In the accelerated period of global economic digital transformation, digital currency has become a new focus of competition among major powers. Recently, the Trump administration launched a series of groundbreaking cryptocurrency policies aimed at establishing the United States as the "global cryptocurrency center," thereby continuing and strengthening the dollar's hegemony in the digital financial era.

This strategy involves not only financial regulation and technological innovation but also implies a desire to reshape the international power structure. The following analysis will outline and examine this strategy from the perspectives of strategic motives, policy measures, challenges faced, and future prospects.

1. Strategic Motives: Maintaining Hegemony and Responding to Internal and External Pressures

The Trump administration's push for a cryptocurrency strategy is driven by multiple motives, including both economic and financial considerations as well as deeper strategic ambitions.

1. Alleviating Debt Pressure and Strengthening the Attractiveness of Dollar Assets

● The U.S. federal debt has surpassed $36 trillion, with debt accounting for over 120% of GDP. Meanwhile, major creditor countries are continuously reducing their holdings of U.S. Treasury bonds, raising doubts about the dollar's credit foundation. By incorporating cryptocurrencies like Bitcoin into its national strategic reserves, the U.S. aims to hedge against the risk of dollar depreciation with this "digital gold," attract global capital back, and enhance market confidence in dollar assets.

2. Seizing the High Ground in Digital Finance and Consolidating Industrial Advantages

● Global competition in digital currencies is intensifying, with major economies like China and the European Union enhancing financial autonomy through central bank digital currencies (CBDCs). The U.S. has chosen to leverage market-oriented, privatized cryptocurrencies as a breakthrough, stimulating blockchain innovation through relaxed regulation and promoting the convergence of capital and technology in the crypto space, thereby maintaining its dominance in digital financial infrastructure and standard-setting.

3. Serving Interest Groups and Electoral Politics

● The Trump family and its supporters have deep investments in the cryptocurrency sector. Trump himself holds approximately $25 million in cryptocurrency assets and has issued related tokens. In the 2024 election, the cryptocurrency industry provided over $200 million in political donations to him. The policy "loosening" and legislative push also respond to the demands of interest groups to some extent.

4. Countering the Trend of "De-dollarization" and Reshaping Payment Networks

● Emerging market countries are accelerating the push for "de-dollarization" in cross-border payments, with digital currencies becoming important tools. The U.S. is constructing a new payment loop using dollar stablecoins (like USDC): overseas users purchase stablecoins, and the issuer must reserve an equivalent amount of dollars or U.S. Treasury bonds, thereby reinforcing the dollar's penetration in global transactions. This move effectively extends dollar hegemony into the blockchain network.

2. Core Measures: Coordinated Advancement of Legislation, Reserves, and Institutional Reform

To achieve the goal of becoming the "global cryptocurrency center," the Trump administration is taking multiple measures, comprehensively planning from institutional design to asset allocation.

1. Key Legislative Breakthroughs to Build a Regulatory Framework

a. GENIUS Act: Establishes a regulatory system for stablecoins, requiring stablecoins to be pegged to the dollar at a 1:1 ratio and positioning them as "legal tokens of the dollar," promoting their widespread use in payments.

b. L-G Act: Aims to clarify the classification of digital assets, delineating the regulatory boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), thereby reducing legal uncertainties.

c. Repeal of SAB121 Rule: Eliminates the requirement for companies holding cryptocurrency assets to record them as liabilities, lowering the threshold for financial institutions to participate in custody services.

2. Establishing a National Cryptocurrency Strategic Reserve

● In March 2025, the U.S. announced the inclusion of five cryptocurrencies, including Bitcoin and Ethereum, into its national reserves, planning to acquire 1 million Bitcoins over five years, creating a "digital Fort Knox." These assets primarily come from judicial seizures, with the government committing to long-term holding, granting them a strategic reserve status similar to gold.

3. Setting Up a Cross-Departmental Coordination Body to Strengthen Policy Unity

● The White House established a "Digital Asset Market Working Group" under the National Economic Council, led by advisors on artificial intelligence and cryptocurrency affairs, to coordinate multiple departments such as the SEC, CFTC, and Treasury, accelerating the formulation of the regulatory framework and avoiding overlaps in responsibilities and policy fragmentation.

4. Hosting a White House Cryptocurrency Summit to Build Consensus

● In March 2025, Trump convened leaders from cryptocurrency companies, government officials, and scholars for a summit to establish four major agendas: reserves, legislation, regulatory reform, and enhancing competitiveness, sending a clear signal of policy support to society and pushing the strategy into a rapid implementation phase.

3. Challenges Faced: Internal Divisions and International Competition Coexist

Despite the rapid advancement of the strategy, its sustainability still faces significant internal and external constraints.

1. International Regulatory Competition and Market Fragmentation

● The European Union has implemented strict "Markets in Crypto-Assets" (MiCA) regulations, setting high thresholds for stablecoin issuance and limiting the expansion of dollar stablecoins in Europe. Countries like South Korea and Singapore have also introduced their own regulatory systems, increasing compliance costs for enterprises due to the lack of global standards, thereby weakening the global competitiveness of U.S. companies.

2. The Dollar Credit System Faces a Trust Crisis

● The rising scale of U.S. debt and the continuous reduction of U.S. Treasury holdings by various countries weaken the underlying credit of the dollar. The diversification of currencies for oil trading and the emergence of new payment systems like the "Multilateral Central Bank Digital Currency Bridge" are also shaking the dollar's monopoly position in international settlements.

3. Unclear Regulatory Responsibilities and Federal-State Conflicts

● The SEC and CFTC have long-standing disagreements over the attributes of cryptocurrencies, and varying regulatory standards across states (e.g., Wyoming supports innovation while New York enforces strict compliance) lead to a complex and conflicting compliance environment for enterprises, affecting the efficiency of nationwide strategy implementation.

4. Inherent Risks in the Cryptocurrency Market

● Issues such as price volatility, energy consumption controversies, and the potential for illegal transactions mean that cryptocurrencies are still viewed as high-risk assets. Large-scale inclusion in national reserves could expose U.S. finances to systemic market risks.

4. Future Outlook: Short-Term Benefits and Long-Term Risks Intertwined

The Trump administration's cryptocurrency strategy has already produced significant short-term effects, but it remains full of uncertainties in the long run.

1. Short-Term Boost to Market Prosperity and Political Influence Expansion

● Regulatory loosening has prompted companies like Coinbase and Circle to expand their operations in the U.S., creating numerous jobs. The cryptocurrency industry has formed a significant policy influence through political donations and lobbying, with cryptocurrency issues gradually becoming a consensus area for both parties in the U.S.

2. Long-Term Sustainability Challenges

● If the dollar's credit continues to decline, Bitcoin reserves may instead become a safe-haven asset independent of the dollar, weakening its "dollar extension" function. Global regulatory fragmentation may also force companies into multiple compliance requirements, hampering innovation efficiency.

3. Increased Global Financial Governance Fragmentation

● The divergence of regulatory models—U.S. laissez-faire, EU strict control, and China's sovereign dominance—intensifies, with rising conflicts over data sovereignty and cross-border flow rules, potentially leading to the formation of regional blocks in the global digital financial system and increasing the difficulty of international coordination.

5. New Paths and Uncertainties in Continuing Hegemony

● The Trump administration is using cryptocurrency as a lever, essentially attempting to extend dollar hegemony into the digital financial realm through a dual mechanism of "institutional arrangements + technological embedding." This strategy can consolidate the U.S.'s leading position in the short term through market vitality and inject new demand into the dollar system.

● However, the sustainability of this strategy depends on whether the U.S. can effectively address multiple challenges, including domestic regulatory fragmentation, international rule competition, and the erosion of the dollar's credit foundation.

● Financial hegemony in the digital age no longer relies solely on military or economic scale but increasingly depends on the ability to shape technological standards, governance rules, and alliance systems. The future global financial landscape is quietly being restructured in this game between "digital dollars" and "de-dollarization."

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