Enhancing the dominance of the US dollar and building a "global unified cryptocurrency financial market" -- Interpretation of the White House's first cryptocurrency report The original title of the report is "STRENGTHENING AMERICAN LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY." The report spans 166 pages and covers all aspects of cryptocurrency policy, with core value orientations throughout, including: 1. Ensuring the rights of citizens and businesses to legally use public blockchains; 2. Maintaining the sovereignty and international dominance of the US dollar (using compliant stablecoins as a lever); 3. Providing banks and innovative entities with fair access to financial services; 4. Replacing "enforcement-style regulation" with a regulatory framework that is "technologically neutral and clearly defined"; 5. Firmly resisting the potential threats to privacy and financial stability posed by CBDCs. Indeed, the report clearly announces to the world that US dollar stablecoins are meant to strengthen the dominance of the dollar. This aspect has already been analyzed in my previous article "The 'Genius Act' and the New East India Company." In my opinion, the most interesting part of this report is the radical deregulatory policy towards DeFi: Under the principle-based regulatory framework provided in the report, truly achieving "permissionless, non-upgradable, and uncontrollable" DeFi protocols will significantly reduce direct compliance burdens, and fully decentralized DeFi protocols will face almost no regulatory pressure! This will allow DeFi developers to return to the US, bringing a new wave of prosperity to DeFi, and further clearing obstacles for the upcoming on-chain US stocks, US bonds, and US dollar stablecoins to generate returns within these decentralized DeFi protocols. US dollar stablecoins, US stocks, US bonds (RWA), and today's more favorable regulatory attitude towards DeFi suggested in the report will lay the foundation for a super dollarized global unified financial market. US dollar stablecoins, combined with RWA and the high returns brought by various DeFi supporting RWA, will provide tools for penetrating capital controls on one hand, and high-yield products for capital escaping regulation on the other. This will accelerate the competition for fiat currency liquidity on one hand, and speed up the positive spiral of the dollar stablecoin-pegged capital pools on the other. This perfect storm will initiate the process of capital denationalization, followed by the denationalization of capitalists, and under the drive of capital, the denationalization of enterprises and entrepreneurs. Finally, it is worth mentioning again that the huge benefits for DeFi also translate into huge benefits for Ethereum. DeFi protocols that carry massive amounts of capital can only be the safest and most resistant to regulation, and can only run on the safest and most resistant chains!