沒有國會的情況下，比特幣戰略儲備能否推進？專家意見不一

美國政府已經持有超過 208,000 枚比特幣 (BTC)，但保留這些比特幣比想像的更複雜。

The U.S. government already holds more than 208,000 bitcoin, but retaining it is more complicated than might be assumed.

美國政府已經持有超過 208,000 枚比特幣，但保留這些比特幣比想像的要複雜。

Election 2024 coverage presented by

2024 年選舉報道由

Coinbase Wallet Adds Support for Polygon zkEVM Testnet

Coinbase 錢包增加了對 Polygon zkEVM 測試網的支持

Will the U.S. government actually establish a bitcoin (BTC) reserve? It seems to depend on the definition of “reserve” you use.

美國政府真的會建立比特幣（BTC）儲備嗎？這似乎取決於您使用的“儲備”的定義。

Would the government simply stop selling the bitcoin in its possession, as former President and now President-elect Donald Trump promised in his Nashville speech this summer? Or would it actively purchase bitcoin, as per the wishes of Senator Cynthia Lummis and Trump ally Robert F. Kennedy?

政府會像前總統、現任當選總統唐納德·川普今年夏天在納許維爾演講中所承諾的那樣，停止出售其擁有的比特幣嗎？或者它會按照參議員辛西婭·盧米斯和川普盟友羅伯特·F·甘迺迪的意願積極購買比特幣？

The government currently holds 208,109 bitcoin — worth over $19 billion — per Arkham Intelligence. That stockpile was acquired over time through confiscations related to criminal activities. Historically, the government has sold this seized bitcoin in auctions, but Trump announced in July that under his administration, the government would keep 100% of all the bitcoin it currently holds or acquires in the future.

根據 Arkham Intelligence 的數據，政府目前持有 208,109 枚比特幣，價值超過 190 億美元。隨著時間的推移，這些庫存是透過沒收與犯罪活動有關的行為而獲得的。歷史上，政府在拍賣中出售了這些扣押的比特幣，但川普在 7 月宣布，在他的管理下，政府將 100% 保留其目前持有或未來收購的所有比特幣。

It might sound like a simple policy, but there isn’t any established method to implement it, and the procedure would likely involve the coordination of various government agencies like the Department of Justice, the U.S. Marshals Services and the U.S. Treasury.

這聽起來像是一項簡單的政策，但沒有任何既定的方法來實施它，而且該程序可能需要司法部、美國法警局和美國財政部等多個政府機構的協調。

“We don't have anything in writing, right? We’re just kind of going by a speech that was rather generic,” Perianne Boring, founder and CEO of crypto advocacy group The Digital Chamber, told CoinDesk. “Can you just move money between the federal agencies like that? I don't know.”

「我們沒有任何書面記錄，對吧？我們只是在進行一場相當通用的演講，」加密貨幣倡導組織 The Digital Chamber 的創始人兼首席執行官 Perianne Boring 告訴 CoinDesk。 「你能像這樣在聯邦機構之間轉移資金嗎？我不知道。

“If you're moving [bitcoin] out of the Department of Justice to the Treasury, and it's like a strategic Bitcoin stockpile fund, that likely requires an act of Congress,” Boring added. “But again, I don't know exactly how much [Trump] can do with his executive powers.”

「如果你要把[比特幣]從司法部轉移到財政部，它就像一個戰略性的比特幣儲備基金，這可能需要國會採取行動，」博林補充道。 「但同樣，我不知道（川普）到底能用他的行政權力做多少事情。」

Moish Peltz, a partner at Falcon, Rappaport and Berkman, told CoinDesk that the rules surrounding seized bitcoin might change on a department-by-department basis and vary depending on how the bitcoin was seized in the first place. “Some portion of the seized bitcoin might need an act of Congress, but not necessarily,” he said.

Falcon、Rappaport 和 Berkman 的合夥人 Moish Peltz 告訴 CoinDesk，有關扣押比特幣的規則可能會因部門而異，並且取決於比特幣最初被扣押的方式。 「被扣押的比特幣的某些部分可能需要國會採取行動，但不一定，」他說。

Moreover, the process could be gradual. “[The government’s] existing experience with the seizure and custody of large amounts of Bitcoin demonstrates competency and makes it easy to imagine from a technical perspective a relatively low level of difficulty in establishing a strategic reserve,” Peltz said. “Over time, this could evolve into a more significant stance as regulatory clarity improves, legislation is enacted (and implemented), and the government develops a more comprehensive digital asset strategy.”

此外，這個過程可以是漸進的。 「（政府）在扣押和保管大量比特幣方面的現有經驗證明了其能力，並且從技術角度很容易想像建立戰略儲備的難度相對較低，」佩爾茨說。 「隨著時間的推移，隨著監管清晰度的提高、立法的頒布（和實施）以及政府制定更全面的數位資產策略，這可能會演變為更重要的立場。”

Purchasing more bitcoin

購買更多比特幣

Keeping seized bitcoin is one vision for the reserve. But Senator Lummis has argued for a more proactive approach in a new bill: for the U.S. to sell off a portion of its gold reserves and buy 1 million bitcoin. At current prices, that would entail spending a minimum of $90 billion for the acquisition, though the government would likely be front-run if the bill ever passes.

保留扣押的比特幣是該儲備的願景之一。但參議員魯米斯主張在一項新法案中採取更積極主動的做法：美國出售部分黃金儲備併購買 100 萬枚比特幣。以目前的價格計算，這將需要花費至少 900 億美元來進行收購，不過如果該法案獲得通過，政府可能會處於領先地位。

“An executive order could also potentially initiate the process, but substantial financial commitments usually require an act of Congress to allocate funds and create a legal framework,” Peltz said.

佩爾茨說：“行政命令也可能啟動這一進程，但大量的財務承諾通常需要國會採取行動來分配資金並建立法律框架。”

Boring was optimistic about the bill passing. With Republicans soon to be in control of the House of Representatives, the Senate and the White House, “it's absolutely possible to get it done,” she said, while noting that it was unlikely for the bill to go through the new Congress in the first 100 days.

博寧對該法案的通過持樂觀態度。她表示，隨著共和黨很快就會控制眾議院、參議院和白宮，“完成這項法案絕對有可能”，同時指出該法案不太可能在新一屆國會獲得通過。

But Nic Carter, a partner at Castle Island Ventures, a public blockchain-focused venture fund, wasn’t so sure. Congressional priorities when it comes to crypto involve passing a stablecoin bill and investigating Operation Choke Point 2.0, Carter posted last week after meeting with members of Congress and the Federal Reserve. The strategic reserve “didn’t come up in any of the convos I had,” he posted on X.

但專注於區塊鏈的公共風險基金 Castle Island Ventures 的合夥人 Nic Carter 卻不太確定。卡特上週在與國會和聯準會成員會面後表示，在加密貨幣方面，國會的優先事項包括通過穩定幣法案和調查「窒息點行動 2.0」。他在 X 上發文稱，戰略儲備「在我的任何車隊中都沒有出現」。

So could there be a legal loophole that allows the government to purchase bitcoin without Congressional approval? Maybe. Zack Shapiro, head of policy at the Bitcoin Policy Institute, argued last week in favor of a novel and untested theory: that the Treasury has the authority to acquire bitcoin through the Exchange Stabilization Fund (ESF) by purchasing bitcoin-denominated debt instruments.

那麼是否存在法律漏洞允許政府在未經國會批准的情況下購買比特幣？或許。比特幣政策研究所政策主管扎克·夏皮羅(Zack Shapiro) 上週支持一種新穎且未經檢驗的理論：財政部有權通過交易穩定基金(ESF) 通過購買比特幣計價的債務工具來獲取比特幣。

“Upon maturity, the counterparty would repay the debt obligation in bitcoin, transferring the cryptocurrency to the Treasury,” Shapiro wrote. “This mechanism allows the Treasury to acquire bitcoin without directly purchasing it on the open market, thus avoiding potential market disruptions or price spikes that could result from large direct purchases.”

夏皮羅寫道：“到期後，交易對手將以比特幣償還債務，並將加密貨幣轉移給財政部。” “這種機制允許財政部在不直接在公開市場上購買比特幣的情況下獲取比特幣，從而避免大量直接購買可能導致的潛在市場混亂或價格飆升。”

Bettors on Polymarket currently give 30% odds for the government to hold bitcoin reserves between January and April 2025.

Polymarket 的投注者目前認為政府在 2025 年 1 月至 4 月期間持有比特幣儲備的可能性為 30%。

EDITED BY

編輯者

JAMIE GOO

古傑米