没有国会的情况下，比特币战略储备能否推进？专家意见不一

美国政府已经持有超过 208,000 枚比特币 (BTC)，但保留这些比特币比想象的要复杂。

The U.S. government already holds more than 208,000 bitcoin, but retaining it is more complicated than might be assumed.

美国政府已经持有超过 208,000 枚比特币，但保留这些比特币比想象的要复杂。

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Will the U.S. government actually establish a bitcoin (BTC) reserve? It seems to depend on the definition of “reserve” you use.

美国政府真的会建立比特币（BTC）储备吗？这似乎取决于您使用的“储备”的定义。

Would the government simply stop selling the bitcoin in its possession, as former President and now President-elect Donald Trump promised in his Nashville speech this summer? Or would it actively purchase bitcoin, as per the wishes of Senator Cynthia Lummis and Trump ally Robert F. Kennedy?

政府会像前总统、现任当选总统唐纳德·特朗普今年夏天在纳什维尔演讲中所承诺的那样，停止出售其拥有的比特币吗？或者它会按照参议员辛西娅·卢米斯和特朗普盟友罗伯特·F·肯尼迪的意愿积极购买比特币？

The government currently holds 208,109 bitcoin — worth over $19 billion — per Arkham Intelligence. That stockpile was acquired over time through confiscations related to criminal activities. Historically, the government has sold this seized bitcoin in auctions, but Trump announced in July that under his administration, the government would keep 100% of all the bitcoin it currently holds or acquires in the future.

根据 Arkham Intelligence 的数据，政府目前持有 208,109 枚比特币，价值超过 190 亿美元。随着时间的推移，这些库存是通过没收与犯罪活动有关的行为而获得的。历史上，政府在拍卖中出售了这些扣押的比特币，但特朗普在 7 月宣布，在他的管理下，政府将 100% 保留其目前持有或未来收购的所有比特币。

It might sound like a simple policy, but there isn’t any established method to implement it, and the procedure would likely involve the coordination of various government agencies like the Department of Justice, the U.S. Marshals Services and the U.S. Treasury.

这听起来像是一项简单的政策，但没有任何既定的方法来实施它，而且该程序可能需要司法部、美国法警局和美国财政部等多个政府机构的协调。

“We don't have anything in writing, right? We’re just kind of going by a speech that was rather generic,” Perianne Boring, founder and CEO of crypto advocacy group The Digital Chamber, told CoinDesk. “Can you just move money between the federal agencies like that? I don't know.”

“我们没有任何书面记录，对吧？我们只是在进行一场相当通用的演讲，”加密货币倡导组织 The Digital Chamber 的创始人兼首席执行官 Perianne Boring 告诉 CoinDesk。 “你能像这样在联邦机构之间转移资金吗？我不知道。”

“If you're moving [bitcoin] out of the Department of Justice to the Treasury, and it's like a strategic Bitcoin stockpile fund, that likely requires an act of Congress,” Boring added. “But again, I don't know exactly how much [Trump] can do with his executive powers.”

“如果你要把[比特币]从司法部转移到财政部，它就像一个战略性的比特币储备基金，这可能需要国会采取行动，”博林补充道。 “但同样，我不知道（特朗普）到底能用他的行政权力做多少事情。”

Moish Peltz, a partner at Falcon, Rappaport and Berkman, told CoinDesk that the rules surrounding seized bitcoin might change on a department-by-department basis and vary depending on how the bitcoin was seized in the first place. “Some portion of the seized bitcoin might need an act of Congress, but not necessarily,” he said.

Falcon、Rappaport 和 Berkman 的合伙人 Moish Peltz 告诉 CoinDesk，有关扣押比特币的规则可能会因部门而异，并且取决于比特币最初被扣押的方式。 “被扣押的比特币的某些部分可能需要国会采取行动，但不一定，”他说。

Moreover, the process could be gradual. “[The government’s] existing experience with the seizure and custody of large amounts of Bitcoin demonstrates competency and makes it easy to imagine from a technical perspective a relatively low level of difficulty in establishing a strategic reserve,” Peltz said. “Over time, this could evolve into a more significant stance as regulatory clarity improves, legislation is enacted (and implemented), and the government develops a more comprehensive digital asset strategy.”

此外，这个过程可以是渐进的。 “（政府）在扣押和保管大量比特币方面的现有经验证明了其能力，并且从技术角度很容易想象建立战略储备的难度相对较低，”佩尔茨说。 “随着时间的推移，随着监管清晰度的提高、立法的颁布（和实施）以及政府制定更全面的数字资产战略，这可能会演变为更重要的立场。”

Purchasing more bitcoin

购买更多比特币

Keeping seized bitcoin is one vision for the reserve. But Senator Lummis has argued for a more proactive approach in a new bill: for the U.S. to sell off a portion of its gold reserves and buy 1 million bitcoin. At current prices, that would entail spending a minimum of $90 billion for the acquisition, though the government would likely be front-run if the bill ever passes.

保留扣押的比特币是该储备的愿景之一。但参议员鲁米斯主张在一项新法案中采取更积极主动的做法：美国出售部分黄金储备并购买 100 万枚比特币。按照目前的价格计算，这将需要至少花费 900 亿美元来进行收购，不过如果该法案获得通过，政府可能会处于领先地位。

“An executive order could also potentially initiate the process, but substantial financial commitments usually require an act of Congress to allocate funds and create a legal framework,” Peltz said.

佩尔茨说：“行政命令也可能启动这一进程，但大量的财务承诺通常需要国会采取行动来分配资金并建立法律框架。”

Boring was optimistic about the bill passing. With Republicans soon to be in control of the House of Representatives, the Senate and the White House, “it's absolutely possible to get it done,” she said, while noting that it was unlikely for the bill to go through the new Congress in the first 100 days.

博宁对该法案的通过持乐观态度。她表示，随着共和党很快将控制众议院、参议院和白宫，“完成这项法案绝对有可能”，同时指出该法案不太可能在新一届国会获得通过。前 100 天。

But Nic Carter, a partner at Castle Island Ventures, a public blockchain-focused venture fund, wasn’t so sure. Congressional priorities when it comes to crypto involve passing a stablecoin bill and investigating Operation Choke Point 2.0, Carter posted last week after meeting with members of Congress and the Federal Reserve. The strategic reserve “didn’t come up in any of the convos I had,” he posted on X.

但专注于区块链的公共风险基金 Castle Island Ventures 的合伙人尼克·卡特 (Nic Carter) 却不太确定。卡特上周在与国会和美联储成员会面后表示，在加密货币方面，国会的优先事项包括通过稳定币法案和调查“窒息点行动 2.0”。他在 X 上发帖称，战略储备“在我的任何车队中都没有出现”。

So could there be a legal loophole that allows the government to purchase bitcoin without Congressional approval? Maybe. Zack Shapiro, head of policy at the Bitcoin Policy Institute, argued last week in favor of a novel and untested theory: that the Treasury has the authority to acquire bitcoin through the Exchange Stabilization Fund (ESF) by purchasing bitcoin-denominated debt instruments.

那么是否存在法律漏洞允许政府在未经国会批准的情况下购买比特币呢？或许。比特币政策研究所政策主管扎克·夏皮罗 (Zack Shapiro) 上周支持一种新颖且未经检验的理论：财政部有权通过交易稳定基金 (ESF) 通过购买比特币计价的债务工具来获取比特币。

“Upon maturity, the counterparty would repay the debt obligation in bitcoin, transferring the cryptocurrency to the Treasury,” Shapiro wrote. “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.”

夏皮罗写道：“到期后，交易对手将以比特币偿还债务，并将加密货币转移给财政部。” “这种机制允许财政部在不直接在公开市场上购买比特币的情况下获取比特币，从而避免大量直接购买可能导致的潜在市场混乱或价格飙升。”

Bettors on Polymarket currently give 30% odds for the government to hold bitcoin reserves between January and April 2025.

Polymarket 的投注者目前认为政府在 2025 年 1 月至 4 月期间持有比特币储备的可能性为 30%。

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JAMIE GOO

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