德克萨斯州代表罗恩·雷诺兹（Ron Reynolds）提出了立法，以限制州比特币投资

该法案将得克萨斯州的经济稳定基金限制为2.5亿美元，用于购买加密货币。此外，地方政府将面临更严格的1000万美元投资上限。

Texas Representative Ron Reynolds has introduced legislation to limit state investments in Bitcoin, aiming to counter potential risks highlighted by critics.

德克萨斯州代表罗恩·雷诺兹（Ron Reynolds）提出了立法，以限制国家对比特币的投资，旨在应对批评者强调的潜在风险。

The bill, filed on March 10, caps Texas Economic Stabilisation Fund crypto purchases at $250 million. Local governments face a stricter $10 million investment ceiling.

该法案于3月10日提交，Caps得克萨斯州经济稳定基金加密货币的购买价格为2.5亿美元。地方政府面临更严格的1000万美元投资上限。

Reynolds, a Democrat, is focused on mitigating potential risks tied to the volatile digital assets, as highlighted by critics.

民主党人雷诺（Reynolds）致力于减轻与批评家的挥发性数字资产相关的潜在风险。

The proposed cap targets the Texas “rainy day” fund, which currently holds roughly $27 billion.

拟议的上限目标是德克萨斯州的“雨天”基金，目前持有约270亿美元。

Unwinding Unchecked Crypto Exposure

放松未检查的加密货币暴露

Critics argue that tying together large sums of taxpayer money and the unpredictable nature of crypto markets could jeopardise fiscal stability. However, proponents see Bitcoin as a hedge against inflation and a way to diversify investment strategies.

批评者认为，将大量纳税人的钱和加密市场的不可预测性质捆绑在一起可能会危害财政稳定。但是，支持者将比特币视为抵制通货膨胀的对冲，也可以使投资策略多样化。

The bill comes in response to a March 6 Senate vote approving SB 21, which would allow unlimited Bitcoin reserves.

该法案是为了回应3月6日的参议院投票批准SB 21，该投票将允许无限的比特币储备。

The measure, spearheaded by Republican State Senator Charles Schwertner, aims to position Texas as a leading state in the cryptocurrency industry.

共和党参议员查尔斯·施沃特纳（Charles Schwertner）率领的措施旨在将德克萨斯州的领先国家定位为加密货币行业的领先州。

Earlier this year, Lieutenant Governor Dan Patrick labelled a state Bitcoin reserve a 2025 priority.

今年早些时候，州长丹·帕特里克（Dan Patrick）中尉将州比特币预备队标记为2025年优先事项。

While SB 21 has drawn bipartisan support, the lack of investment limits sparked concerns.

尽管SB 21得到了两党的支持，但缺乏投资限制引发了人们的关注。

The House and Senate must reconcile differing visions for the Texas crypto future by September deadlines.

众议院和参议院必须在9月的截止日期之前调和得克萨斯州加密货币未来的不同愿景。

Local Governments Face Stricter Crypto Investment Limits

地方政府面临更严格的加密投资限制

The legislation also imposes limits on cities and counties, setting a $10 million ceiling for their own cryptocurrency investments.

该立法还对城市和县施加了限制，为自己的加密货币投资设定了1000万美元的上限。

This is a stricter limitation compared to the state’s proposed $250 million cap on the Economic Stabilisation Fund.

与该州提议在经济稳定基金上的2.5亿美元上限相比，这是一个更严格的限制。

Analysts have previously warned that smaller municipalities may lack the resources to manage the volatility associated with crypto assets.

分析师此前曾警告说，较小的市政当局可能缺乏管理与加密资产相关的波动性的资源。

For instance, Harris County, home to Houston, oversees a $1.2 billion budget. A $10 million cap represents less than 1% of its reserves.

例如，休斯顿的故乡哈里斯县监督了12亿美元的预算。 1000万美元的上限不到其储量的1％。

However, even modest exposure to Bitcoin could help diversify the county’s investment portfolio, according to some financial advisors.

但是，据一些财务顾问称，即使是对比特币的适度接触也可能有助于使该县的投资组合多样化。

Partisan Tensions Emerge Over Texas Bitcoin Reserve Plans

党派紧张局势在德克萨斯州比特币储备计划中出现

The Reynolds bill highlights a partisan divide in the Texas legislature over cryptocurrency policy.

雷诺（Reynolds）法案强调了德克萨斯州立法机关在加密货币政策中的党派鸿沟。

Schwertner’s SB 21 enjoyed strong GOP support, framing Bitcoin as an economic innovation and a way to boost the state’s treasury.

Schwertner的SB 21获得了强大的共和党支持，将比特币作为经济创新和促进该州财政部的一种方式。

However, it’s unclear if the Reynolds bill is meant to oppose or refine SB 21.

但是，目前尚不清楚雷诺法案是否旨在反对或完善SB 21。

If both measures pass, Governor Greg Abbott could sign them into law by September 1.

如果两项措施通过，州长格雷格·雅培（Greg Abbott）可以在9月1日之前将其签署为法律。

Neither the Reynolds office nor Schwertner immediately responded to requests for comment.

雷诺办公室和施沃特纳都没有立即回应置评请求。

Questions Over Presidential Authority

关于总统权威的问题

The discussion follows President Trump’s March 7 executive order, which proposed a federal “Strategic Bitcoin Reserve,” an initiative that several legal experts have argued oversteps presidential authority.

讨论是在特朗普总统3月7日的行政命令后，该命令提出了联邦“战略比特币储备”。

The President cannot unilaterally allocate funds without Congressional approval.

未经国会批准，总统不能单方面分配资金。

To counter this, Wyoming Senator Cynthia Lummis on March 11 reintroduced a bill to codify a BTC reserve and grant the President the authority to create it.

为了解决这个问题，怀俄明州参议员辛西娅·卢米斯（Cynthia Lummis）于3月11日重新提出了一项法案，以编纂BTC储备金，并授予总统创建它的权力。

Her legislation also mandates Congressional oversight over the digital asset purchases and sales, and the Governors' role in selecting the Bitcoin.

她的立法还要求国会对数字资产的购买和销售以及州长在选择比特币中的作用。

Meanwhile, the Texas state-level clash mirrors broader federal debates over crypto regulation.

同时，德克萨斯州一级的冲突反映了有关加密货币法规的更广泛的联邦辩论。

What’s Next for Texas Crypto Legislation

德克萨斯加密立法的下一步是什么

Texas lawmakers now face a September 1 deadline to reconcile the House and Senate bills.

德克萨斯州议员现在面临9月1日的截止日期，以调和众议院和参议院法案。

The Reynolds cap could be used to amend SB 21 or stall its implementation.

Reynolds Cap可用于修改SB 21或停滞其实施。

Governor Abbott’s stance will also be pivotal, though he hasn’t yet publicly endorsed either proposal.

雅培州长的立场也将是关键的，尽管他尚未公开认可这两个提议。

National observers are watching Texas closely as a testing ground for state-level crypto policy.

国家观察家正在密切关注德克萨斯州作为州级加密政策的测试场面。

Other states, such as Wyoming, have already adopted their own frameworks for cryptocurrency investments.

怀俄明州等其他州已经采用了自己的框架进行加密货币投资。

As these discussions escalate, more states are expected to join the conversation and introduce similar legislation.

随着这些讨论的升级，预计会有更多的州加入对话并引入类似的立法。

For now, Texas lawmakers are grappling with how to balance innovation with fiscal restraint in shaping America’s crypto future, one bill at a time.

目前，德克萨斯州议员们正在努力在塑造美国加密货币未来的一项法案时，努力平衡创新与财政限制。