【Trump's support for cryptocurrency triggers a chain reaction, with a large influx of aggressive crypto companies entering the stock market, and risk appetite rising】December 17 news, according to (New York Times) reports, as U.S. President Trump openly embraces cryptocurrency, his policies and personal statements are profoundly changing the structure of the U.S. capital market. A large number of new public companies centered on crypto assets have rapidly emerged, while also amplifying market risks. Trump claims to be the 'first crypto president,' and after taking office, he ended the previous strict regulation on the crypto industry, promoted pro-crypto legislation, and publicly endorsed crypto investments multiple times, even personally launching a meme coin named TRUMP. This series of actions has allowed the previously relatively marginal crypto industry to quickly enter the mainstream financial system. Against this backdrop, more than 250 public companies have started to incorporate cryptocurrencies into their balance sheets this year, attracting investor attention by hoarding large amounts of Bitcoin and other digital assets. Some companies even lack mature core businesses, and their core 'business model' is to hold crypto assets and bet on their price increases. Analysts point out that unlike previous crypto bull markets that were mainly limited to exchanges and retail investors, under Trump's policy push, crypto risks are spreading to a broader base of investors through the stock market. The tightening of regulation exits, the strengthening of political endorsements, and the structural 'cryptofication' of public companies are prompting investors to bear higher volatility and valuation risks.