate innovation environment, and the strengthening of investor confidence, the stablecoin, DeFi, and custody sectors may see another round of growth. The United States is accelerating its efforts to consolidate its position as a global cryptocurrency financial center, and the industry's golden development period is about to arrive, as the trend of cryptocurrencies entering the mainstream financial system has become inevitable.