新一届国会很可能将更多精力集中在审查特朗普总统的个人加密货币交易上，而非像《清晰法案》这样对行业友好的立法。
The new Congress is likely to focus more on scrutinizing President Trump's personal crypto dealings over industry-friendly legislation like the Clarity Act.
历史上，民主党对加密货币的支持程度低于共和党，尽管随着更多民主党人拥抱该行业及其潜力，这种分歧一直在缩小。
Democrats have historically been less supportive of crypto than Republicans, though that divide has been narrowing as more Democrats embrace the industry and its potential.
利益攸关的领域延伸至稳定币、银行服务准入、代币化以及加密货币行业视为确保美国在全球市场占据主导地位至关重要的其他优先事项。
The stakes extend to stablecoins, banking access, tokenization and other priorities that the crypto industry sees as important to ensuring U.S. dominance in the global market.
民主党控制国会很可能重塑加密货币的政治算计，在华盛顿开启更具对抗性的路线，并将《清晰法案》等对行业友好的立法搁置一旁。
Democrats' sweep of Congress likely resets the political calculus for crypto, ushering in a more adversarial approach in Washington and pushing industry-friendly legislation like the Clarity Act to the back burner.
随着加密货币批评者谢罗德·布朗（民主党-俄亥俄州）重返参议院，以及伊丽莎白·沃伦参议员（民主党-马萨诸塞州）在金融政策上保持重大影响力，分析人士表示，新一届国会很可能将重点放在审查唐纳德·特朗普总统的个人加密货币交易上，而非支持性的行业立法。
With crypto critics like Sherrod Brown (D-Ohio) returning to the Senate and Sen. Elizabeth Warren (D-Mass) retaining significant influence over financial policy, analysts say the new Congress is likely to focus on scrutinizing President Donald Trump's personal crypto dealings over supportive industry legislation.
多年来，加密货币行业在华盛顿艰难求索，呼吁制定清晰的运营规则，却往往只能面对监管执法的打击。这种局面在特朗普2024年大选获胜后发生转变，让该行业获得喘息机会并得以在政策制定桌前占据一席之地。
For years, crypto fought an uphill battle in Washington, asking for clear operating rules, but often landing on the receiving end of regulation by enforcement. That shifted after Trump's 2024 election victory, giving the industry a reprieve and seat at the policy table.
TD Cowen华盛顿分析师Jaret Seiberg周三在研报中表示：“我们认为，加密货币行业竭力击败Sherrod Brown（谢罗德·布朗）未果，他在俄亥俄州获胜将损害该行业的政治影响力。我们原本不认为‘清晰法案’（Clarity Act）能在未来两年取得进展。这让我们对这一预测更有信心。”
"We see Sherrod Brown winning in Ohio as damaging the crypto industry's political clout as the industry worked to defeat him," Jaret Seiberg, TD Cowen's Washington analyst, said in a note Wednesday. "We did not think Clarity could advance over the next two years. This makes us more confident in our prediction."
加密货币行业在中期选举中斥资超过2亿美元以影响选情，希望选出能够推动全面加密货币市场结构法案跨过终点线的领导人，因为“清晰法案”在参议院陷入停滞。Seiberg强调，民主党人“将调查特朗普的加密货币关联，包括World Liberty Financial（世界自由金融）”，并表示“由此产生的政治环境可能使加密货币行业能够支持的‘清晰法案’版本无法推进。”
The crypto industry spent more than $200 million to sway the midterms, hoping to get leaders elected that could push a comprehensive crypto market structure bill over the finish line after the Clarity Act stalled in the Senate Seiberg emphasized that Democrats "will investigate Trump's crypto entanglements including World Liberty Financial" and said "the resulting political environment may make it impossible to advance a version of Clarity that the crypto sector could back."
利害关系不仅关乎通过“清晰法案”或其其他版本的市场结构立法。稳定币创新、去中心化金融（DeFi）发展、银行服务准入、代币化以及合理的税收政策，被业界视为确保美国在全球加密货币经济中保持竞争力的优先事项。
The stakes extend beyond market structure legislation via the Clarity Act, or another version of it. Stablecoin innovation, decentralized finance (DeFi) development, banking access, tokenization and sensible tax policy are priorities seen by the industry as important to ensuring the U.S. remains competitive in the global crypto economy.
行业将需要持续的两党参与，以确保这些优先事项不因政治动态变化而被搁置。民主党历史上对加密货币的支持度低于共和党，尽管随着更多民主党人拥抱该行业，这一分歧已有所缩小。
The industry will need continued bipartisan engagement to ensure these priorities aren't sidelined by changing political dynamics. And Democrats have historically been less supportive of crypto than Republicans, though that divide has narrowed as more Democrats embrace the industry.
民主党大获全胜的影响并非全然利空。加密货币已达到一种难以逆转的金融融合程度，其未来日益聚焦于确立加密货币作为金融基础设施的地位。即使“清晰法案”可能停滞至2028年，关键金融监管机构仍可通过规则制定来推动行业发展。
implications of Democrats' big win aren't all bad. Crypto has reached a level of financial integration that could be difficult to reverse, with its future increasingly centered on establishing crypto as financial infrastructure Even with the CLARITY Act potentially stalled until 2028, key financial regulators can help advance the industry through rule-making.
Coinbase 美国政策副总裁 Kara Calvert 指出，选举结果显示即将上任的国会成员构成将发生历史性转变，预计将有创纪录数量的亲加密货币议员加入其中。
Coinbase's vice president of U.S. policy, Kara Calvert, points out that the election results point to a historic shift in the makeup of the incoming Congress, with a record number of pro-crypto voices expected to join its ranks.
“根据昨晚的结果，第 120 届国会有望拥有比以往任何一届新议员班子都多的新亲加密货币成员，”她说。“加密货币 100% 是两党共同的议题，这就是为什么金融的未来不取决于任何一个政党或单一的选举之夜。民主党人和共和党人都清楚，明确的规则能保护消费者，并让创新留在美国。”截至周四上午，据倡导类非营利组织 Stand With Crypto 认定，已有 19 名被其描述为亲加密货币的候选人当选参议员，而其认定为反加密货币的参议员候选人有 8 名。
"With last night's results, the 120th Congress is on track to have more new pro-crypto members than we've ever seen in any freshman class," she said. "Crypto is 100% bipartisan, and that's why the future of finance does not rest on either political party or a single election night. Democrats and Republicans alike know that clear rules protect consumers and keep innovation in the U.S." As of Thursday morning, 19 candidates characterized as pro crypto by the advocacy nonprofit Stand With Crypto have been elected to the Senate versus eight Senate candidates it characterizes as anti crypto.
在众议院，已有 228 名亲加密货币候选人当选，而该组织认定为反加密货币的候选人有 106 名。
In the House, 228 pro crypto candidates have been elected versus 106 the group deems anti- crypto.
还有几场竞选结果未出，但据路透社报道，2023 年成立、旨在不分党派支持亲加密货币候选人的超级政治行动委员会 Fairshake 迄今已在其投入资金的 34 场竞选中赢得 29 场，其中包括它优先支持、每场至少投入 100 万美元的 6 位众议院候选人中的 3 位。
Several races have not been called but Fairshake – the super PAC launched in 2023 to support pro-crypto candidates regardless of party – has so far won 29 of the 34 races it spent on, per Reuters, including three of the six House candidates it prioritized by spending a baseline of $1 million on their campaigns.
Circle 首席战略官兼全球政策与运营主管 Dante Disparte 强调了 Circle 的两党合作路线，并表示已为新的参众两院领导层做好准备。
Dante Disparte, chief strategy officer and head of global policy and operations at Circle, emphasized Circle's bipartisan approach and readiness for new Senate and House leadership.
他说：“面对这次中期选举的结果，人们需要看到自己在这一进程中拥有一定的权益，自己的利益在这一进程中得到代表，因此，要让《清晰法案》再次被提上议程，可能需要更长时间。但我不会把它定性为坏事——坦率地说，行业和其他参与方的反应过于条件反射了……加密议题是紫色的（两党兼有）。”
"With this midterm election result, folks need to see that they have some equity in this process, that they have their interests represented in this process, and therefore it may take longer to get Clarity tabled again," he said. "But I wouldn't characterize it as bad – that's been frankly too reflexive a response from industry and from other players … Crypto is purple."
他还提到了《天才法案》，这项“两党广泛支持”的稳定币立法于去年通过成为法律，并将于明年1月生效。他说，这项法律是一项重大的政策进步，“考虑到（民主党人）中有如此多的人曾身处关于什么才是良好方案的公共政策辩论的熔炉之中，他们将对此感到1，拥有主导权，2，予以认可。”这种两党支持或许为下一步提供了蓝图，但以太坊财库公司Sharplink首席执行官约瑟夫·沙隆表示，即使加密立法停滞，进展仍可继续。
He also pointed to the Genius Act, the "roundly bipartisan" stablecoin legislation passed into law last year and set to take effect in January. The law is a significant policy advancement, he said, "that [the Democrats] will feel 1, ownership over and 2, recognition of, considering so many of them have been in the crucible of public policy debates on what good looks like." That bipartisan support may offer a blueprint for what comes next, but even if crypto legislation stalls, progress can continue, said Joseph Chalom, CEO of ether treasury company Sharplink. "We expect the CLARITY Act to remain on hold through 2028.
他说：“我们预计《清晰法案》将持续搁置到2028年。即便如此，稳定币……以及在美国证券交易委员会五年创新豁免下公开股票代币化，仍有明确的推进路径。技术进步很少被逆转。一旦更快结算、更低成本以及永不休市的市场所带来的好处为投资者和机构所清楚认识，无论谁在2028年赢得白宫，这一转变都将极难逆转。”
Even so, there is a clear path forward for stablecoins … and for the tokenization of public equities under the SEC's five-year innovation exemption," he said. "Technological progress is rarely rolled back. Once the benefits of faster settlement, lower costs and markets that never close become clear to investors and institutions, this shift will be very difficult to reverse, regardless of who wins the White House in 2028."