特朗普第二任期美国数字资产政策体系调整及影响OACHSSCD

Digital assets have evolved into the most vital dynamic variable in the reshaping of the global financial architecture.During his second presidential term,Donald Trump overhauled the prudent regulatory posture adopted by both the U.S.federal government and himself toward digital assets,and formulated differentiated supportive policies tailored to the heterogeneous attributes of such assets.Specifically,the cryptocurrency policy has shifted from a risk-averse regulatory paradigm to an innovation-embracing oversight framework;the stablecoin policy has been designed to consolidate the U.S.dollar's dominance in the digital realm;and the issuance of central bank digital currencies(CBDCs)has been explicitly prohibited by statutory legislation.This policy shift is the result of the combined effects of national strategy,domestic politics,and financial market demand.Its main drivers include preserving U.S.dollar hegemony,alleviating U.S.debt pressure,serving the political and economic interests of Trump and related interest groups,consolidating his supporter coalition,and responding to the active expansion of mainstream financial institutions into digital assets as well as innovation-driven development.The policy shift is gradually restructuring the global regulatory framework for digital assets,establishing an"American standard"for regulatory pathways,system-building,and institutional innovation in this field.It has also intensified the contest over discourse power in global financial governance and aggravated regulatory fragmentation.Meanwhile,by extending dollar hegemony into the digital asset sphere,it has increased the risk of financial"weaponization"and heightened concerns over cross-border capital flow risks.As the integration of digital assets and traditional finance continues to deepen,the tokenization of real-world assets(RWAs)is expected to lead a new round of global financial transformation.