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Bankless Nation 是一月。
Bankless Nation is the January.
现在是 Bankless 周度汇总的时间。
It's time for the bankless weekly roll up.
清晰法案占据了核心位置。
The clarity bill, it took front and center.
它在参议院中进行了讨论。
It was in the senate.
这周它引发了广泛的讨论。
It was a big conversation this week.
这可能是对加密货币最重要的法案。
It's probably the most important bill for crypto.
我认为，大卫，它甚至比天才法案更重要，虽然天才法案更直接、更简单，但清晰法案的目标正是我们所期望的：明确加密货币在美国哪些是合法的，哪些不是。
I would say, David, even above the genius bill, which was much more straightforward, much more simple, but the clarity bill is supposed to do what we hope, which is provide clarity to crypto on what's legal in The US and what's not.
不过，现在正在进行一些交易和妥协。
There's some horse trading going on though.
银行游说团体讨厌政治交易
The bank lobby hates Horse
政治交易，我从来没听过这个说法。
trading, horse trading, I've never heard of this phrase.
是的，政治交易。
Yeah, horse trading.
就像各方都在一起谈判，看看能争取到什么、能容忍什么、不能接受什么，所有的游说者都在运作。
It's like all the parties are, you know, negotiating together to see what they can get in, and what they'll tolerate, what they won't, you know, it's all the lobbyists Okay, working on
我们在进行谈判。
we're negotiating.
对。
Yeah.
对。
Yeah.
对。
Yeah.
银行大堂想扼杀稳定币收益。
Bank lobby wants to kill stable coin yield.
他们不希望你拥有这个，大卫。
They don't want you to have that, David.
尤其是你。
You in particular.
对。
Right.
此外，Coinbase 最近也愤怒退出了。
Also, Coinbase is now rage quitting as of the latest.
他们说
They say
看到了。
saw that.
他们撤回了支持。
They withdrew their support.
他们说，当前版本的法案比法案不通过还要糟糕。
They did the current version of the bill they say is worse than it not passing it.
但仍然有一些我欣赏和尊重的加密领域人士支持这项法案，即使他们认为它现在通过的可能性不大。
But there are some still that I appreciate and respect in crypto that still like this bill, even as is they say it's passable.
当然，他们总体上站在Coinbase这一边。
Of course, they'd be on the Coinbase side of things in general.
但我们需要弄清楚这一切，全面审视这项法案，同时也要判断它是否会通过，以及我们是否真的希望它通过。
But we got to figure all that out and cover the bill, and also figure out whether it's gonna pass or if we actually want it.
是的，是的。
Yeah, yeah.
那么，要达成这个目标需要什么条件呢？
And what what is it going to take?
为了让它通过，我们必须让步什么？而我们又能赢得什么？
What do we have to give up to get that to pass versus what can we win?
但还有很多其他事情可以讨论。
But there's plenty of other things to talk about.
杰罗姆·鲍威尔正受到特朗普政府司法部的刑事调查，央行还能保持独立性吗？
Jerome Powell under criminal investigation from Trump's Department of Justice, is the central bank able to remain independent?
此外，在金融界和我们的政府领导人中，前纽约市长埃里克·亚当斯发行了一种模因币。
And also also in the world of finance and our government leaders, Former New York City Mayor Eric Adams issued a meme coin.
你可以猜到接下来会发生什么，而不是
And you can guess what happens next, rather than
接下来会发生什么。
what happens next.
在你发行模因币仅仅数小时后，
After, merely hours after you issued the meme coin,
当你推出一个模因币时，第一步是发布，第二步总是要收割投资者。
what would step when you launch a meme coin is you launch it, and the second step is always, you gotta rug people.
你得尽可能多地收割人。
You gotta rug as many people as you can.
别告诉我事情就是这样的。
Don't tell me that's what happened.
有什么不同。
Was any different.
我们也会谈谈这个。
We'll also talk about it.
大家都下注吧。
Everyone place their bets.
是的。
Yeah.
谈谈白银价格的疯狂飙升，以及X推出加密集成，同时打击传统金融，我觉得这简直太棒了。
Talk about the silver silver going absolutely parabolic and x rolling out crypto integrations while also killing info fi, which I'm I think it's just a fantastic thing.
还有，汤姆·李用他的以太坊国库公司投资MrBeast，因为这是一回事。
And also, Tom Lee, using his Ethereum treasury company to invest in MrBeast because that's the same thing.
他对这个有些评论。
He's got some comments on that.
在我们开始之前，我们的朋友Zama有一条消息。
Before we get in, our friends over at Zama have a message.
你知道，HTTP，我应该说它催生了HTTPS。
You know, HTTP, it made HTTPS, I should say.
那个S代表安全。
The the s stands for secure.
它让互联网变得私密。
It made the Internet private.
而Zama正在为加密货币做同样的事情。
Well, Zama is doing exactly the same thing for crypto.
我的意思是，隐私和加密货币结合当然会非常好。
I mean, because privacy and crypto, of course, would be very nice.
在互联网早期，一切都是明文传输，毫无隐私可言。
In the early days of the internet, everything was clear text, no privacy.
如今在比特币、以太坊、Solana等链上，加密货币仍感觉像是那个年代。
It still feels like those days in crypto right now on chains like Bitcoin, on Ethereum, on Solana will know more.
Zama正在提供HTTP Z，也就是保密网络。
Zama is providing HTTP Z, which is the confidential web.
他们还推出了Zama代币，将其技术应用于ICO。
They are launching as well the Zama token, applying their technology to the ICO.
所以如果你想体验Zama，可以通过参与ICO来实现。
So if you wanna go experience Zama, can actually do that as you participate in the ICO.
拍卖将于1月21日开始。
The auction is starting on January 21.
所以这件事很快就要来了。
So that's coming up soon.
我最喜欢Zama的一点是我们和创始人兰德、大卫聊过，我最喜欢的是嗯。
My favorite thing about Zama, we talked to Rand, the founder of Zama, David, my favorite thing about it is Mhmm.
它为现有的区块链增加了隐私保护。
It adds privacy to existing chains.
你不必去一个全新的链才能获得隐私。
Have You to go to a whole new chain to get your privacy.
你可以在现有链上获得隐私。
You can get it on the chain.
隐私是与你同在的。
Privacy comes you.
所以从以太坊开始。
So starting with starting with Ethereum.
所以你可以去了解一下。
So you can go check that out.
也可以参与这个ICO。
Participate in the ICO as well.
网址是 bankless.com.cc/zama-auction。
That is at bankless.com.cc/zama-auction.
链接在节目笔记里。
A link in the show notes.
大卫，我们聊聊本周最大的新闻，就是杰罗姆·鲍威尔。
David, let's talk about the big, big, big news on the week, which was Jerome Powell.
你看了他上周日发布的视频吗？
And did you see the video that he sent out last Sunday?
是的
Yeah.
基本上，嘿，世界。
Basically, a, hey, world.
看看中央银行独立性正遭受的这种不公。
Look at this injustice that is happening to the central bank's independence.
唐纳德·特朗普正在针对我。
Donald Trump is coming after me.
我们来看一下这个片段。
Let's watch a bit of this clip.
晚上好。
Good evening.
周五，司法部向美联储发出了大陪审团传票，威胁要就我去年六月在参议院银行委员会作证一事提出刑事指控。
On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.
那次证词部分涉及一个为期多年的项目，旨在翻新历史悠久的美联储办公楼。
That testimony concerned, in part, a multiyear project to renovate historic Federal Reserve office buildings.
我非常尊重法治和我们民主制度中的问责制。
I have deep respect for the rule of law and for accountability in our democracy.
没有人，尤其是美联储主席，能凌驾于法律之上。
No one, certainly not the chair of the Federal Reserve, is above the law.
但这一前所未有的行动应放在政府威胁和持续施压的大背景下看待。
But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.
这一新威胁并非针对我去年六月的证词，也不是关于美联储大楼的翻新工程。
This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings.
这与国会的监督职责无关。
It is not about Congress's oversight role.
美联储通过证词和其他公开披露，已尽一切努力让国会了解这一翻新项目。
The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.
大卫，他在这里说的是什么？
David, what is he talking about here?
他到底在说什么？
What is he even talking about?
为什么特朗普要针对他？
What is why is Trump coming after him?
早在2025年6月，鲍威尔在国会前谈到华盛顿特区联邦总部大楼25亿美元的翻新工程。
Back in June 2025, Powell was in front of Congress and talked about this $2,500,000,000 renovation of the Federal Headquarters Building in DC.
所以他们只是拿到了25亿美元的资金来翻新美联储大楼。
So they were just getting a bunch of money, 2,500,000,000.0 to renovate the Fed Building.
这么大一栋楼，翻新就要花25亿美元。
Very big building renovating it for 2,500,000,000.0.
联邦检察官正在调查鲍威尔在此次证词中是否对国会撒了谎。
Federal prosecutors are looking into whether Powell lied to Congress during this this testimony.
这跟特朗普想要的任何事情都毫无关系。
This has nothing to do with like anything about what Trump wants.
我认为这里的说法是，特朗普只是找了个借口去针对鲍威尔，因为鲍威尔没有做他想做的事——那就是降息。
I think the claim here is that Trump is just finding a way to go after Powell because Powell's not doing the thing that he wants, which is lower interest rates.
对。
Right.
所以，联邦检察官实际上正在针对鲍威尔和美联储，特别是他们声称鲍威尔误导了他们，说你现在看到的这座大楼的成本远高于他当初所说的金额。
So so so the federal prosecutors are actually coming after Powell and coming after Fed, and and specifically, they're saying that Powell misled them, that the cost of this building that you see right now is more than he said it would cost.
这就是他们的说法。
That's what they're saying.
但建筑项目或政府项目从来就没有不超预算的。
If building projects or government projects have never ever gone Right.
历史上从未有过。
Over budget in the history.
但特朗普却召见司法部，假设这一切都来自特朗普——而确实如此——目的是为了起诉鲍威尔。
But Trump is summoning the DOJ, presuming this all comes from Trump, which it does, to go prosecute Powell for that purpose.
而鲍威尔则说：嘿，这根本不是他们声称的那样。
And Powell is saying, hey, it's not about the thing that they're saying it's about.
对。
Right.
真正的原因是他们不喜欢我处理利率的方式。
It's about they don't like how I'm handling interest rates.
对。
Right.
他们不喜欢我的独立性。
They don't like my independence.
他们不喜欢我能够自由地做我认为适合我工作的事情，因为唐纳德·特朗普任命的其他政府领域的每个人，都被视为只会听从特朗普命令的人。
They don't like how I am free to do what I see is appropriate for my job because everyone else that Donald Trump appoints to whatever other sector of government always is identified as somebody who will just do Trump's bidding.
鲍威尔没有听从特朗普的命令，所以特朗普正在找办法对付他。
Powell's not doing Trump's bidding, and so Trump is finding a way to go after him.
这简直太疯狂了。
Absolutely wild drama.
我的意思是，这个视频消息是在周日发布的，对吧？
I mean, this video message came out, I think, on a Sunday.
对。
Right?
而且确实如此。
And did.
它包含了我所关注的所有内容，比如所有媒体。
It was just full of everything that I was looking at, like all media.
林恩·奥尔登称，这是自20世纪50年代以来美联储与行政分支之间最直接的冲突。
Lynn Alden calls this the most direct clash between the Fed and executive branch since the nineteen fifties.
人们可能已经不记得了，但在20世纪40年代和50年代，确实发生过大量来回拉扯，逐步削弱甚至彻底剥夺美联储独立性的过程，而如今同样的事情正在这里重演。
People probably don't remember that, but there's a lot of back and forth and a nibbling away of, like, a complete removal of Fed independence during the nineteen forties and and the nineteen fifties, and that same sort of thing is happening here.
不过，我不知道历史上是否曾有过司法部对美联储主席提起公诉的情况。
I don't know that there's ever been a DOJ prosecution of the chair of the Fed, though.
这确实是前所未有的领域。
That is truly unprecedented territory.
现在，很多人，大卫，会说——比如我看到埃里克·沃里斯关于此事的一条推文——美联储从一开始就不独立。
Now, a lot of people, David, will say, like, including I saw a tweet from Eric Voorhees about this, the Fed was never independent in the first place.
那一直都是烟幕和幌子。
That was always smoke and mirrors.
它始终是受行政分支或国会议员意志左右的政治机构。
It was always a political institution at the will the whims of the executive branch or members of Congress.
所以这根本不是什么大事。
And so this is just like not a big deal.
你对此怎么看？
What do you think about that?
你觉得这真的不是什么大事吗？
Do you think this is not a big deal?
这一直都是这样，还是说我们正在跨越一条从未跨越过的红线——也许自1940年代以来就从未有过？
It's always been like, or do you think this is are we crossing a Rubicon here that The US has not crossed maybe ever, or at least since like the 1940s?
我理解埃里克的观点，即美联储并非中立的。
I take Eric's point in the sense that the Fed is not unbiased.
美联储确实有偏见，但这些偏见不同于唐纳德·特朗普的偏见，两者的偏见类型并不相同。
The Fed has biases, but they are different from Donald Trump's biases, which are not the same type of biases as the Fed.
美联储即使有偏见，仍可以独立于总统运作。
And the Fed can be can be biased and still be independent from the president.
而且，你知道，美联储是有其职责的。
And then, you know, the Fed has a job.
它有明确的使命。
It has a mandate.
毕竟，我们是人。
Like, we are humans.
我们可以投入精力和努力去完成这项工作。
We can apply our energies and our efforts to try and get that job done.
我认为，你可以回顾一下鲍威尔的成就。
And I think, you know, you can look back at Powell's legacy.
我觉得，鲍威尔做得相当不错。
I think, like, Powell's Powell's done a pretty good job.
我们以前对鲍威尔说了好多难听的话。
We were talking hella crap about Powell.
还记得吗？2020年和2021年疫情期间，你和我曾经对鲍威尔说了好多难听的话。
Remember you and I were talking about hella crap about Powell in 2020 and 2021 during COVID.
然后大家都说，他们必须走钢丝。
And then everyone was like, Oh, they they have to thread the needle.
他们肯定会搞砸的。
They're totally gonna mess it up.
一直说通胀是暂时的，这让我很困扰，因为我们都知道，这远不止是‘几个月后就会过去’那么简单。
Kept saying transitory inflation that bothered me because like, we knew it was much more durable than just like, Oh, it'll be a few months, it'll be over.
他做得很好。
He's done a great job.
所以我相信，也许他很有主见。
And so I'm sure maybe he maybe he's opinionated.
也许他有偏见，但他并不是偏向任何一位短期总统的兴趣。
Maybe he's biased, but he's not biased to whatever like a short term president is interested in.
所以我不确定Eric Voorhees的评论是在把美联储当作一个机构来谈，而不是针对我们当前所处的这个短暂时刻。
And so I'm not sure Eric for he's Eric Voorhees is comments talk about the Fed as like an institution, like not about the local temporal moment that we are in right now.
是的。
Yeah.
我的意思是，鲍威尔展现的正是特朗普那种混乱的反面。
I mean, Powell projects the opposite of the chaos of Trump.
我的意思是，即使在他经历那些的时候，那只是我们刚刚播放的预先录制的演讲。
I mean, even when he was going through that, like, just that that's that's prerecorded speech that we just played.
对。
Right.
面无表情。
Poker face.
是的。
Yeah.
你知道的，语调非常平淡。
You know, very monotone.
嗯。
Mhmm.
简直就是稳定的化身。
Just the the picture, the portrait of of stability.
所以问题是，鲍威尔被撤职的概率有多大？
So the question is, what's the probability that Powell gets tossed out?
显然，这项起诉已经启动了。
Obviously, this prosecution is in place.
在Poly Market上，三月的概率为4%，到5月14日的概率为8%。
Still on poly market, the probability by the March is 4%, and the probability by May 14 is 8%.
这个概率并没有太大变动。
This has not moved all that much.
没有。
No.
所以，也许市场已经将这个因素计入价格了。
So, I'm not, maybe the market has already priced this in.
实际上，大卫，我这周读到的关于特朗普、美联储起诉以及委内瑞拉相关事件的最佳分析，来自诺亚·史密斯。
Actually, David, the best take I read on some of the things happening with Trump, this Fed prosecution, also Venezuela, came from Noah Smith this week.
你知道的，经济学家诺亚·史密斯，他的观点非常出色。
You know, economist Noah Smith, he's got a great success.
是的，我的最爱之一。
Yeah, of my favorites.
是的，他的核心观点是，特朗普实际上在委内瑞拉和美联储起诉这两件事上都采取了行动，目的是推动通胀下降，而关键的政治原因是，他知道民众最关心的是可负担性。
Yeah, so his whole thing was, Trump is actually doing, did both Venezuela and the Fed prosecution, the push towards lower inflation, for political reasons, and a key political reason is, he knows that affordability is what the American people want.
他的民调最低点全都集中在可负担性和通胀问题上。
His lowest poll ratings are all around affordability and inflation.
那么特朗普在做什么呢？
And so what is Trump doing?
好吧。
Okay.
委内瑞拉，石油供应，这会产生什么影响？
Venezuela, access to oil, what does that do?
这是一根他真正能掌控的通胀杠杆，因为如果你向市场大量投放石油，汽油价格就会下降。
It's an inflation lever that he can actually control, because if you flood the market with oil, you get gas price down.
对。
Right.
美国消费者
And American consumers
生活成本下降。
Cost of living goes down.
没错。
Exactly.
因此，美国消费者注意到了这一点。
And so American consumers notice that.
加油站的价格是人们最能感受到的通胀因素之一。
The price of the pump is one of the, you know, big inflation kind of things that are most notable.
所以他正在这么做。
So he's doing that.
然后，他们还注意到房贷和信用卡账单的价格。
And then also, the other thing they notice is the price of their mortgage, price of their credit card bill.
因此，特朗普也希望利率下降。
And so, that's why Trump wants interest rates down too.
所以，这看起来可能像混乱，但从政治角度来看，这实际上是经过一定算计的——至少这是诺亚的观点。
So, he's actually, this may look like chaos, but it's actually somewhat calculated from a political perspective, at least this is the argument Noah's making.
但他称之为可负担性。
But he calls it affordability.
他称之为诺亚所说的黑帮式可负担性？
He calls it Noah calls it gangster affordability?
因为特朗普的做法就像纯粹的黑帮老大。
Because the way Trump is doing it is like straight up mob boss.
是的。
Yeah.
是的。
Yeah.
是的。
Yeah.
是的。
Yeah.
是的。
Yeah.
当然，一个主权国家的总统，就这么被直接抓走，这会带来
Sure, the the president of a sovereign country and just yoink him, and it will open
从而降低我们国内的生活成本。
up So it can lower our cost of living here domestically.
是的，
Yeah,
让我用法律手段。
and let me use law affair.
让我直接动用司法部去起诉鲍威尔，迫使他真正降低利率。
Let me just go like crush, use my DOJ to go prosecute Powell, so he'll like put the levers on him to really lower interest rates.
所以，这些看似混乱的举动背后，确实存在一种有趣的政治算计逻辑。
So there could be the it was an interesting rationale for the political calculus behind all of these moves, which seems so chaotic at times.
这非常有意思，因为昨晚我一直在密切关注聚市场，当时唐纳德·特朗普正摆出要对伊朗发动打击的姿态，随后又宣布取消了对伊朗的打击，聚市场一片混乱。
That's very interesting, because I was intently watching a lot of the poly market last night as Donald Trump was like posturing to make strikes on Iran, and then he said he called off the strikes on Iran, and the poly markets were all confused.
你知道发生了什么吗？
You know what happened?
油价下跌了。
Oil prices went down.
我不知道为什么，但你看到油价因为他在昨晚的所作所为或无所作为而下跌了大约百分之四到五。
I don't know why, but, like, you watched oil prices drop by something like four or 5% as a result of whatever he did or did not do last night.
是的。
Yeah.
这也很有趣。
So that's also very interesting.
不稳定天才？
Unstable genius, maybe?
也许这就是特朗普在做的事？
Maybe that's what Trump's doing?
不稳定天才。
Unstable genius.
这对特朗普来说其实是个绝佳的品牌。
It's actually a great brand for Trump.
他应该去竞选
He should run a
确实有点像。
It kinda is.
确实有点像，真的。
It kinda is, actually.
以一种非常奇怪的方式是个天才。
Genius in a very strange way.
但问题是，市场是如何反应的？
The But question is, how did markets react?
它们确实做出了反应，反应最大的是白银市场。
And they did react in a The big the market that reacted the most was the silver market.
我马上给你看白银的价格，但你知道，当美国铸币局暂停所有银制品销售时，白银价格疯狂上涨。
I'm gonna show you the price of silver in just a minute, but this is you know silver's going crazy when The US Mint suspends all sales of silver products.
好的。
Okay.
美国铸币局铸造这些硬币是作为收藏品。
The US Mint mints these like collector coin.
你曾经收集过硬币吗？
Did you ever collect coins?
是的。
Yeah.
我爸爸给我一套套的硬币，比如这是1999年的，戴夫。
My dad gave me sets of coins like here's the it's it's 1999, Dave.
这是一分钱、一角、五分和二角五分，都是1999年的，而且
Here is a penny and a quarter and a nickel and a dime all from 1999 and
哦，不错，99年的？
Oh, nice '99?
就这些。
That's it.
每一年都有。
That's For every every single year.
每年你都会给我一套新的。
Every single year, you would get me a new set.
是的。
Yeah.
对。
Yeah.
我不知道那些现在在哪了。
I don't know where those are now.
对于像我小时候那样狂热收集硬币的收藏者来说，这非常有趣。
Well, for coin collectors, like, used to collect coins as a kid, like, super aggressively, but it's very interesting.
对吧？
Right?
我觉得旧钱币特别有趣。
It's like, I I find old money very interesting.
总之，人们会像这样收集铸币厂发行的硬币。
Anyway, people collect coins from the mint like this.
嗯嗯。
Uh-huh.
这些是银币。
These are silver coins.
是的。
Yeah.
对。
Yeah.
而且美国铸币局说，我们不能再卖了。
And the mint, the US Mint says, we can't sell anymore.
为什么？
Why?
因为价格涨得太快了，这样我们会亏一大笔钱，所以他们停止销售了。
Because the price is moving too fast, so we're gonna, like, lose a whole bunch of money on this, so they stopped selling them.
这以前是前所未有的。
That that was pretty unprecedented.
这是白银的价格。
And this is the price of silver.
我正在看一个月的走势。
This is I'm looking at the one month.
所以白银一个月的价格上涨了43%。
So one month price of silver, we're up 43 percent.
好的。
Okay.
有趣的是，对于正在观看的人，白银线是金色的，而黄金线是蓝色的。
Ironically, this chart for people who are watching, the silver line is colored in gold, and the gold line is blue.
所以别搞混了。
So don't get confused.
是的。
Yeah.
对。
Yeah.
你刚才那么一说，差点把我搞糊涂了。
That almost confused me just now as you said that.
所以黄金上涨了7%，白银上涨了42%。
So gold is up 7%, silver up 42%.
在同一时间段内，我们稍后会聊加密货币的价格，但标普500指数只上涨了2%。
Same time range, we'll get into the price of crypto, but the s and p 500 is only up 2%.
没错，这有点像是货币贬值，或者可能是美联储独立性相关的交易，但让我放大看，这仅仅是五天的走势，我现在放大到一年的时间范围。
Right, so this is kind of a debasement, maybe Fed independence type of trade, but let me zoom out, that's only the five day, let me zoom out to the one year here.
一年来看，黄金上涨了200%。
One year, gold is up 200%.
哇。
Wow.
这波动性简直像加密货币资产一样。
That has like a volatility of a crypto asset.
白银也是？不，不，黄金上涨了70%。
Silver is also No, no, Gold is up 70%.
白银上涨了2%。
Silver is up 2%.
我说的就是这个意思。
Said, that's what I meant.
好的。
Okay.
白银上涨了200%。
Silver's up 200%.
黄金上涨了70%。
Gold is up 70%.
太惊人了。
Huge.
这些数字太庞大了。
These are huge numbers.
是的。
Yeah.
这些波动非常巨大。
Those are massive moves.
标普指数上涨了17%。
S and P is 17%.
当然，今年比特币和以太坊的价格基本持平。
And of course, you have Bitcoin and ETH are just like flat on the on the year.
所以这周价格确实强劲上涨了。
So so the prices were definitely solidly up this week.
我朋友给我发消息说，‘我们回来了’，你知道吗，比特币涨到了96,000美元，现在是33,000美元，我们是不是因为同样的主权和货币原因，正与这些贵金属同步上涨？
Like I got texts from my friends like, Oh, we're so back, you know, Bitcoin is up $96,000 Bitcoin, the is at $3,300 Are we moving in tandem with these precious metals because of all the same like sovereignty and monetary reasons?
我的意思是，这看起来不太可能。
I mean, it doesn't look like we could.
我们稍微有点上涨。
We're getting a little bump.
我们只是在
We're just we're getting
我的意思是，相比之下，我们仍然是被遗忘的资产类别。
I mean, we are still the forgotten asset class by comparison.
但这一周价格确实出现了积极的走势。
But like there was a positive price movement this week.
是的。
Yeah.
你没收到任何白银朋友的消息，原因可能是，大卫，你根本就没有白银朋友。
The reason you didn't get any text from your silver friends is probably David, you don't have any silver friends.
我确实没有白银朋友。
I don't I don't have any silver friends.
说实话，我知道你是我唯一的白银朋友。
Like, I know you are my only silver friend.
那是我的
That's my
你觉得我是白银朋友？
think I'm a silver friend?
你说你这里收集了几个硬币
You said you collect a little few coins here
还有那里。
and there.
不过很遗憾，我没有白银。
I don't have any silver though, unfortunately.
我知道，我真希望有。
Know, I wish I did.
那会很棒。
That would be great.
像这样的星期里，那会很棒。
That'd be great on a week like this.
CPI数据也公布了。
CPI numbers came in as well.
比预期略低。
They were a little bit lower than expected.
所以是2.6%。
So 2.6%.
但我们之前讨论了其他市场对此的反应，比如白银和黄金都上涨了。
But we talked about the other markets and their reaction to this, which is like silver and gold up.
你说得对。
You're right.
加密货币这一周也有所上涨。
Crypto did get a bump on the week.
比特币的官方七天数据是多少？
What what are the numbers, the official seven day numbers for Bitcoin?
是的，比特币和以太坊本周都上涨了5.3%，比特币现价96,100美元，以太坊为3,300美元。不过，目前价格走势并没有出现剧烈波动。
Yeah, both Bitcoin and ether are up 5.3% on the week Bitcoins at $96,100 ether is at $3,300 So I'm not like still not crazy price action in any direction.
但感觉还不错，以太坊已经脱离了2,000美元的水平，比特币也正逼近10万美元。
But like it does feel healthy getting away from that 2,000 number on ether and getting closer to 100,000 in Bitcoin.
我注意到有很多空头。
I did see a lot of shorts
我们仍然根本不是任何金融秀的主角。
we are still we are still not the star of any financial show whatsoever.
我们仍然是被遗忘的资产类别。
We are still the forgotten asset class.
不过我确实看到空头被清算了。
I did see the shorts get liquidated though.
你真的看到了吗？
Did you though?
感觉真好。
It feels good.
感觉不错。
Feels good.
很好。
Good.
是的，感觉真好。
Yeah, feels good.
我就像说，
I'm like,
是的，不，我会和做白银的人做朋友。
yeah, no, I I'll be friends with silver people.
我会和做黄金的人做朋友。
I'll be friends with gold people.
我不会和做加密货币空头的人做朋友。
I will not be friends with crypto short sellers.
是的。
Yeah.
谁啊，天啊。
Who oh, man.
如果你有任何朋友，那你到底在做什么？
If you have any friends Who what are you doing?
你是谁？
Who are you?
你这辈子在忙些什么？
What are you doing with your life?
不过，这周我偶然看到一个有趣的数字，就是活跃地址的数量。
This was an interesting number, though, that I stumbled across on the week, which is the number of active addresses.
这是在比较以太坊和比特币。
This is comparing ETH to Bitcoin.
明白吗？
Okay?
我很久没看过这个数据了，可能有好几年了吧，非常久。
And I haven't looked at this in a long time, probably, you know, like, years or something, a very long time.
这是历史上第一次，以太坊的活跃地址数量超过了比特币。
This is the actually the first time that ETH has flipped Bitcoin in terms of number of active addresses.
历史上第一次。
The first in history.
什么？
What?
七日移动平均值。
Seven day moving average.
这有道理吗？
Does that make any sense?
你以为这已经发生过了？
You thought that had already happened?
这毫无道理。
That doesn't make any sense.
不可能。
Is the No way.
这是区块，你知道的，这就是区块。
Is the block dot you know, this is the block.
它们是可靠的。
They're reliable.
是的。
Yeah.
展开剩余字幕（还有 480 条）
但第一次，即使像非规模化的版本，理论上它的吞吐量仍然远超比特币，尽管我们的交易更重、更密集，能完成更多功能。
But first time, even as like non scale, the theory is it's still way more scaled than Bitcoin in a throughput standpoint, granted our transactions are heavier and more dense and do more things.
是的。
Yeah.
不过也没多多少。
I mean, it wasn't much more though.
比如，今年之前，大概是多少？两倍左右？
Like previously, mean, previous to this year, was what, like double?
我不确定，大概是每秒12笔交易，而比特币是七笔左右？
I don't know, like 12 transactions per second versus Bitcoins, seven or something like that?
对吧？
Right?
真正快速超越的其实是今年。
It's really it's been this year that's really outpaced.
但不管怎样，这就像剑锋逆转了。
But anyway, that's a flipping of a sword.
我以为那已经发生了
I I had thought that that had happened
已经了。
already.
那多年来一直都是这样。
That that was what it was for years.
没有。
Nope.
没有。
Nope.
我的意思是，比特币有很多活跃用户和大量活跃地址。
Big I mean, Bitcoin is a lot of active users, a lot of active addresses.
好吧。
Okay.
那么他们在做什么？
So What are they doing?
还有另一件事。
One other thing.
他们在做什么？
What are they doing?
序数？
Ordinals?
不是。
No.
不是序数。
It's not Ordinals.
而是，你知道的，比特币的使用场景，就是转移比特币。
It's, you know, the the use case for Bitcoin, which is you move Bitcoin around.
还有，现在以太坊正在大力扩容。
There's also the case that Ethereum is scaling so hard right now.
这是一条推文。
Here's a tweet.
还有，Gas费也大幅降低了。
That and reduced gas fee so much.
这个人说，维托说，我再也没有理由使用L2了。
This person says, Vito says, I have no reason to use l twos anymore.
好吧，以太坊真棒。
Well, job Ethereum.
如果你去看看现在一笔L1交易要花多少钱，还挺有趣的。
And it's funny if you go to how much does a l one transaction cost right now?
在以太坊主网上，大约是0.016美分。
On Ethereum mainnet, it's about 0.016¢.
所以每笔交易才一美分半。
So it's just a penny and a half per transaction.
我已经很久没考虑过我的交易费用了。
I have not thought about the cost of my transactions in a long time.
现在它的价格和Polygon权益证明差不多。
It's like the same price as polygon proof of stake right now.
是的，它的费用范围和任意链及基础链几乎相同，
Yeah, it's within the same ranges as arbitrary and base almost,
你知道的，区块时间实际上会逐渐接近许多其他非常快的二层网络和其他一层网络的水平。
you know, block times, it would actually start to approach parity with a lot of other very fast layer twos and other layer ones.
是的，这很好。
Yeah, it's good, though.
我的意思是，这是以太坊一层的扩容方案。
I mean, this is eth l one scaling.
希望未来我们能看到更多这样的进展。
And hopefully, we see more of that moving forward.
但我想，也许可以以这个问题来结束市场部分：这种趋势会持续下去吗？
But I guess the question to maybe end the market section with is, is this going to persist?
你觉得我们这一周能涨5%吗？
Do you think we're gonna get we got a 5% on the week.
你的预测是缓慢稳步上涨。
Your prediction was slow grind up.
看来我们这里有一个支撑性的叙事，那就是美联储已经不再独立了。
Seems like we have the narrative, you know, at our back here, which is like, there's no Fed independence anymore.
加密货币似乎应该跑赢比特币，尤其是。
It seems like crypto should outperform Bitcoin, especially.
这似乎是它的好时机。
It seems like it's its moment.
你觉得我们在这里会触底吗？
Do you think we're we're setting a bottom here?
你觉得这是缓慢上涨的开始吗？
Do you think this is the slow grind up?
还是会有更多的下跌空间？
Or is there more bear to continue?
是的，除了政策明朗化之外，我实在找不到其他催化剂。
Yeah, other than the clarity passing, I just can't find any catalyst.
我不确定这种明朗化在短期内能产生多大的催化作用。政策明朗化时，ETH价格可能会短暂上涨，但涨幅只会是小到中等，不会真正定义任何重大趋势。
And I don't really know how much of a catalyst that that clarity will be in the short term, clarity passes, and you're gonna see a bump in ETH price in that moment, it's not gonna it'll be a small to medium sized bump up, but it won't really define anything big.
所以山寨币也会有所上涨，但不如以太坊明显，比特币则基本不会有太大动静。
So on will also get a bump not as much as Ethereum, Bitcoin won't really do anything at all.
然后我们就没事了。
And then we're good.
这件事就会成为过去式。
And it's gonna be in the rearview mirror.
我不知道今年还有什么正面的催化剂。
And I don't know what positive catalyst is ahead for the year.
无论哪个方向，说实话，我也不知道。
In either direction, for what it's worth.
我不清楚为什么我们会下跌，但我想，没人能预测黑天鹅事件，或者黑天鹅事件。
I don't know why we would go down or but I guess no one does with black swans or black swans.
但无论如何，我仍然看到一些逆风，比如我们正在失去被遗忘的资产类别地位。
But nonetheless, like, I'm still seeing headwinds in terms of like, losing our forgotten asset class status.
是的，
Like, yeah,
我不知道你怎么样，布莱恩，但我非常期待SpaceX的IPO。
I don't know about you, Brian, but I am looking very much forward to the SpaceX IPO.
这对我来说真的很令人兴奋。
Is, is that is exciting to me.
还有，我是说，Tropic和OpenAI，这些都将是金融市场上令人兴奋的时刻。
And also, I mean, tropic and open AI, those are these are gonna be very exciting financial markets moments.
但它们并不是加密行业所具备的。
And they're just not what the crypto industry is.
没错。
Right.
我的意思是，我们现在担心美联储的独立性，却没人谈论加密货币，大家只在谈白银和黄金。
I mean, the fact that we have fed independence fears right now, and no one's really talking about crypto, we're just talking about silver and gold instead.
对吧？
Right?
这可不是我们所需要的。
That's kind of not what we need.
对吧？
Right?
我们希望比特币和非主权价值储存资产以及加密货币能够表现更好。
We want Bitcoin and non sovereign store value assets and crypto to be outperforming.
它们现在并没有。
They're not right now.
所以我倾向于同意你的观点。
So I tend to agree with you.
我的意思是，这并不意味着我们现在正进入牛市，至少我们还没有明确的迹象表明这一点。
I mean, I think that this is not the sign of now we're entering the bull run, at least we don't have a clear indication there.
但我们得谈谈你刚刚提到的催化剂，也就是参议院的清晰法案。
But we got to talk about the catalyst that you just mentioned, which is the clarity bill in the Senate.
关于这个法案，有很多内容值得讨论，包括我们是否希望它通过，以及它包含了什么内容。
So much to discuss on that, including do we want it to pass, and what's in it?
是的。
Yeah.
那谁在为此争斗呢？
And who's fighting over it?
我们稍后会更详细地讨论这些，但在那之前，我想感谢使本集成为可能的赞助商。
We'll talk about all that more, but before we do, I wanna thank the sponsors that made this episode possible.
如果你能用与交易加密货币相同的工具和速度来交易黄金、外汇和全球市场，会怎样？
What if you could trade gold, forex, and global markets with the same tools and speed that you use for crypto?
这正是 Bitget TradFi 所实现的功能。
That's exactly what Bitget TradFi unlocks.
在经历强劲的测试期需求后，包括单日黄金交易量超过一亿美元，Bitget TradFi 现已向所有用户开放。
After strong beta demand, including over a $100,000,000 in single day gold trading volume, Bitget TradFi is now live for all users.
在你现有的 Bitget 账户内，你可以交易涵盖外汇、贵金属、指数和商品的 79 种金融工具，全部以 USDT 结算。
Inside of your existing Bitget account, you can trade 79 instruments across forex, precious metals, indices, and commodities all settled directly in USDT.
无需切换平台，也无需法币兑换。
No platform switching and no fiat conversions.
这就是 Bitget 普适性交易所愿景的真正体现。
This is Bitget's universal exchange vision in action.
加密货币与传统金融并肩而行。
Crypto and traditional finance side by side.
你将获得深厚的流动性、低滑点，以及最高达500倍的杠杆，让你能够将加密策略应用于宏观市场。
You get deep liquidity, low slippage, and leverage up to 500 x, letting you apply crypto strategies to macro markets.
对传统金融还不熟悉？
New to TradFi?
从黄金开始。
Start with gold.
黄金兑美元货币对流动性强，受宏观因素驱动，是加密货币与传统市场之间自然的桥梁。
The gold USD pair is liquid, macro driven, and a familiar natural bridge between crypto and traditional markets.
立即在bitget.com交易黄金。
Try trading gold on Bitget now at bitget.com.
点击节目说明中的链接获取更多信息。
Click the link in the show notes for more information.
这不是财务建议。
This is not financial advice.
在加密货币领域，很少有人在公开预测顶部或底部时真正押上真金白银。
Few people in crypto put real skin in the game when they make public top or bottom calls.
在10月10日闪崩前一周，DeFi Report的迈克尔给他的整个通讯名单发了一封邮件，称他将大幅降低风险，将大部分加密资产转为现金。
The DeFi report is one of The week before the October 10 flash crash, Michael from the DeFi report emailed his entire newsletter, saying he's going aggressively risk off and sold the majority of his book from crypto into cash.
当时以太坊价格约为4000美元，比特币价格为11000美元。
This is when ETH was about $4,000 and Bitcoin was a 110.
迈克尔运营着DeFi Report，这是一个以数据、周期洞察、风险管理、透明度，最重要的是——真正押注为基石的行业领先研究平台。
Michael runs the DeFi report, an industry leading research platform built on data, cycle awareness, risk management, transparency, and most importantly, skin in the game.
我们在Bankless非常欣赏迈克尔。
We like Michael at Bankless.
我们欣赏他的分析，因此你大约每月能在播客中听到他一次。
We like his analysis, and that's why you hear him on the podcast about once a month.
DeFi Report正在为Bankless的听众提供一个月的免费访问权限。
And the DeFi report is giving Bankless listeners one free month of access to the DeFi report.
因此，如果你正在寻找一些敏锐的、以数据为驱动的分析，以更明智地管理你的投资组合，你可以在DeFi Report Pro中了解迈克尔是如何预测顶部的，以及他接下来的策略。
So if you're looking for some sharp data driven analysis to make better informed decisions around your portfolio, you can learn why and how Michael called the top and what he's doing next, all in the DeFi report Pro.
去看看吧。
Check it out.
显示说明里有链接。
There is a link in the show notes.
好的。
Alright.
我们还有很多关于《清晰法案》的内容要讨论。
We've got a lot to get through with the Clarity Act.
我们有两项相互对立的法案被提出，也许它们会达成一致。
We have two opposing bills being introduced that maybe maybe they converge.
提出这两项法案的委员会也彼此对立。
We have two opposing committees with proposing those bills in the first place.
然后Coinbase退出了，而Coin Center却表示支持。
And then we have Coinbase defecting Coin Center giving the thumbs up.
而伊丽莎白·沃伦一如既往地发声。
And then Elizabeth Warren ring as normal.
所以我们今天要讨论所有这些内容，首先，让我们先明确一下什么是‘清晰’。
So we're gonna talk about all of this and more first, let's just level set with what clarity is.
让我们谈谈《数字资产市场清晰法案》，这是美国加密货币市场结构的核心法案，它定义了数字商品与证券之间的区别。
Let's talk about that digital asset market clarity act is main United States crypto market structure bill, it defines what a digital commodity versus security is.
它正式明确了证券交易委员会（SEC）和商品期货交易委员会（CFTC）之间的管辖权划分。
It formalizes the splitting of the jurisdiction between the SEC and the CFTC.
它为交易所、经纪商和托管机构设定了规则。
It sets the rules for exchanges, brokerages, and custodians.
这是一项非常重要的法案。
It's a very big bill.
就像瑞安在开场时提到的，我们最早拿到的法案是《天才法案》。
Like Ryan said kind of in the intro, our first bill that we got was the Genius Act.
这个稳定币法案争议相对较小。
This Stablecoin Act decently uncontentious.
它只是在推动稳定币促进美元的主导地位。
It's just stablecoins promoting dollar dominance.
并不是说没有需要争执的地方，但总体来看，事情非常明确，必须完成，也确实完成了。
Not like there were some things to fight over, but in the broad strokes of things just like was very obvious and needed to get needed to get done and did get done.
《清晰法案》要争议得多，因为有太多需要争执的地方。
The Clarity Act is much more contentious because there are so many things to fight over.
证券业与去中心化金融（DeFi）正面交锋。
The securities the the Wall Street is going up against DeFi.
银行与稳定币发行方对抗。
Banks are going up against the stable coin issuers.
有太多不同的层面需要争执，而这周的主题正是我们围绕所有这些方面展开了争论。
There's just so many different levels of surface area to fight over, and that is kind of the theme of the week is we kind of fought over all of them.
众议院在2025年年中通过了他们版本的清晰法案。
The house passed their version of clarity in mid twenty twenty five.
然后就到了时候了，而且
And now it's then it was time to and
这很好。
that was good.
顺便说一下，我们觉得众议院的版本相当扎实。
By the way, we like that house version was pretty solid.
是的。
Yes.
然后它被送到了参议院。
Then it went to the Senate.
参议院一直陷入僵局。
And the Senate has been stuck.
他们一直在努力制定自己的版本，并协调来自两个不同委员会——银行委员会和农业委员会——的两种不同版本。
They've been trying to craft its own version and reconcile the two different versions coming out of the two different committees, the Banking Committee and the Agricultural Committee.
农业委员会倾向于将法案导向商品期货交易委员会（CFTC）。
The Ag Committee is leaning the bill towards the CFTC.
银行委员会则倾向于将法案导向证券交易委员会（SEC），连同他们其他关于去中心化金融和稳定币的内容。
The Banking Committee is leaning the bill towards the SEC along with all their other DeFi and Sablecoin stuff.
这就是本周相关进展的大致情况。
And that's kind of the state of play as it relates to like what happened this week.
就在今年12月这一周之前，银行和农业两个阵营都将各自的清晰性标记推到了2026年1月。
Just before this week in December, both the banking and agricultural sides pushed their clarity markups into January, January 2026.
他们只是推迟了，说我们无法解决这个问题。
They just kind of punted saying like, we couldn't resolve this.
让我们在新的一年里再来处理这个问题。
Let's let's tackle this in the new year.
现在新的一年已经到了。
Now it's the new year that's now.
而当前的争议焦点在于去中心化金融（DeFi）的监管定位，即前端开发者是否属于中介，以及稳定币的奖励和收益问题。
And really the fight is being over DeFi DeFi treatment, whether the front end devs or developers at all are intermediaries and also stablecoin rewards and yields.
我们来谈谈稳定币的奖励和收益吧，因为我觉得这是一场重大博弈。
Let's talk about stablecoins rewards and yields because I think this is a big fight.
具体来说，银行一方认为，美国公民用户不应获得他们的稳定币收益，只有银行才应该获得这些收益。
Specifically, the banks are on one side of this, which is that American citizens users should not get their their stablecoin yields, that only the banks should get them.
银行只是
Banks just
是的。
Yes.
他们声称，比如，这会 destabilize 金融体系，对吧？
Give them And they're they're saying things like, well, this would destabilize the financial system, right?
这会减少信贷创造，对小型社区银行会造成严重影响。
This would reduce credit creation, this would be really bad for smaller community style banks.
但我认为，总的来说，大卫，他们从你的储蓄账户利息中赚取了大量利润。
I think the net of it though is, David, they make a whole lot of money from interest on your savings account.
对吧？
Right?
再次，这里的差异在于
Again, the delta here what is
从他们整个模式的角度来看，这确实具有破坏性。
It is destabilizing in a sense of their whole paradigm.
对。
Yeah.
所以大多数大银行，顺便说一下，这些大银行的游说团体资金雄厚，他们一直在华盛顿活动了很长时间，对吧？
So most of the big banks, and by the way, the big bank lobby, which they are well funded, they've been in Washington like forever, right?
他们在某种程度上掌控着这座城市。
They kind of run that town at some at some level.
他们试图做的，这超出了《清晰法案》的范围，他们想从《天才法案》中拿回一些东西。
What they're trying to do, this is sort of beyond the scope of the Clarity Act, what they're trying to do is they're trying to do a take back from the Genius Bill.
是的。
Yeah.
他们在《天才法案》中搞砸了。
They did a whoopsie in the Genius Bill.
是的。
Yeah.
所以他们被加密货币支持者和加密货币游说团体绕开了。
So they got outflanked by kind of the the crypto proponents, the crypto lobby.
在《天才法案》中，他们以为自己堵住了向用户分发利息的漏洞，但事实上，稳定币发行方不能这样做，而交易所或其他协议却可以提供利息。
And as part of the Genius Bill, they thought they closed the loophole for sharing interest to users, but, indeed issuers of stablecoins cannot do that, but exchanges or other protocols can provide that interest.
最终结果是，大多数用户都能获得这些利息。
The net effect is most users get that interest.
现在他们正试图关闭这一渠道。
Now they're trying to shut that down.
对。
Right.
而且我认为，他们对美国公民并没有提出很有说服力的理由，说明这为什么对美国公民有利，但当然，他们能接触到许多正在参与此事的议员的竞选活动，目前情况是这样，对吧？
And they're not making a very convincing case, I think, for American citizens, and why this is good for American citizens, but of course, they have the ear, and you know, campaign of many of the lawmakers who are weighing in on this, and as of now, am I correct?
他们正在阻止所有稳定币的收益。
They are kind of blocking all stablecoin yield.
这至少是我们目前看到的草案版本中的内容。
That's in the at least the current version of the markup we have.
是这样吗？
Is that right?
是的，没错，就是这样。
Yeah, yeah, that's right.
也许为了更清楚一点，贝莱德的代币化债券基金通过智能合约直接将收益以原生链上方式分配给持有者。
Maybe just to make this a little bit more clear, the BlackRock's tokenized Biddle fund passes yield on to its holders directly on chain natively as a part of the smart contract.
这也是一种证券。
That is also a security.
而《天才法案》却禁止普通稳定币实现这种操作。
And the genius bill, they blocked that from being able to be done with normal stablecoins.
所以如果你持有USDC或泰达币，你就无法获得支撑它们的国债所产生的收益。
So if you hold USDC or Tether, you cannot get the yield of the interest of the T bills that back it.
但Ryan所说的行业绕过银行游说集团的漏洞是：如果你在Coinbase持有USDC，Coinbase会以奖励的形式，而不是利息的形式，给你大约4.25%的回报，作为对你这样做的客户奖励。
But the loophole that the that Ryan said the industry flanked around the banking lobby around is that if you hold your USDC on Coinbase, Coinbase gives you four point something percent, 4.25% as a reward, not as interest, as a reward, a customer for a reward for doing that.
而银行方面则说：等等，这可不是我们的本意。
And that's like the loophole that the banks were like, a second, that's not what we meant.
因此，他们正试图在这项法案中关闭这个漏洞，而他们在这个问题上态度非常强硬。
And so they are trying to close that loophole in this bill, and that is the thing that they are being a very significant hardliner on.
大卫，你看到这一点了吗？
David, do you see this?
所以在去中心化金融领域，就是Sablecoin那个事。
So on the DeFi, that's the Sablecoin thing.
而你提到的去中心化金融领域，现在正播放着这样的广告，比如‘投资者呼吁透明度’，在福克斯新闻黄金时段广告中敦促观众反对去中心化金融条款。
And on the DeFi that you mentioned, there are commercials being run like this one, investors for transparency, primetime ads on Fox News urging viewers to oppose DeFi provisions.
你觉得有多少福克斯新闻的观众会想：哦，去中心化金融，我讨厌这个。
Now, how many Fox News viewers you think are like, oh, DeFi, I hate that.
我要给我的参议员打电话。
I'm gonna call my senator.
去中心化金融。
DeFi.
我知道那是什么。
I know what that is.
是的。
Yes.
看看这个。
Look at this.
告诉你的参议员通过不含DeFi条款的加密货币法案。
Tell your senator pass crypto legislation without defy provisions.
有多少人
How many people
会问：DeFi是什么？
are like, what is defy?
这是
Is that
新的Z世代吗？
the new zoomer?
这太搞笑了。
This is so funny.
这很壮观，穿着西装、提着公文包的人站在联邦大楼外。
This is big, suits with briefcases looking out on some federal building.
上面写着：别让DeFi阻碍创新。
It says, Don't let DeFi stall innovation.
是的，这条广告由银行委员会赞助。
Yeah, this message paid for by the banking committee.
这真的太疯狂了。
It's actually wild.
这真的太疯狂了，他们提出的论点，但他们确实在花钱。
It's actually wild, the arguments that they're making, but they are they are spending money.
所以这是海登·亚当斯出现在那个广告中。
So this is Hayden Adams on the on that specific commercial.
一个名为‘透明度投资者’的组织正在投放公共广告并进行游说，以扼杀DeFi——地球上最透明的金融系统。
A group named Investors for Transparency are running public ads plus lobbying to kill DeFi, the most transparent financial system on earth.
这很讽刺，但并不意外，他们的网站并未披露资金来源。
Ironic but unsurprising, their site does not disclose who funds them.
哦，所以这一定是一种类似超级政治行动委员会的类型，是的。
Oh, so it must be some sort of a super PAC type of Yeah.
你知道，钱就是银行。
You know, Money It's bank.
那我们觉得这是谁呢？
It's a do we who do we think this is?
是银行。
It's the banks.
是银行。
It's the banks.
我们知道，没错，就是他们。
We know we know it's Yes.
还有伊丽莎白·沃伦。
With Elizabeth Warren.
我们稍后会更多地谈到她。
We'll talk about her a little more later.
但我们确实得到了一些非常积极的东西。
But we did get something that was very positive.
它叫做 b r c a。
It's called the b r c a.
你能解释一下这是什么吗？
Can you explain what this is?
是的，这是区块链监管确定性法案。
Yeah, the blockchain regulatory certainty act.
很久以前，我曾和奥斯汀·坎贝尔聊过。
And so I was talking to Austin Campbell forever ago.
他非常不看好《清晰法案》通过，因为他认为争议太多。
And he was very bearish on the Clarity Act passing because he thought that there's just too much to be fighting over.
所以人们会将其拆分，逐项通过。
And so people are going to carve out an unbundle and pass these things kind of piecemeal.
BRCA 正是在发生这样的情况。
And this is kind of what's happening with the BRCA.
这是辛西娅·卢米斯和罗恩·怀登提出的一项法案，这是一项更具体的法案，旨在保护非托管服务的开发者和基础设施提供者，使其不被联邦法律视为资金传输者。
This is a bill from Cynthia Lummis and Ron Wyden, which is this it's a more narrow bill that protects developers and infrastructure providers of non custodial services from being considered money transmitters under federal law.
如果你关心加密货币，关心自由，关心开发者能够自由编写代码，这项法案应该触动你的心弦。
If you care about crypto, you care about freedom, if you care about the developers to be able to write code, this should string at your heartstrings.
这是一件非常重要的事情。
This is a very big deal.
这可以说是罗马的防御法案，其目的只是想减轻Clarity法案的压力，把这一项不太有争议且被许多人接受的内容单独剥离出来，然后附加到Clarity法案上。
This is the Roman storm defense bill of sorts, and it's really just trying to get pressure off of Clarity to carve out this one thing that doesn't seem to be too controversial and is accepted by many people, I think, is simply just going to get stitched onto the Clarity Act.
它与两个委员会的修订程序是分开的。
And it's separate from the markups from the two committees.
它仅仅聚焦于如果
And it just narrowly focuses on if
你是DeFi开发者，如果
you are a DeFi developer, if
你是前端开发者，你就不是资金传输者，也不能因此被起诉。
you are a front end, you are not a money transmitter, and you cannot be prosecuted as such.
代码不是犯罪，基本上是这样。
Code is not crime, basically.
对。
Yes.
你说得对，这是一项独立的法案，但它已被捆绑在最新版本的主要清晰法案修正案中。
And you're right, this is a separate sort of bill, but it has been bundled with the latest versions of the markups of the main clear.
是的，没错
Yeah, it's right
被分隔开来，但附加上去。
compartmentalized, but added on.
是的，这太重要了。
Yeah, so that this is huge.
推动这项法案的参议员们在这里做得非常出色。
And the senators behind this, they're doing fantastic work here.
罗马风暴对此显然非常兴奋。
Roman Storm's obviously very excited about it.
我看到他多次发推文谈论这件事。
I've seen him him him tweet about this, basically.
我的意思是，我不确定这是否具有追溯效力。
I mean, whole I don't I don't know if this applies retroactively.
但显然，如果这项法案通过，就没有了
But obviously, if this passes, there's no
读读他的案子，这点毫无疑问。
read his case, that's for sure.
哦，是的，它有。
Oh, it does.
而且我们也没听说检察官重新开启罗马·斯托姆的案子。
Which also we have not heard of the prosecutors reopening Roman storms case again.
哦，这很有趣。
Oh, that's interesting.
是的，你说得对。
Yeah, you're right about that.
他们仍然处于可以重新开启的窗口期，但他们还没有这么做。
They are still in that window where they could, but they have not done that.
而且时间拖得越久，如果这项法案通过了，罗马就会说：来吧，冲我来。
And the longer that goes, If this passes, like, Roman's like, come on, come at me.
来吧。
Come on.
来吧。
Come on.
对吧？
Right?
我们知道罗马有多大胆。
We know how how bold Roman is.
好的。
Okay.
所以有两个草案，两个修改稿。
So there are two drafts, two markups.
对吧？
Right?
一个在农业委员会，另一个在银行委员会。
One in the ag committee and the other in the banking committee.
它们是相似还是不同？
Are they similar or different?
这里发生了什么？
What's going on here?
它们有不同的倾向。
They have different biases.
正如我所说，农业委员会希望将更多加密货币置于商品期货交易委员会的监管之下。
Like I said, the ag committee wants to put more of crypto under the CFTC.
银行委员会则希望更多加密行业纳入证券交易委员会的监管范围。
The banking committee wants more of the crypto industry to follow under the SEC.
所以存在一些差异，但这些差异是可以通过时间协调的，但需要时间来协调。
So there is some differences, but they are reconcilable, but they are reconcilable with time.
所以我们需要时间。
So we need time.
因此，这就是我们本周所处的状况。
And so this is kind of where we are this week.
参议院银行委员会原定今天举行标记会议，原计划是今天，1月周四。
The Senate Banking Committee was supposed to do its markup today, it was supposed to do it today, Thursday, January.
昨天，他们取消了。
Yesterday, they canceled it.
农业委员会也推迟了其标记会议。
The AG committee has postponed its markup.
所以被推迟到了1月，因为参议院领导人意识到他们尚未就推进此事达成两党共识。
So it got pushed to the January, because Senate leaders realized that they did not yet have a bipartisan coalition on getting it done.
因此，这两件事都被推迟了。
So both of these things have been postponed.
为什么参议院农业委员会将原定今天举行的标记会议推迟了？
Why did Ryan, the Senate Ag Committee postpone their markup which was supposed to happen today?
你是说参议院银行委员会吗？
Senate banking you mean?
参议院银行委员会？
Senate banking?
我刚才说了什么？
What did I say?
是的，参议院银行委员会。
Yeah, Senate banking.
对，我觉得是因为Coinbase退出了，对吧？
Yeah, I think it's because Coinbase dropped out, right?
是的，Coinbase提到过这件事。
Yeah, Coinbase talked about it.
所以，参议院银行委员会其实很有趣，因为里面有我们最喜欢的参议员伊丽莎白·沃伦，她过去在这些议题上影响力很大，现在虽然减弱了，但仍在竭尽全力。
So, I mean, the banking committee is really interesting, because it has people like our favorite senator, Elizabeth Warren, on the banking committee, who used to be a lot more powerful and influential on these types of topics, is less so, but she is trying her darnedest.
她曾为这项法案提交了38项修正案，当然，目的是取消开发者保护、要求所有去中心化金融和所有前端都履行反洗钱和了解你的客户义务、撤销美联储对银行的积极指导、削弱证交会允许任何代币化股票的能力——也就是你预期的那些措施。
She had filed 38 different amendments to this specific bill to, of course, remove developer protections, make AML KYC obligations for all DeFi, for all front ends, repeal positive OCC guidance for banks, gut the SEC's ability to allow any tokenized stocks, like all of the things you would expect.
她就在那里，作为参议院银行委员会的一员，正努力推动这一切。
She's there, and she's as a part of Senate Banking trying to push push this all
那些糟糕的举措。
the bad things.
令人印象深刻。
Impressive.
是的。
Yes.
这就是为什么像沃伦这样的参议员能够将某些措辞以某种妥协形式写入法案的原因之一，正如你所说，Coinbase 出面表示：不要支持这项法案，对吧？
And this is part of the reason people like senators like Warren, who've gotten some of this language in some compromised version of this language in the bills, part of the reason that you're right, Coinbase came out and they said, don't Right?
支持这个？我们退出了。
Support this We're out.
是的。
Yeah.
这有点像气愤地退出。
It's kind of a, I guess, a rage quit.
我认为他们仍然希望这些问题能被改变，但目前选择气愤地退出。
I think they're still hopeful that these issues could be changed, but they're kind of rage quitting for now.
这是布莱恩·阿姆斯特朗。
This is Brian Armstrong.
他说，过去48小时内，这项法案存在太多问题。
He said, there's too many issues with this last bill over the past forty eight hours.
实际上禁止了代币化股权。
There's a de facto ban on tokenized equities.
对去中心化金融的限制赋予了政府访问您财务记录的权力，剥夺了您的隐私权。
There's DeFi prohibitions giving the government access to your financial records, removing your right to privacy.
CFTC的权力被削弱，倾向于SEC，当然，你们还在扼杀稳定币和稳定币收益。
Erosion of the CFTC is favoring towards a SEC, and of course, you're killing stablecoins, and you're killing stablecoin yield.
他说，我们当然会继续为所有美国人的经济自由而斗争，但我们宁愿没有法案，也不愿接受一项糟糕的法案。
And he said, we'll keep fighting for all Americans economic freedom, of course, but we'd rather have no bill than a bad bill.
希望我们能获得一个更好的草案。
Hopefully, we can get a better draft.
所以他仍然希望会有更好的草案，但他表示，如果你们试图通过这项法案，我们将撤回支持。
So he's still hopeful there'll be a better draft, but he's saying, if you guys try to pass this, we're withdrawing our support.
这很有趣。
Which is interesting.
我的意思是，他们绝对是加密社区的重要声音。
I mean, they're major voice in the crypto community for sure.
是的，他们不仅是重要声音，还是主要资助者。
Yeah, that I mean, major voice major funder.
所以当Coinbase撤回支持时，这到底意味着什么？Coinbase撤回支持意味着什么？
And so when Coinbase withdraws their support, like, what does that mean for Coinbase to withdraw their support?
他们不是参议员。
They're not a senator.
他们在这里并没有直接参与。
They don't have involvement here.
他们只是在资助所有人，这非常重要。
They just kind of fund everyone, which is a very big deal.
所以我推测，Coinbase的支持与他们在上一届选举周期中投入的数亿美元密切相关。
So I'm assuming the support of Coinbase is highly related to the hundreds of millions of dollars that they pumped into the campaign last cycle.
有趣的是，Coin Center的Niraj实际上在推特上表示，这项法案相当不错，并表达了对该法案的一些支持。
Interestingly, niraj from coin center tweeted out actually, this bill's pretty good, and kind of voice out some support from the bill.
因此，加密行业对当前版本的清晰法案持混合态度。
So there's a mixed response from the crypto industry about their stance on the clarity act as it stands.
我认为这是我对此事的解读。
I think here's my interpretation of what's going on.
布莱恩·阿姆斯特朗和Coinbase显然重点关注清晰法案的经济层面。
Brian Armstrong and Coinbase are definitely focused on the economic side of the clarity act.
稳定币收益、能够将证券通证化，以更丰富的方式将更多金融资产带给更广泛的人群，诸如此类的事情。
Stablecoin yields, being able to tokenize securities, like more financial assets in more expressive ways to go to more people, all that kind of stuff.
但他们对清晰法案的这一领域并不满意。
And they are not satisfied with that arena of the Clarity Act.
Coin Center的Mirage则更专注于DeFi保护、开发者保护以及个人免于起诉的自由与权利。
Mirage from Coin Center are primarily more narrowly focused on DeFi protections, developer protections, individual freedoms and individual rights from prosecution.
似乎这项法案确实有力地保护了DeFi，但并不完全，因为布莱恩·阿姆斯特朗也表示还需要更多的DeFi保护。
And it seems to be that this bill does strongly protect DeFi, not completely, Because Brian Armstrong also said that the there needs to be more defi protections.
但我想这就是为什么我们在Coinbase和Coin Center看到两种不同观点的原因。
But I think that's why we are seeing two different opinions in Coinbase Coin
Center，一个了不起的组织。
Center, a fantastic organization.
他们从一开始就一直在保护加密货币，帮助加密货币维护主权价值。
They've been they've been protecting like crypto and helping crypto sell sovereign values from the very beginning.
我认为他们把我们之前谈到的BRCA视为一场巨大的胜利，因为它保护了非托管开发者，无论世界其他地方如何动荡，只要这项法案通过，他们仍会认为这是净收益。
I think they see the BRCA that we were talking about earlier such a big win in that it protects non custodial developers in the Roman storms of the of the world, that regardless of anything else, if that passes, they still count this as a net win.
我认为这就是关键差异。
And I think that's kind of the the difference.
当然，他们也希望获得Coinbase所追求的所有内容，但正如你所知，制定一项法案需要大量妥协，很难让每个人都完全满意。
Of course, they'd want all of the things Coinbase also wants, but creating a bill, as you can tell, there's a lot of compromise involved in in getting something that, like, no one loves perfectly, for sure.
不过有趣的是，还有许多其他加密组织即使在当前版本下也仍然支持这项法案。
It is interesting though, there are a number of other crypto organizations that still like this bill, even as is.
我的意思是，他们希望获得更多，比如Ripple、Kraken、a sixteen z
I mean, they want more, but like Ripple, Kraken, a sixteen z
并不关心Ripple的事情。
don't care about Ripple things.
Robinhood。
Robinhood.
好的。
Okay.
但他们都说了，这也没那么糟。
But like, they've all said, it's not so bad.
没那么糟。
It's not so bad.
嗯。
So Mhmm.
我有点好奇，你知道的，现在情况如何。
I kinda wonder, I mean, you know, where this stands.
我想关于DeFi，那是我最大的疑问，对吧？
I guess on the DeFi thing, that was my my big question, right?
就是嗯。
Which is like Mhmm.
DeFi中有多少是受到保护的，又有多少处于威胁之中？
How much of DeFi is protected versus under threat?
杰克·特雷文斯基表示，在当前版本的法案最新草案中，对于所有类型的开发者和基础设施提供商是否会被迫对用户进行KYC、向SEC注册或遵守其他不适合DeFi的规则，仍存在模糊之处。
Jake Trevinski says in the current version of the bill, the latest draft leaves ambiguity about about whether all sorts of developers and infrastructure providers could be forced to KYC users, register with the SEC, or comply with other real rules that don't fit DeFi.
好吧，所以即使像Roam Storm这样的案例无法像以前那样被起诉，围绕这个问题仍然存在一些规则制定和模糊措辞。
Okay, so there's still some rulemaking, some loose language around this, even if a roam storm can't be prosecuted in the way it was prosecuted.
也许前端必须为用户强制执行KYC，就像伊丽莎白·沃伦一方提出的许多相当糟糕的措施一样。
Maybe front ends have to enforce KYC for users, like a lot of things that are pretty crappy coming from the Elizabeth Warren side of the house here.
是的，对的。
Yeah, yeah.
那么接下来会发生什么？
Alright, so what happens next?
正如我所说，银行委员会原定今天进行法案修订，但由于Coinbase撤回支持而被取消。
Like I said, the banking committee was supposed to do their markup today, it got canceled due to Coinbase's withdraw of support.
农业委员会宣布，其法案修订已重新安排至1月27日。
The Ag Committee announced that its markup was rescheduled to January 27.
所以下一个重要里程碑是在多少天后？算下来是十二天，也就是现在的时间点。
So that's kind of the next big milestone that is in how many days that is in math twelve days, the time at the time that
我们这里，所以我们要
we have here, so we
在农业委员会采取行动之前，我们还有十二天。
have twelve days before the Ag Committee does their stuff.
然后银行业的委员会也会再次进行他们的程序。
And then the banking committee has their stuff again as well.
至少这能让这两个不同的路径有机会协调，解决一些分歧，看看能否简化问题，就某些事项达成一致，从而集中精力处理争议，很可能焦点会放在稳定币和去中心化金融上。
At least that allows these two different tracks to kind of like reconcile and get over some differences and see if we can make things things more simple and come to agreement with certain things so we can kind of narrow the energies and the focus on the disputes, is probably going to be stable coins, and and DeFi.
为了总结加密行业希望从这项法案中获得什么，杰克·特雷文斯基列出了五点。
To summarize what the crypto industry wants out of this bill, Jake Travinsky put five things into a list.
杰克·特雷文斯基认为，作为行业我们需要重点关注的五件事。
Five things that Jake Stravinsky thinks that we need to focus on as an industry.
第一，保护稳定币持有者的收益，目前第404条对此造成了破坏。
One preserving yield for stable coin holders clarity section four zero four currently kills this.
我们目前的情况是，参议院要么选择银行，要么选择加密行业作为赢家和输家。
We don't currently get this is basically just the Senate is either going to pick the banks or the crypto industry as a winner and a loser.
或者说是公民，不只是加密行业。
Or say citizens is not just the crypto industry.
这就像，
It's like,
是的，没错。
yes, true.
对，没错。
True, true.
值得注意的是，我喜欢杰克·特鲁比茨基的这句话。
Notably, I like this line from Jake Trubitsky.
没有合理的政策理由来限制稳定币的收益或奖励。
There's no valid policy reason restricting stable coin yield or rewards.
所以也没有法律先例。
So there's no legal precedent.
没有政策上的理由。
There's no policy reason.
有人只是获得了收益。
Somebody just gets the yield.
我们要么保护银行并扶持这个行业，要么允许创新，让收益流向稳定币——也就是最终用户——也就是普通人。
Either we protect the banks and we prop up that industry or we allow innovation and allow the yields to go to the stable coins AKA end users AKA people.
是的。
Yeah.
人民就是银行。
People are the banks.
这看起来很清楚。
It seems pretty clear.
人民就是银行。
People are the banks.
人民就是银行。
People are the banks.
是的。
Yeah.
所以这就是稳定币的问题。
So that's that's the stablecoin issue.
杰克·特雷宾斯基希望解决的第二件事是授权证券交易委员会（SEC）推动代币化证券。
Second thing that Jake Trebinski would like to see fixed, authorizing the SEC to enable tokenized securities.
他说，去年SEC主席保罗·阿特金斯发起了一个名为‘加密货币私人项目’的雄心勃勃计划，旨在通过将金融系统迁移到链上以升级它。
He says last year, SEC chair, Paul Atkins launched private project crypto and ambitious effort to upgrade the financial system by moving it on chain.
第505条的清晰性条款似乎通过剥夺他对加密货币进行公平监管的权力，阻止了他实现这一目标。
Clarity section five zero five appears to stop him from achieving that goal by eliminating his authority to creep, treat crypto fairly.
他接着说：‘我打赌Citadel会喜欢这个——Citadel是传统金融领域的公司，那个肯·格里菲斯，我们不喜欢他。’
He follows up with I bet Citadel loves this Citadel, the TradFi, who's that Ken, Ken Griffith, that guy, we don't like him.
第三，减轻代币发行者的负担。
Third, reducing burdens on token issuers.
我们希望加密行业的人能推出和发行更多代币。
We want more tokens to be launched and issued by people in the crypto industry.
杰克·斯特拉文斯基表示，当前法案的第一章包含了类似上市公司的繁重股权披露要求，比如所有成熟公司都需要审计财务报表，但这对初创公司来说并不合适，或许不如去海外或直接出售股票更好。
Jake Stravinsky says in this current form of the act title one includes onerous equity level disclosures not too different from public companies, audited financials at all works for mature companies, not for startups, it may be better to go offshore or sell stock instead.
基本上，就像作为初创公司想发行代币一样，你必须经历一个近乎上市的过程，这
Basically, just like if you want to issue a token as a startup, you have to go through what is essentially a going public process, which
那接下来呢
then what's
为了保护去中心化金融开发者，清晰法案第三章有多处提及，暗示监管机构可能接管去中心化金融，这些内容必须被移除或修正。
the infeasible infeasible For protecting DeFi developers, title three of the clarity act has several references suggesting that the surveillance state could take over DeFi these must be removed or fixed.
第五点是允许机构接入去中心化金融。
And then five allowing institutions access to DeFi.
他说第308条几乎解决了这个问题，但错误地给机构增加了负担，这会让机构比现状更不愿意参与去中心化金融。
He says section three zero eight almost fixes this, but it gets wrong by imposing burdens on the institutions that will scare them away from defy even more than the status quo.
所以，杰克·施罗宾斯基希望修正这五点，才能让法案获得A+的评级。
So those are the five things that Jake Schrobinski wants fixed in order to have an A plus bill.
在我看来，目前这份法案大概相当于D+，可能接近C-，D+吧，我站在Coinbase这边，觉得它在很多方面都不怎么样。
In my opinion, right now, the bill is like D D plus, maybe C minus D plus probably like, kind of, I'm on the Coinbase side of things like it's not great in a lot of ways.
所有这些加起来就能得到一个A。
This all of that gets it to an A.
我们能实现所有这些吗？
Are we gonna get all of that?
我觉得大概率不会。
I think probably not.
但问题是，我们支持它吗？
But then the question is, we support it?
我们想通过什么？
Do we want to pass What do
我们要放弃什么？
we give up?
是的。
Yeah.
大卫·萨克斯表示，特朗普政府推动的市场结构改革，其进展与以往一样接近。
David Sacks saying, course, part of the Trump administration passage of market structure remains as close as ever.
加密行业应利用这一暂停期解决任何剩余的分歧。
The crypto industry should use this pause to resolve any remaining differences.
现在是制定行业规则、保障行业未来的时候了。
Now is the time to set rules of the road and secure the future of this industry.
当然，他们希望尽快完成。
Of course, they want to get it done.
他们希望推动通过，但必须确保质量。
They want to get it passed, but it has to be good.
所以必须确保质量。
So it has to be good.
所以，是的，这部分是什么
So yeah, what is the part of
我对于什么的想法
my idea of what
为了推动通过，我们可以放弃什么？
we can give up in order to get this passed?
因为这仍然是一个争议点。
Because this is still a sticking point.
银行
The bank
是总统推动加密货币方面的关系。
is the president's relations with launching crypto.
哦，是的。
Oh, yeah.
那不是一个争议点。
That's not a sticking point.
就像我们还没有。
Like we have not.
我们能把这个让给民主党吗？
Can we just give that to the democrats?
我们就把这个让出去吧。
Let's give that.
我们就把这一点让给他们吧。
Let's give them that one.
他们可以拥有这一点。
They can have that.
当然。
Sure.
当然。
Sure.
是的。
Yeah.
但那样特朗普不会签署的，大卫。
But then Trump won't sign it, David.
现在在Polymarket上，2026年《清晰法案》成为法律的概率是44%。
The probability that the Clarity Act is signed into law in 2026 on polymarket right now, there's a 44% chance.
所以我们现在就像抛硬币一样。
So we got a coin flip right now.
这个交易量很低，大约只有1万的成交量。
This is on fairly low volume, about 10 k volume.
成交量非常低。
Very low volume.
非常非常低。
Very Very low.
未来会有所改变。
Change in the future.
但，好吧。
But, okay.
我喜欢这个赔率。
I like those odds.
五五开。
Fifty fifty.
马特·霍根，清晰法案就像是这次加密寒冬的土拨鼠日。
Matt Hogan, the clarity act is the Punxsutawney fill of this crypto winter.
我不知道那是什么
I don't know what that
它把头伸出来了。
reference its head out.
你知道的，就像土拨鼠日吗？
You know, like, the Groundhog Day?
土拨鼠看到自己的影子，你知道的
Groundhog sees his shadow, you know
是的。
Yeah.
知道。
Know.
土拨鼠日。
Groundhog Day.
冬天持续数周，还是不持续。
Weeks of winter versus doesn't.
那就是彭斯卡特尼菲尔。
That's Punxsutawney Phil.
他来自宾夕法尼亚州的彭斯卡特尼。
He's Punxsutawney, Pennsylvania.
对吧？
Right?
谁？
Who?
所以他就是‘谁’？
So he's just Who?
说着
Saying
好的。
Okay.
是他把土拨鼠拉出来的那个人吗？
Is he the guy that pulled the Groundhog out?
不。
No.
不。
No.
不。
No.
那只真正的土拨鼠的名字就是他。
That's the actual groundhog is his name.
什么？
What?
那是托尼·菲尔。
That's a Tony Phil.
是的。
Yeah.
他的名字是菲尔土拨鼠吗？
Is his name Phil the groundhog?
你不知道这个吗？
You don't know this?
不知道。
No.
不管怎样，这就是那只土拨鼠，是同一只土拨鼠。
Is it the same groundhog Anyway, every that's the groundhog.
所以如果土拨鼠把头伸出来，但法案在国会未能通过，冬天就会继续。
So if the groundhog sticks its head out but fails in Congress, the winter could continue.
如果通过了，冬天就结束了。
And if it passes, then winter is over.
基本上，他在说这就像决定熊市有多深一样。
Basically, he's saying that this is like going to determine how deep the bear market is.
所以这非常重要。
So it's really important.
非常重要，必须通过。
Really important this passes.
大卫，我们还有更多内容要来。
David, we got more coming up.
这么长的一个词。
Such a long word.
你为什么纠结于这个？
Why are you stuck on that?
纽约市推出了一种模因币，但已经被割韭菜了。
New York City gets a Meme coin, and it's already been rugged.
我们会聊一聊这个。
We'll talk about that.
此外，Polygon全面押注稳定币，完成了两笔重大收购。
Also, Polygon going all in on stable coins, two big acquisitions.
汤姆·李和MrBeast正在合作做某件事。
Tom Lee and mister Beast teaming up for something.
MrBeast为什么
Is mister Beast Why does
这有道理吗？
it sense?
为什么可能要
Why does Maybe make
它没有。
it doesn't.
但我们拭目以待。
But we'll see.
我们稍后会详细讨论这些。
We'll talk about all that more.
但在那之前，想感谢让这一切成为可能的赞助商。
But before we do, wanna thank the sponsors that made this possible.
嘿，Bankless 族群。
Hey, Bankless Nation.
我是David。
It's David.
如果你正在听这段内容，那是因为你在收听免费的Bankless播客频道。
If you're hearing this, that's because you are listening to the free Bankless podcast feed.
你知道吗？Bankless还有一个高级RSS订阅源。
Did you know that there is a premium Bankless RSS feed?
高级订阅源包含我为个人研究而进行的额外访谈，以及一些关于加密行业更深入的问题——这些问题是我希望得到答案的，以便在Banklist Ventures以及我自己的个人投资组合中成为更知情的投资者。
The premium feed has extra interviews that I do for my own personal research and just deeper questions that I want answered about the crypto industry, questions that I want to answer so I can be more informed as an investor both at Banklist Ventures and also just in my own personal portfolio too.
此外，高级订阅源没有广告，这意味着如果你选择收听高级订阅源而非免费源，每年你能节省大约二十小时的时间，因为你直接支持了Banklist。
Also, there are no ads, which means if you listen to the premium feed instead of the free feed, you'll get about twenty hours of your life back every year because you choose to support Banklist directly.
所以，如果你希望获得额外内容的同时跳过广告，或者只是欣赏我们所做的工作并希望我们继续下去，我们非常感谢你注册Banklist高级服务。
So if you're interested in getting extra content all while skipping the ads or you just appreciate what we do here and want us to keep doing it, we'd appreciate it if you signed up for Banklist premium.
节目说明中提供了开始使用的链接。
And there is a link in the show notes to get started.
祝2026年一切顺利。
Cheers to a good 2026.
瑞安，我前纽约市长这周推出了一种模因币，令所有人感到惊讶。
Ryan, my former New York mayor launched a meme coin this week to the surprise of everyone.
没人料到会发生这件事。
No one saw it coming.
它叫做纽约市币。
It's called New York City coin.
哦，交易代码是NYC。
Oh, ticker NYC.
很棒的交易代码。
Great ticker.
在猜猜接下来发生了什么之前，它的估值一度达到了6亿美元。
And that ran to a $600,000,000 valuation before guess what happened next?
就在它上线后不久，估值达到6亿美元时，所有流动性都被撤走了。
Just moments after it launched after it reached a $600,000,000 valuation all the liquidity was pulled.
天啊，
Oh, for
大约250万美元，好吧，是的。
about two point five million dollars Okay, yeah.
所以事情就是这样发生的。
So that's what happened.
埃里克·亚当斯，对吧。
Eric Adams, right.
也许听众还能记得，过去一年半里我们播放过两个埃里克·亚当斯的片段，他一直在大肆庆祝，说他同意以比特币的形式领取薪水。
And maybe listeners might might remember, we've played two clips of Eric Adams over the last like year and a half of him just like, kind of just taken a huge victory lap about how he agreed to take out
有一次，他把工资全换成比特币了。
a salary that one time in Bitcoin.
是的。
Yeah.
他是那个
And he's the
世界上最聪明的人。
smartest guy in the world.
没错。
Yep.
是的
Yeah.
他当时只是在调侃，人们说他笨。
And he was just like teasing people were saying I was dumb.
现在看看谁在笑。
Look who's laughing now.
他就是这么说的。
That's what he said.
现在看看谁在笑。
Look who's laughing now.
所以就是这个人引发了这些梗。
So that's the guy launched launch the memes.
现在。
Now.
然后就是流动性跑路。
And then the liquidity rugs.
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