共和黨人希望通過創建“戰略儲備”來標記德克薩斯州的印章

加密貨幣工作人員提出的最新寵物問題以某種方式贏得了州長丹·帕特里克（Dan Patrick）的雙年展蜜糖名單上的優先地位。

Despite a surprising move by a key lawmaker to remove an aspect of the bill that had attracted controversy, a state legislative panel on Thursday advanced a measure that would create a strategic reserve to invest in Bitcoin.

儘管重要的議員們採取了令人驚訝的舉動，以取消引起爭議的法案的一面，但周四的州立法小組提出了一項措施，該措施將創造戰略儲備金，以投資比特幣。

The Senate Business and Commerce Committee approved a revised version of the bill, Senate Bill 21, by a unanimous vote. The panel had focused on the bill at its last hearing on February 18.

參議院商業和商業委員會通過一致投票批准了該法案21號法案的修訂版。該小組在2月18日的最後一次聽證會上專注於該法案。

The bill, authored by GOP Senator Charles Schwertner, would authorize and direct the Texas comptroller to establish a reserve fund, outside of the general treasury, through which the agency would have broad discretion to buy, sell, or otherwise invest in cryptocurrencies. As approved by the committee, the reserve would be limited to cryptocurrencies that have had an average market cap of $500 billion over 12 months—a threshold that only Bitcoin currently meets. The fund would be overseen by an advisory board of crypto investment experts appointed by the comptroller.

該法案由共和黨參議員查爾斯·施沃特納（Charles Schwertner）撰寫，將授權並指導德克薩斯州審計長在一般財政部以外建立一個儲備金，該機構將通過該基金在該基金中擁有廣泛的酌處權以購買，出售或以其他方式投資加密貨幣。根據委員會的批准，該儲備將僅限於在12個月內平均市值為5000億美元的加密貨幣，這是只有比特幣目前達到的門檻。該基金將由審計長任命的加密投資專家顧問委員會監督。

While no proposed funding has currently been set aside for the reserve, Schwertner said that he intended to ask legislative budget writers to provide some level of appropriation—potentially around $20 million for the next biennium. A Texas bitcoin reserve would not only serve as a symbol of the Lone Star State’s support of the crypto industry, Schwertner said, but would also send a message rebuking the federal government’s ballooning debt. He posited that the U.S. dollar is bound to crater at some point in the future, and a Bitcoin reserve would serve as a financial hedge for Texas when that happens.

儘管目前尚未為預備役準備擬議的資金，但Schwertner表示，他打算要求立法預算作者提供一定程度的撥款，而下一個兩年一則約有2000萬美元。 Schwertner說，得克薩斯州比特幣儲備金不僅會成為孤星州對加密貨幣行業的支持的象徵，而且還將發送一條封信的信息，以斥責聯邦政府的激烈債務。他認為，美元一定會在未來的某個時候登山，而在發生這種情況時，比特幣儲備將成為德克薩斯州的財務樹籬。

“All fiat currency eventually goes to its natural worth, which is the paper it’s printed on,” Schwertner said at the February 18 hearing. “We can buy land. We can buy gold. I think Texas should have the option of evaluating the best performing asset [Bitcoin] of the last 10 years.”

Schwertner在2月18日的聽證會上說：“所有法定貨幣最終都符合其自然價值，這是印刷的論文。” “我們可以購買土地。我們可以買黃金。我認為德克薩斯州應該可以選擇評估過去十年中表現最好的資產[比特幣]。”

Hilary Allen, a law professor at American University who specializes in financial regulation, said state crypto reserves are unwise. “There is simply nothing behind Bitcoin. It has no strategic use,” Allen told the Texas Observer. Cryptocurrencies like Bitcoin are, Allen says, effectively a “ponzi–like asset” with no tangible value, entirely dependent on a supply-and demand-market of speculation and manipulation.

專門從事金融監管的美國大學法學教授希拉里·艾倫（Hilary Allen）表示，州加密儲備金是不明智的。 “比特幣背後沒有什麼。它沒有戰略用途。”艾倫告訴德克薩斯觀察家。艾倫說，像比特幣這樣的加密貨幣實際上是一個“龐氏騙局的資產”，沒有明顯的價值，完全取決於猜測和操縱的供求市場。

“I think the only people this will benefit are the Bitcoin ‘whales,’ the people who are already heavily invested in Bitcoin,” she said, by providing a state-subsidized market for big investors who want to cash out.

她說：“我認為這將受益的唯一受益的人是鯨魚，'已經投資於比特幣的人。”

If the state simply bought and held Bitcoin for years, it would merely prop up the market, while trying to strategically sell off its crypto holdings could cause the price to plummet.

如果該州只是購買並持有多年的比特幣，它將僅僅支撐市場，同時試圖從戰略上出售其加密貨幣持有量可能會導致價格下降。

Schwertner and his crypto cronies downplay those concerns and say that bitcoin has become a mainstream investment akin to traditional stocks and financial securities

Schwertner和他的加密貨幣親信淡化了這些擔憂，並說比特幣已成為類似於傳統股票和金融證券的主流投資

Schwertner drafted the bill—an overhauled version of an earlier bill he filed—in consultation with the Texas Blockchain Council, a trade group that represents the crypto industry. Members of the group packed the hearing room, and the council’s president Lee Bratcher testified as the lead invited witness in support of the bill.

Schwertner起草了該法案（他提交的較早法案的大修版本）與代表加密貨幣行業的貿易集團得克薩斯州區塊鏈委員會協商。該小組的成員打包了聽證室，安理會主席李·布拉切爾（Lee Bratcher）作證說，邀請證人支持該法案。

Comptroller Glenn Hegar also provided testimony that, while officially neutral, was generally in favor of the reserve. He also acknowledged that his office currently has the authority to invest in crypto funds but has opted not to do so.

審計長格倫·赫加爾（Glenn Hegar）還提供了證詞，儘管正式中立，但通常都讚成預備役。他還承認，他的辦公室目前有權投資加密資金，但選擇不這樣做。

One of the most controversial parts of Schwertner’s bill was a provision that would have allowed private citizens and corporations to donate Bitcoin or other cryptocurrency to the reserve. That raised concerns that private investors or companies could expose the strategic reserve to self-serving manipulation or promotion—and even provide a means for covert influence-peddling by foreign actors or other shadowy interests.

Schwertner法案中最具爭議的部分之一是一項規定，該規定將允許私人公民和公司向儲備金捐贈比特幣或其他加密貨幣。這引起了人們的擔憂，即私人投資者或公司可以將戰略儲備暴露於自我服務的操縱或促銷中，甚至為外國演員或其他陰影興趣的秘密影響力提供了一種手段。

“If someone decides to give $10 billion [worth of crypto] to the state, they’re creating a market for themselves [and could effectively] manipulate the market using the imprimatur of the state,” said Senator Nathan Johnson, a Dallas Democrat, as he raised numerous concerns about the bill during the hearing. “I don’t want the state to be a tool of an investor. I would want this to be limited to just state allocations. I don’t want billionaire tech bros owning a branch of the state government.”

達拉斯民主黨參議員內森·約翰遜（Nathan Johnson）說：“如果有人決定向國家提供100億美元（價值價值的加密貨幣），那麼他們正在自己創造一個市場，並可以使用該州的不合情可及來操縱市場。” “我不希望該州成為投資者的工具。我希望這僅限於說明分配。我不希望億萬富翁技術兄弟擁有州政府的一個分支機構。”

In a surprising move, Schwertner stripped the private donation measure out of his bill, which was then approved unanimously at a committee hearing on Thursday. Supporters of the Bitcoin reserve had said the donation component would ensure that there was limited risk to taxpayer funds. “The beauty of a Texas strategic Bitcoin reserve is it’s primarily driven by donations, and there’s really no risk to the Texas taxpayer. It’s only a net positive,” Bratcher previously told the Austin American-Statesman.

令人驚訝的舉動，施沃特納（Schwertner）從他的法案中剝離了私人捐款措施，然後在周四的委員會聽證會上一致批准。比特幣保護區的支持者表示，捐贈部分將確保納稅人資金的風險有限。 “得克薩斯州戰略比特幣儲備的美麗是它主要是由捐款驅動的，而德克薩斯州納稅人確實沒有風險。這只是淨積極的態度，” Bratcher此前曾告訴奧斯丁美國政治家。

Bratcher told the Observer that the group nevertheless supports the modified Bitcoin bill.

Bratcher告訴《觀察家》，該小組仍然支持修改後的比特幣賬單。

“While we will miss the opportunity to encourage donations to the Texas Strategic Bitcoin Reserve

“雖然我們將錯過鼓勵向德克薩斯戰略比特幣儲備捐款的機會