Lummis、Moreno 參議員與白宮高層共談 CLARITY Act：美國加密監理新局

0:00美國加密政策關鍵時刻

0:00我們今天有一個超強政策小組，正值美國比特幣和加密產業的關鍵時刻。感謝 Lummis 參議員、Moreno 參議員、Patrick 和 Sam 一起來到現場。那我們就直接切入主題吧。All right, we have a stacked policy panel here at a pivotal moment for both Bitcoin and crypto in the United States. Thank you, Senators Lummis and Moreno, Patrick, and Sam for joining us. Let's dive right in.

0:12Lummis 參議員，妳一直是美國比特幣和加密市場結構的最大支持者之一。妳認為市場結構對比特幣社群有什麼重要性？為什麼現在是推動 CLARITY Act 的關鍵時刻？So, Senator Lummis, you've long been one of the biggest champions for both Bitcoin and crypto and market structure in the United States. What do you think is important about market structure for the Bitcoin community, and why is now the moment for the Clarity Act to get passed?

0:29市場結構與監理明確性

0:29沒錯，現在絕對是時機。我們過去面對一個對加密產業不友善的政府，如果未來又選出同樣敵對的政府，那對合理監理和聰明立法來說就等於宣告結束。所以現在我們有眾議院、參議院，甚至白宮都在努力推動合理的市場結構立法，現在真的不能再等了。Yeah, absolutely now is the time. We dealt with a hostile administration under the last administration. And we know that if a similarly hostile administration is elected again, that it's game over for sensible regulation and smart legislation. So now is the time. We have a House, a Senate, and certainly a White House working together to try to get sensible market structure legislation. So now is definitely the time.

1:01其實這很簡單，重點就是什麼是證券、什麼是商品，產業裡的業者要知道該去哪個監理單位，才不會被突如其來的執法行動搞到花幾百萬美元打官司，最後還沒結果。我們需要明確的遊戲規則，讓這個產業能在美國創新發展。It's so simple in its basic format. What is a security? What is a commodity? And how can the industry business people know where to go so they don't get hit with an enforcement action that costs them millions in legal fees and no resolution? So it's clear rules of the road for an industry that we want to innovate in this country.

1:26我認為，特別就Bitcoin來說，Bitcoin已經存在很長一段時間了，我認為一直以來都有一個問題，就是它是否屬於加密產業的一部分。我認為你非常明確地把它視為更廣泛產業的一部分，而這也是為什麼市場結構對它來說同樣非常重要，對吧？而且Bitcoin顯然是一種商品，所以它幾乎可以確定會歸屬於商品期貨交易委員會（CFTC）的監管範疇。將這一點在法律和監管架構中明確建立起來是很重要的。And I think in terms of Bitcoin specifically, I mean, Bitcoin's been around a long time, and I think that there's always been a question around whether or not, you know, it's part of the crypto industry. I think you very much view it as being part of the broader industry, and that that is why market structure is so important for it as well, right? And Bitcoin is clearly a commodity, so it will fall most certainly under the Commodity Futures Trading Commission. It's important to establish that in law and in the regulatory framework.

1:55創新文化與立法急迫性

1:55Moreno 參議員，您本身是創業家，也常跟加密產業的創業者交流。從您的角度來看，現在美國創業者面臨最大的痛點是什麼？Senator Moreno, you've been an entrepreneur. You speak to a lot of entrepreneurs in the crypto industry. From that perspective, what do you think is the biggest pain point that they face currently in the United States?

2:08你看，這不只是加密產業的問題。我們現在正處於一個時刻，在華盛頓特區形成了一種反創新文化。我們即將在七月四日慶祝這個國家建國兩百五十週年。這是一個由先驅者、探險家和冒險家所建立的國家。不幸的是，我很多民主黨同事已經變得害怕創新，甚至積極反對創新，而這對美國來說是一場災難。所以，這不僅僅是一個推動加密產業向前發展的運動。AI 也與此息息相關，還有預測市場，坦白說，還有未來即將出現的各種創新。Look, it's not just the crypto industry. We are now in a moment in time in which we have an anti-innovation culture in Washington, D.C. We're about to celebrate the 250th anniversary of this country on July 4th. This is a country of pioneers, explorers, and risk takers. And unfortunately, a lot of my Democrat colleagues have become scared of innovation, actively opposed to innovation, and that is a disaster for the United States of America. So this is not just a movement to say, hey, let's move the crypto industry forward. AI is tied into it, to prediction markets, and quite frankly, whatever comes next.

2:47所以我們必須明確表達，我們將永遠是一個創新者的國家。我們將永遠是一個勇於承擔風險和開拓的國家。對我來說，這就是我們所面臨的關鍵，也是為什麼我們必須把這項立法做好，並且讓它順利完成的原因。So we have to make it clear that we will always be a nation of innovators. We will always be a nation of risk takers and pioneers. To me, that's what's at stake and why it's so important that we get this legislation right and we get it across the finish line.

3:02那你要怎麼把這種緊迫感傳達給國會呢？很明顯，立法機關有它自己的步調。但你要怎麼讓你的同事們真正意識到這件事現在就很重要，必須現在完成？這不能再等五年、十年。And how do you translate that into a sense of urgency in Congress. Obviously, the legislative body, you know, moves at its own pace. But how do you kind of, you know, get your colleagues to really see that this is important to get done now? This cannot wait five years, ten years.

3:18說真的，這件事已經拖太久了。我去年一月才宣誓就職，從我的角度看，這個進度慢到讓人難以置信。其實去年四月我在一場會議上就說應該要在陣亡將士紀念日前搞定，結果到現在還沒過。政治裡有很多完全不專業的人在做決策，這也是為什麼進度這麼慢。Well, look, we've been at this for a while, and from my vantage point, I got sworn in last January, and from my perspective, this is moving at a pace that is mind-bendingly slow. I think this should have gotten done last summer. Quite frankly, I talked at a conference in April of last year and said, let's get this done by Memorial Day. So I think it's way too slow. One of the things that's fascinating about politics is you have grotesquely unqualified people involved in decision making.

3:51白宮視角：產業競爭與監理平衡

3:51Patrick，白宮這幾年其實也很支持加密產業，像是穩定幣和市場結構立法都列為優先。你怎麼看 CLARITY Act 的必要性？為什麼現在一定要過？Patrick, the White House has also been a huge champion for the crypto industry. I think, you know, it's made both stablecoins and market structure significant legislative priority. From your perspective, you know, why is the Clarity Act needed, and why is this the moment to pass it?

4:09我認為川普總統很明確地表示，不只是加密，AI 和其他創新科技，美國都要領先。我們要讓美國繼續成為創業和創新的燈塔。這個產業過去被錯誤地政治化，導致創新都跑到海外。你看現在最大的中心化交易所、穩定幣發行商、DeFi 協議都在美國以外，這是美國領導力的失敗。Well, I think President Trump has been very clear that not just on crypto, but AI and all these other innovative technologies, we want to dominate. We want America to continue to be the beacon for entrepreneurship and innovation. And this industry got wrongly targeted and politicized, and it drove all the innovation offshore. And you see the largest centralized exchanges, the largest stablecoin issuers, the largest DeFi protocols all exist outside the United States. That's a failure of U.S. leadership there.

4:37美國擁有的最大優勢之一，當然我們的軍事實力是其中之一，我們的司法體系也是，但我們在金融市場的領導地位，以及作為標準制定者和標準承擔者的角色，也是重要優勢。加密貨幣是未來金融基礎設施的發展方向。如果我們不制定規則，那我們就只能成為規則的追隨者，會有其他人來為我們制定這些規則。因此，總統的立場非常明確。我們要成為第一名。我們絕對不想把任何領先地位讓給其他國家，尤其是像中國這樣的對手。One of the biggest benefits that the United States has, obviously our military is right up there, our judicial system, but our leadership in financial markets and being a standard bearer and standard setter, crypto is the future of the financial infrastructure. And if we're not setting the rules, then we're going to be a rule follower, and somebody else is going to be setting that playbook for us. So the president is very clear. We want to be number one. We don't want to cede any ground to certainly not an adversary like China.

5:06我認為，你知道，如果沒有適當地監管，不是過度監管，而是一種像金髮姑娘理論那樣，給產業帶來適當明確性的監管，讓這個產業能夠蓬勃發展，讓創新者能夠回到家鄉，這絕對是我們所需要的。如果我們能做到這一點，我們將會看到這個產業像火箭一樣起飛。And I think, you know, failure to regulate appropriately, not overregulate, but a kind of Goldilocks zone of appropriate clarity for the industry so that this industry can flourish and that innovators can come back home is absolutely what's needed. And we're going to see this industry take off. Like a rocket ship if we can get it done.

5:37這其實就是全球競爭力的問題。像 GENIUS Act 通過後，穩定幣市場就爆炸性成長，大家終於知道什麼是穩定幣、背後有什麼資產、監理規則是什麼。這完全關乎美國的全球競爭力和領導地位，所以我們一定要推動下去。It's hugely important. I think, as we've seen with Genius, the stablecoin market has just really taken off since that got passed, and people understand what is a stablecoin, what backs it, the rulemakings that are taking place. This is absolutely about global competitiveness and American leadership, and that's why we have to get it done.

5:57穩定幣產業的成長與雙向明確性

5:57所以，你知道，這些對話會直接影響到你。你現在正處於穩定幣和代幣化的前沿。你怎麼看待穩定幣產業在GENIUS法案通過之後的回應和成長？So, you know, these conversations directly impact you. You know, you are operating at the frontier of stablecoins and, you know, tokenization. How have you seen the stablecoin industry, you know, respond and grow as a result of the passing of Genius?

6:10是的，我認為「明確性」是一條雙向的道路，對吧？它不只是針對創新者，同時也針對客戶以及下游的服務提供者，對吧？以Frax為例，我們發行穩定幣並且有DeFi，而我們的客戶和我們一樣需要明確性，才能真正打造產品。因為你可以開發產品，但如果你沒有客戶，因為他們不知道自己能不能使用這些產品，不知道是否合法，或是不知道他們能怎麼使用，這同樣會造成傷害。所以明確性是一條雙向的道路，而我們在GENIUS Act期間其實非常主動積極。Yeah, so I think clarity is a two-way street, right? It's not just for innovators, but it's for customers and downstream service providers as well, right? And so with Frax, we issue stablecoins and have DeFi, and our customers need clarity just as much as we do to build the actual products. Because you can build products, but if you don't have customers because they don't know if they're able to use them, if it's legal or what they can do with them, it's equally detrimental. So clarity is a two-way street, and we actually were pretty proactive during the Genius Act.

6:41去年我和Emmer黨鞭以及Hagerty參議員一起站在這裡，現在GENIUS Act已經通過，這真的、真的在我們的使用者之間展現出來了，他們對於使用我們的穩定幣非常感興趣，也對發行穩定幣很有興趣，而我們也有做品牌化的穩定幣發行。所以，沒有人比Lummis參議員和Hagerty參議員更值得感謝GENIUS Act的通過。希望今年能有更多進展，明年我們能再回來，看到2026年又有更多成果。And last year I was up here with Whip Emmer and Senator Hagerty, and now that the Genius Act has passed, it's really, really shown itself with customers that have been very interested in using our stablecoin, issuing stablecoins, which we do branded stablecoin issuance as well. And so there's no one more to thank than Senator Lummis and Hagerty for the Genius Act. So hopefully this year there will be even more progress, and next year we'll be able to come back and see even more what's been done in 2026.

7:09A16Z 常說，穩定幣只佔市場約 10%，市場結構法案會涵蓋剩下的 90%。如果 GENIUS Act 通過後帶來這麼大的成長，市場結構法案的影響只會更大，我們真的很期待。Yeah, I think one of the things that we talk a lot about at A16Z is that, you know, stablecoins only represent about 10% of the market. You know, everything that market structure is going to cover the other 90%. So if we see the growth and everything that's exploded as a result of Genius passing, that market structure should be incredibly impactful. So we're really, you know, excited about that.

7:28比特幣與市場結構的深層影響

7:28好的，那我想我就把這個問題拋給大家。我想，剛才Lummis參議員已經回答了市場結構對於Bitcoin社群的意義。Moreno參議員、Sam、Patrick，你們對於為什麼市場結構對Bitcoin特別重要，有什麼看法嗎？Okay, so I think why don't I pose this to the group. I think, you know, Senator Lummis answered earlier what market structure means to the Bitcoin community. Senator Moreno, Sam, Patrick, do you guys have any thoughts about why market structure matters specifically for Bitcoin?

7:44比特幣本身當然是商品，但所有建立在比特幣上的產品都需要監理明確性和市場結構。我們剛剛還跟 Atkins 主席、Michael Saylor 聊到怎麼把 STRK 這種傳統市場產品代幣化，這都需要明確規則才能上鏈。所有跟比特幣和穩定幣互動的東西，都需要這個法案來告訴大家能做什麼、不能做什麼。I think that Bitcoin is obviously a commodity, right? But all of the products that actually can be built on top of Bitcoin need regulatory clarity and market structure. We were just talking with Chair Atkins earlier, and Michael Saylor was saying that they need to think about how to tokenize STRK, right, which is an actual offering that they have on the traditional markets, but—they need clarity to figure out how to actually bring this on-chain. So every single thing built on top of Bitcoin and how it interacts with stablecoins needs this actual bill to tell it what they can and can't do.

8:19是的，我認為市場結構法案中有幾項不同的條款，實際上將為金融機構和銀行開始使用這些資產鋪路。這將增加能夠提供託管、以及各種金融服務的機構數量。所以當你想到要讓整個生態系統成長時，市場結構絕對會促進這一點。因此，我認為這對於Bitcoin來說是相當有利的。Yeah, and I think that there are a couple of different provisions in the market structure bill that actually will pave the way for financial institutions and banks to start using these assets. It'll increase the number that can provide custody, that can provide all sorts of financial services. So when you think about just growing the ecosystem generally, market structure will definitely do that. And as a result, I think that that's pretty good for Bitcoin.

8:42不管是比特幣保險、託管，還是跟其他數位資產（包括穩定幣）混合，甚至跟傳統銀行產品整合，都需要一個能認可這些資產整合的市場結構。還有像房地產、各種基金都能跟比特幣結合，產生不同的報酬率。Yeah, whether it's insuring Bitcoin. It is custody of Bitcoin. It is commingling Bitcoin with other digital assets, including stablecoins. And any innovation that involves Bitcoin and other assets, including traditional banking products, requires a market structure that recognizes the integration of all those assets. Yeah, also integrating with just traditional assets, real estate, lots of other funds that can be merged with Bitcoin, so you have this rate of return differential.

9:20事實上，對這項市場結構法案有這麼多敵意，真正的原因其實有兩個。第一，它讓這整個產業獲得正當性，而這個產業過去十五年來一直被試圖去正當性化。第二，不是說我有陰謀論，但如果我有的話，我會說有很多我的同事其實是在幫中國做事。因為事實是，現在我們正處於這場人工智慧競賽，而這場競賽是二元對立的，不是我們贏就是中國贏。加密貨幣在贏得這場競賽中扮演著極其重要的角色。如果你是中國，你就會利用我們的弱點，透過對這個產業的錯誤資訊宣傳來發動認知作戰。The reality is, the reason that there's so much animosity towards this market structure bill is really twofold. Number one, it legitimizes. The entirety of this industry, which has been attempted to be delegitimized for 15 years. And secondly, not to have—I don't have a tinfoil hat on, but if I did, I would say that there's a lot of my colleagues that are doing China's bidding for them. Because the reality is, this AI competition that we're in, which is binary, it's us or China. Crypto is an incredibly important part of winning that race. And if you're China, you exploit our weaknesses in—Disinformation campaigns around what this industry is all about.

10:08所以我不確定我們是否真的想要這麼做。我認為我們應該站在美國這一邊。我認為我們應該屬於美國隊，我同時也認為我們應該屬於創新隊，而且我們應該讓這個產業合法化，讓他們能夠茁壯成長，而我們根本無法預料創新者會創造出什麼。我們希望在三年、四年或五年後，能夠對於因為我們在美國激勵創新者成長而產生的各種成果感到驚喜。So I don't know that we want to. I think we should be on the side of America. I think we should be on Team America, and I also think that we should be on Team Innovation, and we should legitimize an industry so they can blossom and grow, and we'll have no idea. What innovators will create. We want to be pleasantly surprised in three or four or five years of just things that happened as a result of us incentivizing innovators to grow here in America.

10:34我只想說明這項法案對於Bitcoin的重要性。很明顯地，Bitcoin的美麗與簡單之處在於，它可以成為你自己主權的貨幣，你可以自行保管，你可以點對點轉帳，而且無法被審查。你不需要中介機構。但對於，我會說，絕大多數要參與Bitcoin的人來說，他們會透過服務提供者來進行。所以，為所有機構建立規則是很重要的。I would just say the importance for Bitcoin with this bill. Obviously, the beauty and the simplicity of Bitcoin, it can be self-sovereign money that you can self-custody, you can transfer peer-to-peer, uncensorable. You don't need the intermediary. But for the, I would say, vast majority of people who are going to engage with Bitcoin, they're going to do so through a service provider. So establishing the rules for all of the institutions.

10:59那些將要提供交易所交易產品、將要提供錢包以及各種這類服務的機構，還有那些要在不同區塊鏈上開發應用程式的軟體開發者，包括Bitcoin在內，我認為對這些人來說，了解他們的義務是極其重要的，這也將讓Bitcoin能夠進一步融入金融體系。Institutions that are going to provide exchange-traded products, that are going to provide wallets and different things like that, the software developers who are going to build on top of the different chains, Bitcoin included, I think it's critically important for those people to understand what their obligations are, and it's going to allow Bitcoin to further integrate into the financial system.

11:24產業參與與利益平衡

11:24你怎麼看產業在塑造市場結構方面所扮演的角色？你又是如何在眾多不同利害關係人聚集在一起時，平衡各種不同的觀點？很明顯，現在加密產業有非常多的利益相關者。那你是怎麼處理這個問題的？What is your view of how industry's role has been in shaping market structure, and how do you balance the various perspectives of a lot of different stakeholders that have all come together? Obviously, there are a lot of interests in what's going on in crypto. So how do you kind of tackle that problem?

11:38簡而言之，這一切都需要大量的時間和耐心，而我現在這兩樣東西都快用完了。我們首先遇到的問題是傳統銀行反對CLARITY Act，因為他們不喜歡GENIUS Act。所以我們在推進CLARITY的同時，還得重新討論GENIUS Act。我們同時也在面對一個問題，就是大家擔心數位資產會被用來資助犯罪活動，而這是我們不得不承擔的十字架，僅僅因為人們不了解，其實在數位資產領域偵破犯罪比在法幣領域還要容易。這些問題一直困擾著我們。道德也是我們遇到的另一個議題。Well, the short story is with a lot of time and a lot of patience, and I'm running out of both. The first thing we encountered was traditional banking opposing the Clarity Act because they didn't like the Genius Act. So we're having to relitigate the Genius Act while we move forward on—Clarity. We're also dealing with concerns that digital assets will be used to finance criminal activities, and that is a cross we have to bear simply because people don't understand that it's easier to solve crimes in digital assets than it is fiat currency. These continue to be some of the issues that vex us. Ethics is another issue that we've encountered.

12:27那個我們即將結束。而且在DeFi和代幣化領域還有其他幾個案例。隨著越來越多人開始受到影響，他們也越來越想要對這些議題發表意見。有時候，這些有影響力的人本身並不懷有純正的動機，所以這一直是一個巨大的挑戰。That one we're bringing to a close. And there have been several others in DeFi and tokenization. And the more that people start to be influenced, the more they want to weigh in on that. Sometimes the influencers are themselves not of pure heart, and so it's been a huge challenge.

12:54我想說，Miles，謝謝你為了幫助我們推動這個產品所做的努力。我對於坐在我旁邊的這兩位紳士以及他們的參與，無論怎麼稱讚都不為過。Bernie帶著數位資產的背景加入，對我們來說非常有價值。而Patrick Witt，代表川普政府、代表白宮，真的是我們的救星。這屆政府真的全力以赴，給予了極大的協助。Patrick在白宮與主要是民主黨之間協調議題，這些議題非常具有挑戰性。他以極高的專業度完成了這些工作，你們都應該感謝Patrick Witt以及川普白宮在這件事上的努力。And I want to say, Miles, thank you for your work trying to help us get this product across the line. And I can't say enough good about the two gentlemen next to me and their involvement in this. Bernie came with a background in digital assets. And valuable to us. And Patrick Witt, on behalf of the Trump administration, on behalf of the White House, has been an absolute godsend. And the administration has really put its shoulder to this. They've been tremendously helpful. Patrick has negotiated issues between the White House and primarily the Democrats, which are very challenging. And he's done it with such professionalism that you should all thank Patrick Witt and the Trump White House for their work on this.

13:48通過明確性後的新前線

13:48Sam，你說 2026 是協議和代幣化大統一的一年。如果 CLARITY Act 通過，下一個前線是什麼？會有哪些現在做不到的事變得可能？Sam, turning to you, you said 2026 is the year of unification for protocols and tokenization. Once clarity passes, what's the next frontier? What becomes possible that currently isn't?

14:03我認為最重要的是金融本來就互相連結。現在還有人想重談 GENIUS Act 裡的收益條款，這會影響穩定幣怎麼跟區塊鏈新金融生態互動。所以 CLARITY Act 一旦通過，整個生態就能跟穩定幣、DeFi、代幣化、房地產、RWA 等全部串連起來。這個法案就是最後一塊拼圖，讓穩定幣的合法性可以延伸到整個基礎建設。Yeah, I think the most important thing about is—Finance is interconnected, right? And as Senator Lummis said, right now, some people are trying to relitigate parts of Genius, like the yield, in the Clarity Act. And they know that depending on how that goes, how stablecoins interact with different parts of the new financial ecosystem in the blockchain will be affected. So I think the most important thing to consider is that depending on when clarity passes, the entire ecosystem can be connected to stablecoins, to DeFi, to tokenization, to real estate, RWAs, and all of these things. And so the important thing is passing this Capstone Act and being able to connect the legitimization of stablecoins to the rest of the infrastructure.

14:50社群行動與未來展望

14:50好的。那麼，接下來要問在座各位的是，人們可以做些什麼來幫忙？他們要怎麼幫助這件事順利完成？我們已經非常接近目標了。我們已經接近一段時間了。我們要怎麼讓它真正完成？All right. So, a question for the rest of you is, what can people do to help? How can they help get this over the finish line? We're so close. We've been close for a while. How are we going to get it done?

15:01你必須要發聲。務必要確保你是在對我的同事們說話。不要讓他們用那些——我可以在台上說「鬼扯」這種話嗎？——完全是煙霧彈的論點混過去。坦白說，一定要記得為你所相信的立場發聲。你看，如果沒有金融倡議……如果沒有政治活動的資金支持，我不知道我們能不能走到今天這一步，而這就是這個體制的運作方式。所以要發揮你的聲音，跟選民連結。你看，我們有一個超棒的社群。看看這裡，我們把整個會展中心都擠滿了，這些人都渴望在美國這裡創新。You need to use your voice. Make certain that you're talking to my colleagues. Don't let them get away with—are you allowed to say bullshit arguments on stage?—that are totally false flags. And quite frankly, make certain that you advocate. Look, if it wasn't for the financial advocacy... of political campaigns, I don't know that we would have gotten this far, and that's the way the system works. So use your voice, connect to voters. Look, we have a hell of a community. Look out here. We've got this entire convention center filled with people who are dying to innovate here in the United States of America.

15:43我還記得我第一次參加 Bitcoin 會議，大概是在 2012 年，那時候只有幾百個人在紐約一間非常小的會議室裡。當時會議的名字叫 Consensus。我們現在有一個很大的社群。請發揮你的聲音，善用你的錢包，支持那些支持創新的候選人，支持那些不會被用來阻擋這項法案的假議題所動搖的候選人，因為說到底，他們真正想要的是讓自己的領域裡沒有創新，而那會讓我們的體系走向滅亡。我們是世界創新的首都，我們會讓美國一直保持這個地位，而加密產業會是實現這一切的關鍵。I remember my first Bitcoin conference back, I think it was—2012, it was a couple hundred people in a very small conference room in New York. Consensus back then was the name of the conference. We have a big community. Use your voice. Use your pocketbooks. Support pro-innovation candidates, candidates that can't be swayed by false flag arguments that are being used to tank this bill, because ultimately what they want is they don't want innovation in their field, and that's—A death to our system. We are the world capital of innovation. We're going to keep it that way here in America, and the crypto industry will be the ones that make that happen.

16:22Patrick，最後請你談談除了 CLARITY Act 之外，還有什麼新進展？Yeah, well said. Patrick, why don't we end with you. What else is happening on the horizon beyond clarity?

16:30很明顯地，現在我們在拉斯維加斯的 Bitcoin Conference，大家都非常專注於 Bitcoin 作為一項資產。總統去年簽署了戰略性 Bitcoin 儲備的行政命令，我們已經開始著手研究，確切需要哪些運作機制以及法律解釋，才能把這件事做好，讓這項政策穩固下來，並保護我們政府資產負債表上的數位資產，特別是 Bitcoin。所以在接下來的幾週內，我們會有一個重大宣布。我認為我們在這方面有了一些突破，當然這還需要後續立法配合，也就是 Lummis 參議員在眾議院推動的 Bitcoin Act。Well, obviously here at the Bitcoin Conference in Las Vegas, you know, intense focus on Bitcoin as an asset overall. The president signed the Strategic Bitcoin Reserve executive order last year, and we've gone to work in figuring out exactly the—Machinations necessary and legal interpretations that we need to get that right and solidify that and protect the digital assets, but specifically Bitcoin that we have on the government balance sheet. So in the next few weeks, we'll be making a big announcement. I think we have a bit of a breakthrough there, and obviously that needs to be followed up with legislation, Senator Lummis's Bitcoin Act over in the House.

17:12他已經談過他所制定的 ARMA Act。我們需要將它明文化成法。不過，在此同時，我們相信在接下來的幾週內，行政部門這邊將能夠取得重大進展。The baggage has talked about the ARMA Act that he has put together. So we need to codify it. But in the meantime, we do believe we're going to be able to take a big step forward from the executive branch side in the next few weeks.

17:28這真是個重大消息。那我們就在這裡結束。非常感謝大家的參與。謝謝你們。謝謝。That's huge news. So on that, we will leave it. Thank you all very much for joining us. Thank you. Thank you.