川普可以下令建立比特幣戰略儲備嗎？

在納許維爾舉行的比特幣 2024 會議上，唐納德·川普公佈了為美國建立戰略比特幣儲備（SBR）的提議

Former US President Donald Trump has proposed the creation of a Strategic Bitcoin Reserve (SBR) upon his return to office, following his electoral victories in both the House of Representatives and the Senate. The proposal has garnered significant attention in the crypto community.

美國前總統川普在眾議院和參議院贏得選舉後，提議在重返總統職位後建立比特幣戰略儲備（SBR）。該提案引起了加密貨幣社群的廣泛關注。

A new legal analysis by the Bitcoin Policy Institute, authored by attorney and startup advisor Zack Shapiro, examines the feasibility of Trump's proposal within the existing legal framework. Specifically, Shapiro explores whether the establishment of an SBR is permissible under the authority of the US Department of the Treasury, particularly through the utilization of the Exchange Stabilization Fund (ESF).

比特幣政策研究所由律師兼創業顧問 Zack Shapiro 撰寫的一項新的法律分析研究了川普提案在現有法律框架內的可行性。具體來說，夏皮羅探討了在美國財政部的授權下是否允許建立SBR，特別是透過利用外匯穩定基金（ESF）。

“The Exchange Stabilization Fund (ESF) is a powerful yet underutilized financial instrument that could be theoretically used to acquire Bitcoin as a strategic asset,” Shapiro explains. “The ESF's mandate, codified in 31 USC. § 5302, grants the Secretary of the Treasury broad discretion to manage assets that stabilize the value of the US dollar.”

「交易所穩定基金（ESF）是一種強大但未充分利用的金融工具，理論上可以用來收購比特幣作為戰略資產，」夏皮羅解釋。 「ESF 的職責已編入 31 USC。 § 5302，賦予財政部長廣泛的自由裁量權來管理穩定美元價值的資產。

Established in 1934 under the Gold Reserve Act during the Great Depression, the ESF was initially funded with $2 billion from the revaluation of US gold reserves. Its primary purpose is to stabilize the US dollar and manage international monetary concerns, allowing the Treasury Secretary to intervene in foreign exchange markets without direct congressional approval.

ESF 於 1934 年大蕭條期間根據《黃金儲備法》成立，最初的資金來自美國黃金儲備重估的 20 億美元。其主要目的是穩定美元並管理國際貨幣問題，允許財政部長在未經國會直接批准的情況下乾預外匯市場。

While the ESF was originally focused on traditional assets like gold and foreign currencies, Shapiro notes that the statutory language does not explicitly limit the types of financial instruments that can be utilized, as long as they serve the purpose of stabilizing the dollar.

雖然 ESF 最初專注於黃金和外幣等傳統資產，但夏皮羅指出，法定語言並未明確限制可以使用的金融工具類型，只要它們能夠達到穩定美元的目的即可。

To determine the legality of the Treasury Department using the ESF to purchase BTC, Shapiro addresses two critical questions. First, can the ESF legally acquire BTC under its authorized asset categories? While Bitcoin does not fit into traditional classifications like gold or foreign exchange, Shapiro posits that BTC could be acquired through instruments of credit.

為了確定財政部使用 ESF 購買 BTC 的合法性，夏皮羅解決了兩個關鍵問題。首先，ESF是否可以合法收購其授權資產類別下的BTC？雖然比特幣不屬於黃金或外匯等傳統分類，但夏皮羅認為比特幣可以透過信貸工具取得。

“Although Bitcoin itself is not an instrument of credit, the Treasury can engage in transactions where Bitcoin is acquired through such instruments,” Shapiro explains. This could involve the ESF purchasing Bitcoin-denominated debt obligations from qualified counterparties, like financial institutions or BTC mining companies, with repayments structured in BTC upon maturity. This approach aligns with the ESF's authority to “deal in… instruments of credit.”

「雖然比特幣本身不是一種信貸工具，但財政部可以參與透過此類工具獲取比特幣的交易，」夏皮羅解釋道。這可能涉及 ESF 從合格的交易對手（如金融機構或 BTC 礦業公司）購買以比特幣計價的債務，並在到期時以 BTC 進行償還。這種方法符合 ESF「處理…信貸工具」的權力。

The second question concerns whether acquiring BTC would fulfill the ESF's statutory purpose of stabilizing the exchange value of the dollar. Shapiro argues that given the high levels of US national debt and concerns over long-term economic stability, incorporating Bitcoin - a decentralized currency with a fixed supply - could enhance trust in the US financial system.

第二個問題涉及收購BTC是否能夠實現ESF穩定美元匯率的法定目的。夏皮羅認為，鑑於美國國債水平較高以及對長期經濟穩定性的擔憂，納入比特幣——一種供應固定的去中心化貨幣——可以增強對美國金融體系的信任。

“Due to Bitcoin's fixed supply and inherently deflationary nature, it presents a credible hedge against inflation,” Shapiro asserts. “By adding Bitcoin to the national balance sheet, the US can enhance fiscal responsibility and signal innovation, potentially stabilizing the dollar's exchange rate over the long term.”

夏皮羅斷言：“由於比特幣的固定供應量和固有的通貨緊縮性質，它提供了一種可靠的通膨對沖手段。” “通過將比特幣添加到國家資產負債表中，美國可以增強財政責任並發出創新信號，從而有可能長期穩定美元匯率。”

Shapiro further outlines the practical mechanisms through which the Treasury could acquire Bitcoin using the ESF. He suggests that the Treasury could utilize convertible instruments of credit, such as bonds or notes issued by qualified counterparties that promise repayment in BTC upon maturity.

夏皮羅進一步概述了財政部使用 ESF 獲取比特幣的實用機制。他建議財政部可以利用可轉換信貸工具，例如合格交易對手發行的債券或票據，承諾在到期時以比特幣償還。

“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,” Shapiro explains. He adds, “The ESF was created to provide the Treasury with the flexibility to intervene in foreign exchange markets without direct congressional approval.”

夏皮羅解釋說：“這種機制允許財政部無需直接在公開市場上購買比特幣即可獲得比特幣，從而避免了因大量直接購買而可能導致的潛在市場混亂或價格飆升。”他補充道，“歐洲穩定基金的成立是為了讓財政部能夠在沒有國會直接批准的情況下靈活地干預外匯市場。”

At press time, BTC trades at $89,339.

截至發稿時，BTC 交易價格為 89,339 美元。