Core Viewpoint - The relaxation of financial regulations in the U.S. is expected to lead to risk spillover effects, impacting global financial stability, particularly given the U.S. dollar's status as the world's reserve currency [1][18]. Group 1: U.S. Financial Regulatory Changes - The Trump 2.0 administration aims to prioritize financial regulatory efficiency, contrasting sharply with the Biden administration's stringent regulatory approach [2][3]. - The regulatory adjustments are expected to be more aggressive in the second term, affecting both traditional finance and emerging sectors, increasing policy combination risks [19]. Group 2: Specific Regulatory Focus Areas - Key areas of focus include cryptocurrency regulation, where the administration may propose a new regulatory framework to enhance efficiency and maintain the dollar's dominance [4][5]. - The Consumer Financial Protection Bureau (CFPB) is likely to face significant cuts in its authority, potentially leading to increased risks for consumers and investors [9][10]. Group 3: Global Implications - The U.S. regulatory relaxation may trigger a "race to the bottom" effect among other countries, as they may feel pressured to loosen their own regulations to remain competitive [20]. - The potential for increased global financial risks is highlighted, as the combination of relaxed regulations and high-risk investments could lead to greater market volatility and systemic vulnerabilities [21].