Trump's concerns about 'crypto governance': the cost of freedom or a bubble celebration?
As global attention on digital assets continues to rise, the political sphere in the United States has also started to incorporate cryptocurrencies into national strategic considerations. If Trump were to take office again and 'fully promote crypto governance,' it may seem like an embrace of free markets and financial innovation, but it could actually sow the seeds for governance chaos, financial turmoil, and the decentralization of power. The combination of the national machinery and this decentralized force of cryptocurrency could lead to issues more complex than imagined.
1. Lack of regulation = legalized chaos?
Trump has consistently positioned himself as anti-establishment and anti-regulation; applying this mindset to the crypto field may likely advocate for 'letting the market run free,' downplaying regulatory rules. This 'freedom-first' policy philosophy may temporarily benefit market activity and project explosions, but in practice, it could lead to rampant fraud and the proliferation of fake projects, with retail investors once again becoming targets for exploitation.
More seriously, if a presidential figure personally endorses the crypto market, fraudulent projects may disguise themselves as 'officially recognized,' making it harder for the public to discern truth from falsehood, ultimately harming public trust and national credibility.
2. The risk of marginalizing the national monetary system
Cryptocurrencies are essentially a challenge to the fiat currency system. If Trump introduces Bitcoin or other crypto assets into public finance, taxation, or even the central bank system, it could destabilize the foundation of dollar hegemony. Loss of control over the dollar, fiscal instability, and monetary policy failure could all become real risks.
More importantly, decentralized assets themselves are uncontrollable; once on-chain attacks, major vulnerabilities, or 'black swan' events occur, the state cannot intervene through traditional means, and national financial security will face extremely high uncertainty.
3. Decentralization of power conceals lack of responsibility
Crypto governance emphasizes community autonomy and algorithm-driven processes, which is in stark contrast to traditional top-down government governance models. If Trump attempts to reconstruct the governance framework with avant-garde ideas like 'DAO governance' and 'smart contract legislation,' it may sound progressive, but in the absence of universal education and a technological foundation, it could easily lead to decreased governance efficiency, broken responsibility chains, and even create 'black box zones' in policy execution.
4. Worsening wealth disparity and financial bubbles
The crypto market has already demonstrated a clear 'Matthew effect' of wealth, with early holders and large investors controlling the vast majority of assets. If Trump were to push the crypto economy through national policy tilt, it would essentially direct national resources further toward the wealthy, exacerbating social inequality.
At the same time, the high speculation and bubble characteristics of crypto assets will further amplify the instability of financial markets; once the market crashes, it could easily trigger systemic economic risks.
Decentralization ≠ anarchism; innovation cannot replace governance
The core of cryptocurrency is freedom and trust, while the core of national governance is responsibility and order. While state governance can utilize crypto technology, it should not become the axis of national governance. Otherwise, the so-called 'crypto governance' would merely be political speculation hidden under a technological utopia, ultimately leaving the bill to the people and the state machinery itself.
