#美联储降息 $BTC $ETH

Privacy technology has suddenly become a political bargaining chip. Can Trump's remark "I'll see" change the crypto market?

The recent hot topic is quite interesting—U.S. President Trump publicly stated he is considering pardoning developers convicted for creating privacy wallets. This is not just a simple judicial decision but a direct declaration to the crypto industry: privacy technology is now at the forefront of political competition. It instantly elevates the technical controversy into a partisan issue, with the underlying strategy being quite obvious—competing for the support of tens of millions of crypto voters while shaping a political persona of "protecting innovators."

From a regulatory perspective, what does this mean?

For Bitcoin, the signal is very clear. First, the pricing of regulatory risk will be readjusted. The market is beginning to digest the expectation that "policies may relax," and privacy technology is no longer an obvious regulatory red zone. Second, privacy coins and mixing services may see a reassessment of their value. Transitioning from being viewed as "regulatory forbidden zones" to becoming part of political discourse will release some suppressed demand. Coupled with next year's halving cycle and continuous influx of ETF funds, multiple positive factors are resonating.

Ethereum's situation is even more complex.

Privacy protocols like PBS and confidential addresses are about to be upgraded, but the environment they face is uncertain. The downsides are very direct—if the US Department of Justice shifts its focus to on-chain privacy protocols, the Ethereum ecosystem will face increased compliance pressure, and developers will become more cautious. But the opportunities are also here. If Trump's stance truly achieves some political balance, it might actually open space for "compliant privacy" solutions. With Ethereum's complex account abstraction and compliance tools as the foundation, it is entirely possible to explore a different path from Bitcoin's privacy tools—finding a balance between technical privacy and regulatory transparency, and innovating at the protocol level.

To put it simply, this game initiated by the presidential candidate exposes a reality: crypto privacy is no longer just a technical issue; it has become a political declaration of power redistribution. Every policy shift redefines the rules of the game on the chain. Trump's "I'll see" is scrutinizing the future direction of the entire crypto ecosystem.