共和党人希望通过创建“战略储备”来标记德克萨斯州的印章

加密货币工作人员提出的最新宠物问题以某种方式赢得了州长丹·帕特里克（Dan Patrick）的双年展蜜糖名单上的优先地位。

Despite a surprising move by a key lawmaker to remove an aspect of the bill that had attracted controversy, a state legislative panel on Thursday advanced a measure that would create a strategic reserve to invest in Bitcoin.

尽管重要的议员们采取了令人惊讶的举动，以取消引起争议的法案的一面，但周四的州立法小组提出了一项措施，该措施将创造战略储备金，以投资比特币。

The Senate Business and Commerce Committee approved a revised version of the bill, Senate Bill 21, by a unanimous vote. The panel had focused on the bill at its last hearing on February 18.

参议院商业和商业委员会通过一致投票批准了该法案21号法案的修订版。该小组在2月18日的最后一次听证会上专注于该法案。

The bill, authored by GOP Senator Charles Schwertner, would authorize and direct the Texas comptroller to establish a reserve fund, outside of the general treasury, through which the agency would have broad discretion to buy, sell, or otherwise invest in cryptocurrencies. As approved by the committee, the reserve would be limited to cryptocurrencies that have had an average market cap of $500 billion over 12 months—a threshold that only Bitcoin currently meets. The fund would be overseen by an advisory board of crypto investment experts appointed by the comptroller.

该法案由共和党参议员查尔斯·施沃特纳（Charles Schwertner）撰写，将授权并指导德克萨斯州审计长在一般财政部以外建立一个储备金，该机构将通过该基金在该基金中拥有广泛的酌处权以购买，出售或以其他方式投资加密货币。根据委员会的批准，该储备将仅限于在12个月内平均市值为5000亿美元的加密货币，这是只有比特币目前达到的门槛。该基金将由审计长任命的加密投资专家顾问委员会监督。

While no proposed funding has currently been set aside for the reserve, Schwertner said that he intended to ask legislative budget writers to provide some level of appropriation—potentially around $20 million for the next biennium. A Texas bitcoin reserve would not only serve as a symbol of the Lone Star State’s support of the crypto industry, Schwertner said, but would also send a message rebuking the federal government’s ballooning debt. He posited that the U.S. dollar is bound to crater at some point in the future, and a Bitcoin reserve would serve as a financial hedge for Texas when that happens.

尽管目前尚未为预备役准备拟议的资金，但Schwertner表示，他打算要求立法预算作者提供一定程度的拨款，而下一个两年一则约有2000万美元。 Schwertner说，得克萨斯州比特币储备金不仅会成为孤星州对加密货币行业的支持的象征，而且还将发送一条封信的信息，以斥责联邦政府的激烈债务。他认为，美元一定会在未来的某个时候登山，而在发生这种情况时，比特币储备将成为德克萨斯州的财务树篱。

“All fiat currency eventually goes to its natural worth, which is the paper it’s printed on,” Schwertner said at the February 18 hearing. “We can buy land. We can buy gold. I think Texas should have the option of evaluating the best performing asset [Bitcoin] of the last 10 years.”

Schwertner在2月18日的听证会上说：“所有法定货币最终都符合其自然价值，这是印刷的论文。” “我们可以购买土地。我们可以买黄金。我认为德克萨斯州应该可以选择评估过去十年中表现最好的资产[比特币]。”

Hilary Allen, a law professor at American University who specializes in financial regulation, said state crypto reserves are unwise. “There is simply nothing behind Bitcoin. It has no strategic use,” Allen told the Texas Observer. Cryptocurrencies like Bitcoin are, Allen says, effectively a “ponzi–like asset” with no tangible value, entirely dependent on a supply-and demand-market of speculation and manipulation.

专门从事金融监管的美国大学法学教授希拉里·艾伦（Hilary Allen）表示，州加密储备金是不明智的。 “比特币背后没有什么。它没有战略用途。”艾伦告诉德克萨斯观察家。艾伦说，像比特币这样的加密货币实际上是一个“庞氏骗局的资产”，没有明显的价值，完全取决于猜测和操纵的供求市场。

“I think the only people this will benefit are the Bitcoin ‘whales,’ the people who are already heavily invested in Bitcoin,” she said, by providing a state-subsidized market for big investors who want to cash out.

她说：“我认为这将受益的唯一受益的人是鲸鱼，'已经投资于比特币的人。”

If the state simply bought and held Bitcoin for years, it would merely prop up the market, while trying to strategically sell off its crypto holdings could cause the price to plummet.

如果该州只是购买并持有多年的比特币，它将仅仅支撑市场，同时试图从战略上出售其加密货币持有量可能会导致价格下降。

Schwertner and his crypto cronies downplay those concerns and say that bitcoin has become a mainstream investment akin to traditional stocks and financial securities

Schwertner和他的加密货币亲信淡化了这些担忧，并说比特币已成为类似于传统股票和金融证券的主流投资

Schwertner drafted the bill—an overhauled version of an earlier bill he filed—in consultation with the Texas Blockchain Council, a trade group that represents the crypto industry. Members of the group packed the hearing room, and the council’s president Lee Bratcher testified as the lead invited witness in support of the bill.

Schwertner起草了该法案（他提交的较早法案的大修版本）与代表加密货币行业的贸易集团得克萨斯州区块链委员会协商。该小组的成员打包了听证室，安理会主席李·布拉切尔（Lee Bratcher）作证说，邀请证人支持该法案。

Comptroller Glenn Hegar also provided testimony that, while officially neutral, was generally in favor of the reserve. He also acknowledged that his office currently has the authority to invest in crypto funds but has opted not to do so.

审计长格伦·赫加尔（Glenn Hegar）还提供了证词，尽管正式中立，但通常都赞成预备役。他还承认，他的办公室目前有权投资加密资金，但选择不这样做。

One of the most controversial parts of Schwertner’s bill was a provision that would have allowed private citizens and corporations to donate Bitcoin or other cryptocurrency to the reserve. That raised concerns that private investors or companies could expose the strategic reserve to self-serving manipulation or promotion—and even provide a means for covert influence-peddling by foreign actors or other shadowy interests.

Schwertner法案中最具争议的部分之一是一项规定，该规定将允许私人公民和公司向储备金捐赠比特币或其他加密货币。这引起了人们的担忧，即私人投资者或公司可以将战略储备暴露于自我服务的操纵或促销中，甚至为外国演员或其他阴影兴趣的秘密影响力提供了一种手段。

“If someone decides to give $10 billion [worth of crypto] to the state, they’re creating a market for themselves [and could effectively] manipulate the market using the imprimatur of the state,” said Senator Nathan Johnson, a Dallas Democrat, as he raised numerous concerns about the bill during the hearing. “I don’t want the state to be a tool of an investor. I would want this to be limited to just state allocations. I don’t want billionaire tech bros owning a branch of the state government.”

达拉斯民主党参议员内森·约翰逊（Nathan Johnson）说：“如果有人决定向国家提供100亿美元（价值价值的加密货币），那么他们正在自己创造一个市场，并可以使用该州的不合情可及来操纵市场。” “我不希望该州成为投资者的工具。我希望这仅限于说明分配。我不希望亿万富翁技术兄弟拥有州政府的一个分支机构。”

In a surprising move, Schwertner stripped the private donation measure out of his bill, which was then approved unanimously at a committee hearing on Thursday. Supporters of the Bitcoin reserve had said the donation component would ensure that there was limited risk to taxpayer funds. “The beauty of a Texas strategic Bitcoin reserve is it’s primarily driven by donations, and there’s really no risk to the Texas taxpayer. It’s only a net positive,” Bratcher previously told the Austin American-Statesman.

令人惊讶的举动，施沃特纳（Schwertner）从他的法案中剥离了私人捐款措施，然后在周四的委员会听证会上一致批准。比特币保护区的支持者表示，捐赠部分将确保纳税人资金的风险有限。 “得克萨斯州战略比特币储备的美丽是它主要是由捐款驱动的，而德克萨斯州纳税人确实没有风险。这只是净积极的态度，” Bratcher此前曾告诉奥斯丁美国政治家。

Bratcher told the Observer that the group nevertheless supports the modified Bitcoin bill.

Bratcher告诉《观察家》，该小组仍然支持修改后的比特币账单。

“While we will miss the opportunity to encourage donations to the Texas Strategic Bitcoin Reserve

“虽然我们将错过鼓励向德克萨斯战略比特币储备捐款的机会