德克薩斯州移至持有比特幣（BTC）作為儲備資產的一步

德克薩斯州已將比特幣（BTC）作為儲備資產邁出了一步，州參議院於3月6日通過了一項法案

Texas has moved a step closer to holding Bitcoin (BTC) as a reserve asset, with the state senate passing a bill on March 6 that would allow public funds to be allocated to digital assets.

得克薩斯州已將比特幣（BTC）作為儲備資產邁出了一步，州參議院於3月6日通過了一項法案，該法案將允許將公共資金分配給數字資產。

The decision places Texas at the forefront of a growing trend among states exploring crypto investments following President Donald Trump’s call for a federal strategic crypto reserve.

在唐納德·特朗普（Donald Trump）總統呼籲聯邦戰略加密保護區呼籲之後，該決定使得克薩斯州陷入探索加密投資的州的發展最前沿。

State-level momentum

州級勢頭

The Texas bill, SB 21, would permit the state to invest in Bitcoin, a move its sponsor, Senator Charles Schwertner, described as a hedge against inflation and financial instability. Schwertner argued that Bitcoin has repeatedly proven its resilience through economic cycles, making it a viable reserve asset.

SB 21的德克薩斯州法案將允許該州投資比特幣，這是其贊助商Charles Schwertner的舉動，被描述為反對通貨膨脹和金融不穩定的對沖。 Schwertner認為，比特幣通過經濟周期反复證明了其韌性，使其成為可行的儲備資產。

“We need to be able to have assets that will hold their value over time, and Bitcoin has done an excellent job of maintaining its purchasing power, even as the dollar has depreciated steadily,” said Schwertner.

Schwertner說：“我們需要能夠擁有隨著時間的推移價值的資產，而且比特幣在維持其購買力方面做得很好，即使美元穩步貶值。”

The bill now advances to the assembly, where it faces a vote before potentially reaching Governor Greg Abbott's desk for signature.

該法案現在進入了大會，在可能接觸州長格雷格·雅培（Greg Abbott）的辦公桌之前，它面臨投票。

New Hampshire also advanced its own legislation this week. On March 5, a state house committee approved House Bill 302 by a 16-1 vote, paving the way for the state to invest up to 5% of public funds in bitcoin and precious metals. The bill now awaits a full vote in the state legislature.

新罕布什爾州也在本週提出了自己的立法。 3月5日，州議會委員會以16-1的投票批准了眾議院法案302號法案，為該州投資於比特幣和貴金屬的5％的公共資金鋪平了道路。該法案現在正在等待州立法機關進行全面投票。

The bill's sponsor, Representative Ken Moniz, highlighted the state's strong fiscal position and the potential for generating returns through bitcoin investments.

該法案的讚助商肯·莫尼茲（Ken Moniz）的代表強調了該州的強大財政狀況以及通過比特幣投資產生回報的潛力。

“We have a $1 billion surplus in the state treasury, and we're looking for ways to invest it wisely,” said Moniz. “We can't keep putting it all in the stock market, and we need to diversify our investment portfolio.”

莫尼茲說：“我們在州財政部有10億美元的盈餘，我們正在尋找明智的投資方法。” “我們不能一直將所有這些都投入股票市場，我們需要使我們的投資組合多樣化。”

The legislation faced opposition from state Treasurer توم مان, who expressed concerns over administrative burdens and the potential for political interference in investment decisions.

這項立法面臨著國家財務主管§Inders的反對，他對行政負擔表示關注，並有可能在投資決策中進行政治干預。

"We're already managing billions of dollars in a highly efficient and effective manner," said Man. "Adding bitcoin and precious metals would create a significant administrative headache and open the door to undue political influence over our investment strategy."

曼說：“我們已經以高效有效的方式管理了數十億美元。” “添加比特幣和貴金屬將引起重大的行政頭痛，並為我們的投資戰略造成不當政治影響力的大門。”

Despite this opposition, the committee ultimately voted in favor of the bill, sending it to the full house for consideration.

儘管有這種反對，但委員會最終還是對該法案進行了投票，將其發送給了整個眾議院。

Meanwhile, Utah is running out of time to finalize a similar proposal. The state's legislative session ends on March 7, and its bill — already passed by the state house — still awaits a vote in the Senate.

同時，猶他州的時間已經用完了，無法最終確定類似的建議。該州的立法會議將於3月7日結束，其法案（已經由州議會大眾通過）仍在等待參議院的投票。

If approved, it would allow Utah to allocate public funds to digital assets valued at over $500 billion in market capitalization, a criterion that currently applies only to Bitcoin. Governor Spencer Cox, a Republican who has previously supported blockchain initiatives, would then decide whether to sign it into law.

如果獲得批准，它將允許猶他州將公共資金分配給價值超過5000億美元的市值的數字資產，該標準目前僅適用於比特幣。總督斯賓塞·考克斯（Spencer Cox）先前支持區塊鏈計劃的共和黨人將決定是否將其簽署為法律。

The bill's sponsor, Representative Steve McMullin, emphasized the state's need for new revenue streams to fund critical programs.

該法案的讚助商，代表史蒂夫·麥克穆林（Steve McMullin）強調了該州對新收入來源資助關鍵計劃的需求。

"We're facing a budget crisis, and we need to think outside the box,” said McMullin. "Bitcoin presents a unique opportunity to generate significant returns on investment and diversify our revenue portfolio."

麥克穆林說：“我們面臨預算危機，我們需要思考開箱即用。比特幣為產生大量投資回報並使我們的收入組合多樣化提供了獨特的機會。”

The bill's passage would make Utah a leader in cryptocurrency regulation and innovation, potentially attracting industry talent and investment to the state.

該法案的通過將使猶他州成為加密貨幣監管和創新的領導者，有可能吸引該州的行業人才和投資。

Federal crypto reserve

聯邦加密保護區

The surge in state-level crypto legislation follows Trump’s renewed push for a national crypto reserve, which he announced on social media on March 2. The US President outlined a plan that could include digital assets beyond Bitcoin.

在特朗普重新推動國家加密保護區的新努力之後，國家級加密立法的激增，他於3月2日在社交媒體上宣布。美國總統概述了一項計劃，其中可能包括比特幣以外的數字資產。

"We need to create a national strategic crypto reserve to serve as a hedge against inflation, financial instability, and geopolitical risk," Trump wrote on Thursday.

特朗普在周四寫道：“我們需要創建一個國家戰略加密保護區，以作為抵制通貨膨脹，金融不穩定和地緣政治風險的對沖。”

The proposal has sparked debate among industry figures, with some supporting the initiative and others raising concerns.

該提案引發了行業人物之間的辯論，其中一些支持該計劃，而另一些則引起了人們的關注。

CoinDesk reported that Garland expressed skepticism about the plan, highlighting the legal and administrative complexities involved in managing such a reserve.

Coindesk報導說，Garland對該計劃表示懷疑，強調了管理此類儲備所涉及的法律和行政復雜性。

Industry leaders have largely pushed back against including multiple cryptocurrencies, arguing that Bitcoin alone has the characteristics necessary for a reserve asset comparable to gold.

行業領導者在很大程度上反對包括多種加密貨幣，認為僅比特幣就具有可與黃金相當的儲備資產所必需的特徵。

"The president is thinking about a basket of digital assets, but that would be a logistical nightmare," said Mike Novogratz, CEO of crypto-focused investment firm Galaxy Holdings. "We should focus on Bitcoin, the original and best cryptocurrency, as the core of the reserve."

“總統正在考慮一籃子數字資產，但這將是一場後勤的噩夢，”以加密貨幣為中心的投資公司Galaxy Holdings的首席執行官Mike Novogratz說。 “我們應該專注於比特幣，原始和最佳的加密貨幣，作為保護區的核心。”

Uncertainty remains over how the government would source or manage such a portfolio, and no formal policy framework has been proposed.

政府將如何採購或管理這樣的投資組合，並且沒有提出正式的政策框架。

With some states moving aggressively toward bitcoin adoption and others facing legislative roadblocks, the debate over cryptocurrency's role in public finance is expected to intensify in the coming months.

隨著一些州積極向比特幣採用，而另一些州則面臨立法障礙，因此關於加密貨幣在公共財政中的作用的辯論預計將在未來幾個月內加劇。