比特币在后台带有德克萨斯州国旗。

在具有里程碑意义的举动中，德克萨斯州参议院银行委员会已一致提高参议院法案21（SB-21），并提议创建德克萨斯州战略比特币储备。

The Texas Senate Banking Committee has unanimously passed Senate Bill 21 (SB-21), which proposes the creation of a Texas Strategic Bitcoin Reserve. The bill, which was passed with a 9–0 vote on February 27, 2025, would authorize the Texas Comptroller to manage investments in bitcoin and other digital assets.

德克萨斯州参议院银行委员会已一致通过了参议院第21号法案（SB-21），该法案提议创建得克萨斯州的战略比特币储备。该法案于2025年2月27日以9-0的投票通过，该法案将授权德克萨斯州审计长管理对比特币和其他数字资产的投资。

The bill is a key part of a broader initiative to expand the types of investments that the Texas Treasury can hold. Currently, the treasury is only allowed to invest in a limited number of asset classes, such as stocks, bonds, and real estate. SB-21 would add bitcoin and other digital assets to this list.

该法案是扩大得克萨斯州财政部可以持有的投资类型的更广泛计划的关键部分。目前，财政部仅允许投资有限数量的资产类别，例如股票，债券和房地产。 SB-21将在此列表中添加比特币和其他数字资产。

SB-21 would also create a new special fund within the state treasury to be named the Texas Strategic Bitcoin Reserve. The reserve would be funded by legislative appropriations, dedicated revenues, purchases of cryptocurrencies, investment earnings, and donations.

SB-21还将在国家财政部内创建一个新的特别基金，被命名为德克萨斯州战略比特币储备。该储备金将由立法拨款，专用收入，加密货币，投资收入和捐款资助。

The bill defines the term “major cryptocurrency” as any cryptocurrency that has an average market capitalization of at least $500 billion for the preceding 12 months. It also specifies that any cryptocurrency acquired by the comptroller must be a major cryptocurrency at the time of purchase.

该法案将“主要加密货币”一词定义为任何加密货币，其平均市值在前12个月至少为5000亿美元。它还指定了审计长获得的任何加密货币在购买时必须是主要的加密货币。

According to the bill, the comptroller is authorized to:

根据该法案，审计长被授权：

1. Acquire, sell, hold, and otherwise manage bitcoin and other cryptocurrencies on behalf of the State in accordance with the provisions of this Section.

1。根据本节的规定，代表国家获取，出售，持有和以其他方式管理比特币和其他加密货币。

2. Pay all administrative expenses incurred in connection with the administration of this Section.

2。支付与本节管理有关的所有行政费用。

3. Contract with third parties for the administration, investment management, or other services related to the Strategic Bitcoin Reserve.

3.与第三方的政府，投资管理或与战略比特币储备有关的其他服务的合同。

4. Be reimbursed for administrative expenses by the Strategic Bitcoin Reserve.

4。通过战略比特币储备金向行政费用偿还。

The bill also provides for the auditing of the Strategic Bitcoin Reserve by a certified public accountant. An advisory committee, appointed by the comptroller and composed of experts in cryptocurrency investments, will advise the comptroller on matters pertaining to the valuation of cryptocurrencies and the investment of funds in the Strategic Bitcoin Reserve.

该法案还规定了认证的公共会计师对战略比特币储备的审核。由审计长任命的咨询委员会，由加密货币投资专家组成，将向审计长提供有关与加密货币估值以及在战略比特币储备中的资金投资有关的事项。

Texas Strategic Bitcoin Reserve And A Volatile Market

德克萨斯州战略比特币储备和波动市场

The advancement of SB-21 comes amid notable volatility in the bitcoin market. Recently, the price of bitcoin has seen a significant downturn, entering a technical bear market with more than a 20% decline from its January peak of $109,350 to about $85,821.

SB-21的进步是在比特币市场明显波动的情况下出现的。最近，比特币的价格急剧下降，从1月份的峰值109,350美元降至85,821美元，进入了技术熊市，其技术熊市下降了20％以上。

This downward trend has been attributed to several factors, including substantial outflows from spot bitcoin ETFs, macroeconomic uncertainties, and a major $1.5 billion hack on the ByBit exchange, which reports claim was orchestrated by North Korean actors.

这种下降趋势归因于几个因素，包括来自现货比特币ETF的大量外流，宏观经济的不确定性以及拜比特交易所的15亿美元黑客攻击，据报道，朝鲜演员策划了据报道。

However, proponents of SB-21 argue that establishing a bitcoin reserve could serve as a strategic hedge against inflation and economic volatility. State Senator Charles Schwertner, who introduced the bill, highlights that bitcoin possesses strategic potential for enhancing Texas’s financial resilience.

但是，SB-21的支持者认为，建立比特币储备可以作为抵制通货膨胀和经济波动的战略对冲。提出该法案的州参议员查尔斯·施沃特纳（Charles Schwertner）强调，比特币具有增强德克萨斯州财务韧性的战略潜力。

SB-21 Impact: Good and Bad

SB-21影响：好与坏

The proposal has sparked a range of opinions. Supporters see it as a futuristic move that positions Texas at the forefront of financial innovation. They argue that including bitcoin in the state’s financial portfolio would diversify assets and provide a safeguard against traditional market fluctuations.

该提案引发了一系列意见。支持者认为这是未来派的举动，将得克萨斯州定位在金融创新的最前沿。他们认为，在该州的金融投资组合中包括比特币将使资产多样化，并为传统市场波动提供保护。

This initiative aligns with a broader shift in the U.S., with multiple states exploring the integration of digital assets into their financial strategies.

该计划与美国的更大转变保持一致，多个州探索了数字资产融入其财务策略。

Earlier this year, Oklahoma introduced a bill to allow the state to invest in bitcoin, and Arizona lawmakers are currently considering a similar measure that would authorize the state to allocate up to $1 billion to cryptocurrency investments.

今年早些时候，俄克拉荷马州提出了一项法案，以允许该州投资比特币，而亚利桑那州议员目前正在考虑采取类似的措施，该措施将授权该州分配高达10亿美元用于加密货币投资。

Utah is also making strides in this domain with a bill that aims to establish a cryptocurrency task force and authorize the state treasurer to invest in digital assets.

犹他州还通过一项旨在建立加密货币工作队并授权国家财务主管投资数字资产的法案，在该领域取得了长足的进步。

However, critics voice concerns over the prudence and potential risks of such investments. The volatility of bitcoin prices raises questions about the stability of public funds allocated to digital assets.

但是，批评家的声音关注此类投资的审慎和潜在风险。比特币价格的波动提出了有关分配给数字资产的公共资金稳定性的问题。

Critics warn that this exposure could have implications for the state’s ability to fund essential public resources and services. Additionally, the recent ByBit exchange hack, reportedly affecting ether and other tokens, further fuels the apprehension of those opposed to the bill.

批评家警告说，这种暴露可能会影响该州为基本公共资源和服务提供资金的能力。此外，据报道，最近的Bybit Exchange Hack影响了Ether和其他令牌，进一步加剧了对反对该法案的人的忧虑。