德克薩斯州代表羅恩·雷諾茲（Ron Reynolds）提出了立法，以限制州比特幣投資

該法案將得克薩斯州的經濟穩定基金限制為2.5億美元，用於購買加密貨幣。此外，地方政府將面臨更嚴格的1000萬美元投資上限。

Texas Representative Ron Reynolds has introduced legislation to limit state investments in Bitcoin, aiming to counter potential risks highlighted by critics.

德克薩斯州代表羅恩·雷諾茲（Ron Reynolds）提出了立法，以限制國家對比特幣的投資，旨在應對批評者強調的潛在風險。

The bill, filed on March 10, caps Texas Economic Stabilisation Fund crypto purchases at $250 million. Local governments face a stricter $10 million investment ceiling.

該法案於3月10日提交，Caps得克薩斯州經濟穩定基金加密貨幣的購買價格為2.5億美元。地方政府面臨更嚴格的1000萬美元投資上限。

Reynolds, a Democrat, is focused on mitigating potential risks tied to the volatile digital assets, as highlighted by critics.

民主黨人雷諾（Reynolds）致力於減輕與批評家的揮發性數字資產相關的潛在風險。

The proposed cap targets the Texas “rainy day” fund, which currently holds roughly $27 billion.

擬議的上限目標是德克薩斯州的“雨天”基金，目前持有約270億美元。

Unwinding Unchecked Crypto Exposure

放鬆未檢查的加密貨幣暴露

Critics argue that tying together large sums of taxpayer money and the unpredictable nature of crypto markets could jeopardise fiscal stability. However, proponents see Bitcoin as a hedge against inflation and a way to diversify investment strategies.

批評者認為，將大量納稅人的錢和加密市場的不可預測性質捆綁在一起可能會危害財政穩定。但是，支持者將比特幣視為抵制通貨膨脹的對沖，也可以使投資策略多樣化。

The bill comes in response to a March 6 Senate vote approving SB 21, which would allow unlimited Bitcoin reserves.

該法案是為了回應3月6日的參議院投票批准SB 21，該投票將允許無限的比特幣儲備。

The measure, spearheaded by Republican State Senator Charles Schwertner, aims to position Texas as a leading state in the cryptocurrency industry.

共和黨參議員查爾斯·施沃特納（Charles Schwertner）率領的措施旨在將德克薩斯州的領先國家定位為加密貨幣行業的領先州。

Earlier this year, Lieutenant Governor Dan Patrick labelled a state Bitcoin reserve a 2025 priority.

今年早些時候，州長丹·帕特里克（Dan Patrick）中尉將州比特幣預備隊標記為2025年優先事項。

While SB 21 has drawn bipartisan support, the lack of investment limits sparked concerns.

儘管SB 21得到了兩黨的支持，但缺乏投資限制引發了人們的關注。

The House and Senate must reconcile differing visions for the Texas crypto future by September deadlines.

眾議院和參議院必須在9月的截止日期之前調和得克薩斯州加密貨幣未來的不同願景。

Local Governments Face Stricter Crypto Investment Limits

地方政府面臨更嚴格的加密投資限制

The legislation also imposes limits on cities and counties, setting a $10 million ceiling for their own cryptocurrency investments.

該立法還對城市和縣施加了限制，為自己的加密貨幣投資設定了1000萬美元的上限。

This is a stricter limitation compared to the state’s proposed $250 million cap on the Economic Stabilisation Fund.

與該州提議在經濟穩定基金上的2.5億美元上限相比，這是一個更嚴格的限制。

Analysts have previously warned that smaller municipalities may lack the resources to manage the volatility associated with crypto assets.

分析師此前曾警告說，較小的市政當局可能缺乏管理與加密資產相關的波動性的資源。

For instance, Harris County, home to Houston, oversees a $1.2 billion budget. A $10 million cap represents less than 1% of its reserves.

例如，休斯頓的故鄉哈里斯縣監督了12億美元的預算。 1000萬美元的上限不到其儲量的1％。

However, even modest exposure to Bitcoin could help diversify the county’s investment portfolio, according to some financial advisors.

但是，據一些財務顧問稱，即使是對比特幣的適度接觸也可能有助於使該縣的投資組合多樣化。

Partisan Tensions Emerge Over Texas Bitcoin Reserve Plans

黨派緊張局勢在德克薩斯州比特幣儲備計劃中出現

The Reynolds bill highlights a partisan divide in the Texas legislature over cryptocurrency policy.

雷諾（Reynolds）法案強調了德克薩斯州立法機關在加密貨幣政策中的黨派鴻溝。

Schwertner’s SB 21 enjoyed strong GOP support, framing Bitcoin as an economic innovation and a way to boost the state’s treasury.

Schwertner的SB 21獲得了強大的共和黨支持，將比特幣作為經濟創新和促進該州財政部的一種方式。

However, it’s unclear if the Reynolds bill is meant to oppose or refine SB 21.

但是，目前尚不清楚雷諾法案是否旨在反對或完善SB 21。

If both measures pass, Governor Greg Abbott could sign them into law by September 1.

如果兩項措施通過，州長格雷格·雅培（Greg Abbott）可以在9月1日之前將其簽署為法律。

Neither the Reynolds office nor Schwertner immediately responded to requests for comment.

雷諾辦公室和施沃特納都沒有立即回應置評請求。

Questions Over Presidential Authority

關於總統權威的問題

The discussion follows President Trump’s March 7 executive order, which proposed a federal “Strategic Bitcoin Reserve,” an initiative that several legal experts have argued oversteps presidential authority.

討論是在特朗普總統3月7日的行政命令後，該命令提出了聯邦“戰略比特幣儲備”。

The President cannot unilaterally allocate funds without Congressional approval.

未經國會批准，總統不能單方面分配資金。

To counter this, Wyoming Senator Cynthia Lummis on March 11 reintroduced a bill to codify a BTC reserve and grant the President the authority to create it.

為了解決這個問題，懷俄明州參議員辛西婭·盧米斯（Cynthia Lummis）於3月11日重新提出了一項法案，以編纂BTC儲備金，並授予總統創建它的權力。

Her legislation also mandates Congressional oversight over the digital asset purchases and sales, and the Governors' role in selecting the Bitcoin.

她的立法還要求國會對數字資產的購買和銷售以及州長在選擇比特幣中的作用。

Meanwhile, the Texas state-level clash mirrors broader federal debates over crypto regulation.

同時，德克薩斯州一級的衝突反映了有關加密貨幣法規的更廣泛的聯邦辯論。

What’s Next for Texas Crypto Legislation

德克薩斯加密立法的下一步是什麼

Texas lawmakers now face a September 1 deadline to reconcile the House and Senate bills.

德克薩斯州議員現在面臨9月1日的截止日期，以調和眾議院和參議院法案。

The Reynolds cap could be used to amend SB 21 or stall its implementation.

Reynolds Cap可用於修改SB 21或停滯其實施。

Governor Abbott’s stance will also be pivotal, though he hasn’t yet publicly endorsed either proposal.

雅培州長的立場也將是關鍵的，儘管他尚未公開認可這兩個提議。

National observers are watching Texas closely as a testing ground for state-level crypto policy.

國家觀察家正在密切關注德克薩斯州作為州級加密政策的測試場面。

Other states, such as Wyoming, have already adopted their own frameworks for cryptocurrency investments.

懷俄明州等其他州已經採用了自己的框架進行加密貨幣投資。

As these discussions escalate, more states are expected to join the conversation and introduce similar legislation.

隨著這些討論的升級，預計會有更多的州加入對話並引入類似的立法。

For now, Texas lawmakers are grappling with how to balance innovation with fiscal restraint in shaping America’s crypto future, one bill at a time.

目前，德克薩斯州議員們正在努力在塑造美國加密貨幣未來的一項法案時，努力平衡創新與財政限制。