美国参议员辛西娅·卢米斯（Cynthia Lummis）重新提交《比特币法》，试图建立战略性比特币储备

2025年3月，美国参议员辛西娅·卢米斯（Cynthia Lummis）将《比特币法》（Bitcoin Act）重新提交给参议院，试图通过立法建立战略性的比特币储备。

In March 2025, U.S. Senator Cynthia Lummis resubmitted the BITCOIN Act to the Senate, aiming to establish a strategic Bitcoin reserve through legislation. This move continued her original intention in 2024 and made key adjustments in details, sparking widespread discussion and market debate.

2025年3月，美国参议员辛西娅·卢米斯（Cynthia Lummis）将《比特币法案》（Bitcoin Act）重新提交给参议院，旨在通过立法建立战略性的比特币储备。这一举动在2024年持续了她的最初意图，并进行了详细的关键调整，引发了广泛的讨论和市场辩论。

This article will deeply interpret the historical background of the bill, the changes in the new version, and the profound impact that the plan to purchase 200,000 bitcoins per year may have on the price of Bitcoin.

本文将深入解释该法案的历史背景，新版本的变化以及每年购买200,000比特币的计划对比特币价格可能产生的深远影响。

History of the Act, what changes have been made in the new version

该行为的历史，新版本中已经进行了哪些更改

As a Republican senator from Wyoming, Cynthia Loomis has been an active promoter in the field of Bitcoin policy since 2024. In July of that year, she first proposed the BITCOIN Act of 2024, which aims to establish a “Strategic Bitcoin Reserve” similar to the Strategic Oil Reserve through the government's purchase of Bitcoin. The goal is to use Bitcoin as “digital gold” to enhance the United States' competitive advantage in the global financial system while providing a new solution to the national debt.

作为怀俄明州的共和党参议员，辛西娅·洛米斯（Cynthia Loomis）自2024年以来一直是比特币政策领域的积极促进者。当年7月，她首次提出了2024年的《比特币法》（Bitcoin Act），该法案旨在通过政府购买比特币（Bitcoin）的战略石油储备，旨在建立“战略性比特币储备”。目的是将比特币用作“数字黄金”，以增强美国在全球金融体系中的竞争优势，同时为国家债务提供新的解决方案。

The bill proposes to purchase 1 million Bitcoins (1,000,000 BTC) within five years, accounting for about 5% of the total supply of Bitcoin at the time, and to achieve this goal by redirecting funds from the Federal Reserve System's earnings and gold revaluation. However, the 2024 version of the bill was quickly blocked in congressional committees and eventually “expired” at the end of the 2023-2024 session and failed to pass.

该法案建议在五年内购买100万比特币（1,000,000 BTC），占当时比特币总供应量的5％，并通过重定向美联储系统的收益和黄金重新评估的资金来实现这一目标。但是，该法案的2024年版本在国会委员会中很快被封锁，并最终在2023 - 2024届会议结束时“到期”，没有通过。

In March 2025, Loomis resubmitted the bill, launching the Bitcoin Act of 2025. The new version retains the core goal - to purchase 1 million bitcoins within five years - but makes several key changes in the details. These changes are intended to respond to previous criticisms, strengthen enforcement, and echo the executive order signed by President Trump in March 2025 to establish a strategic Bitcoin reserve.

2025年3月，Loomis重新提交了该法案，启动了2025年的《比特币法》。新版本保留了核心目标 - 在五年内购买100万比特币 - 但细节上有几个关键的更改。这些变化旨在应对以前的批评，加强执法，并回应特朗普总统在2025年3月签署的行政命令，以建立战略性比特币储备。

Here are the main changes in the new version:

这是新版本的主要更改：

* Modifies the annual Bitcoin purchase plan. The 2024 version sets the maximum annual purchase amount at 200,000 Bitcoins, granting the Treasury flexibility to adjust purchases based on market conditions. However, this flexibility may lead to poor implementation or delays. The 2025 version changes this clause to "must" purchase 200,000 Bitcoins, totaling 1 million Bitcoins over five years. This adjustment is made to ensure that lawmakers rapidly establish Bitcoin reserves as planned through legal mandatory requirements.

*修改年度比特币购买计划。 2024年版将最高年度购买金额设置为200,000比特币，从而根据市场条件授予国库的灵活性来调整购买。但是，这种灵活性可能导致实施或延迟不佳。 2025年的版本将该条款更改为“必须”购买200,000比特币，在五年内总共有100万比特币。进行此调整是为了确保立法者按照法律强制性要求迅速建立比特币储备。

* Deletes the clause permitting Bitcoin to be sold for federal debt instruments. The 2024 version allows Bitcoin to be sold to repay federal debt instruments within a minimum holding period of 20 years, an exception that provides flexibility to the government but also weakens the commitment to long-term holding of Bitcoin as a strategic asset. The 2025 version deletes this clause and explicitly stipulates that Bitcoin cannot be sold, exchanged, auctioned or disposed of for any purpose within 20 years. This change strengthens Bitcoin's positioning as a “long-term store of value”, consistent with the concept of "digital gold".

*删除该条款，允许比特币出售给联邦债务工具。 2024年的版本允许比特币在20年的最低持有期内销售以偿还联邦债务工具，这为政府提供了灵活性，但也削弱了对长期持有比特币作为战略资产的承诺。 2025年的版本删除了本条款，并明确规定比特币在20年内无法出售，交换，拍卖或处置。这种变化加强了比特币作为“长期价值存储”的定位，与“数字黄金”的概念一致。

* Adds coordination with the Exchange Stabilization Fund (ESF). The 2025 version adds a new coordination clause with the Exchange Stabilization Fund (ESF), permitting the use of this reserve fund (about $39 billion) to support Bitcoin purchases. The ESF is an emergency reserve fund used by the Ministry of Finance to stabilize exchange rates and financial markets, usually used to intervene in the foreign exchange market or support international financial stability. This amendment expands the source of funds and provides additional financial support for Bitcoin purchases.

*增加了与交换稳定基金（ESF）的协调。 2025年的版本与交易所稳定基金（ESF）添加了新的协调条款，允许使用此储备基金（约390亿美元）来支持比特币购买。 ESF是财政部用来稳定汇率和金融市场的紧急储备基金，通常用来干预外汇市场或支持国际金融稳定。该修正案扩大了资金的来源，并为比特币购买提供了更多的财务支持。

* Adjusts the use of Federal Reserve gold valuation gains. "Revaluation" of the Federal Reserve gold refers to the revaluation of the gold reserves held by the Treasury (approximately 8,133.5 tons) from the legal price (US$42.2222/ounce) to the current market price (approximately US$2,900/ounce in March 2025). This revaluation will generate a book gain of approximately US$747.3 billion (market value of approximately US$758.3 billion minus book value of US$11 billion). The 2024 version incorporates these proceeds into the general fund, while the 2025 version explicitly uses them for the Bitcoin purchase plan. This adjustment reflects strong support for the strategic reserve of Bitcoin and provides a strong funding basis for the "budget neutrality" of the bill. However, fluctuations in the price of gold (which may rise to $3,500/ounce or fall to $2,500/ounce) may affect the final available amount, requiring further

*调整美联储黄金评估收益的使用。美联储黄金的“重估”是指财政部（大约8,133.5吨）从法定价格（约42.22222222盎司）到当前市场价格（约为2,900美元/盎司/盎司）的金牌（约8,133.5吨）的“重估”。这种重估将产生约7473亿美元的账面收益（市场价值约为7583亿美元，账面价值为110亿美元）。 2024年版将这些收益纳入了普通基金，而2025版则将其明确地用于比特币购买计划。这种调整反映了对比特币战略储备的大力支持，并为该法案的“预算中立”提供了强大的资金基础。但是，黄金价格的波动（可能上涨至3500美元/盎司或下跌至$ 2,500/盎司）可能会影响最终的可用金额，这需要进一步