特朗普可以下令建立比特币战略储备吗？

在纳什维尔举行的比特币 2024 会议上，唐纳德·特朗普公布了为美国建立战略比特币储备（SBR）的提议

Former US President Donald Trump has proposed the creation of a Strategic Bitcoin Reserve (SBR) upon his return to office, following his electoral victories in both the House of Representatives and the Senate. The proposal has garnered significant attention in the crypto community.

美国前总统唐纳德·特朗普在众议院和参议院赢得选举后，提议在重返总统职位后建立比特币战略储备（SBR）。该提案引起了加密货币社区的广泛关注。

A new legal analysis by the Bitcoin Policy Institute, authored by attorney and startup advisor Zack Shapiro, examines the feasibility of Trump's proposal within the existing legal framework. Specifically, Shapiro explores whether the establishment of an SBR is permissible under the authority of the US Department of the Treasury, particularly through the utilization of the Exchange Stabilization Fund (ESF).

比特币政策研究所由律师兼创业顾问扎克·夏皮罗 (Zack Shapiro) 撰写的一项新的法律分析研究了特朗普提案在现有法律框架内的可行性。具体来说，夏皮罗探讨了在美国财政部的授权下是否允许建立SBR，特别是通过利用外汇稳定基金（ESF）。

“The Exchange Stabilization Fund (ESF) is a powerful yet underutilized financial instrument that could be theoretically used to acquire Bitcoin as a strategic asset,” Shapiro explains. “The ESF's mandate, codified in 31 USC. § 5302, grants the Secretary of the Treasury broad discretion to manage assets that stabilize the value of the US dollar.”

“交易所稳定基金（ESF）是一种强大但未得到充分利用的金融工具，理论上可以用来收购比特币作为战略资产，”夏皮罗解释道。 “ESF 的职责已编入 31 USC。 § 5302，赋予财政部长广泛的自由裁量权来管理稳定美元价值的资产。”

Established in 1934 under the Gold Reserve Act during the Great Depression, the ESF was initially funded with $2 billion from the revaluation of US gold reserves. Its primary purpose is to stabilize the US dollar and manage international monetary concerns, allowing the Treasury Secretary to intervene in foreign exchange markets without direct congressional approval.

ESF 于 1934 年大萧条期间根据《黄金储备法》成立，最初的资金来自美国黄金储备重估的 20 亿美元。其主要目的是稳定美元并管理国际货币问题，允许财政部长在未经国会直接批准的情况下干预外汇市场。

While the ESF was originally focused on traditional assets like gold and foreign currencies, Shapiro notes that the statutory language does not explicitly limit the types of financial instruments that can be utilized, as long as they serve the purpose of stabilizing the dollar.

虽然 ESF 最初专注于黄金和外币等传统资产，但夏皮罗指出，法定语言并未明确限制可以使用的金融工具类型，只要它们能够达到稳定美元的目的即可。

To determine the legality of the Treasury Department using the ESF to purchase BTC, Shapiro addresses two critical questions. First, can the ESF legally acquire BTC under its authorized asset categories? While Bitcoin does not fit into traditional classifications like gold or foreign exchange, Shapiro posits that BTC could be acquired through instruments of credit.

为了确定财政部使用 ESF 购买 BTC 的合法性，夏皮罗解决了两个关键问题。首先，ESF是否可以合法收购其授权资产类别下的BTC？虽然比特币不属于黄金或外汇等传统分类，但夏皮罗认为比特币可以通过信贷工具获得。

“Although Bitcoin itself is not an instrument of credit, the Treasury can engage in transactions where Bitcoin is acquired through such instruments,” Shapiro explains. This could involve the ESF purchasing Bitcoin-denominated debt obligations from qualified counterparties, like financial institutions or BTC mining companies, with repayments structured in BTC upon maturity. This approach aligns with the ESF's authority to “deal in… instruments of credit.”

“虽然比特币本身不是一种信贷工具，但财政部可以参与通过此类工具获取比特币的交易，”夏皮罗解释道。这可能涉及 ESF 从合格的交易对手（如金融机构或 BTC 矿业公司）购买以比特币计价的债务，并在到期时以 BTC 进行偿还。这种方法符合 ESF“处理……信贷工具”的权力。

The second question concerns whether acquiring BTC would fulfill the ESF's statutory purpose of stabilizing the exchange value of the dollar. Shapiro argues that given the high levels of US national debt and concerns over long-term economic stability, incorporating Bitcoin - a decentralized currency with a fixed supply - could enhance trust in the US financial system.

第二个问题涉及收购BTC是否能够实现ESF稳定美元汇率的法定目的。夏皮罗认为，鉴于美国国债水平较高以及对长期经济稳定性的担忧，纳入比特币——一种供应固定的去中心化货币——可以增强对美国金融体系的信任。

“Due to Bitcoin's fixed supply and inherently deflationary nature, it presents a credible hedge against inflation,” Shapiro asserts. “By adding Bitcoin to the national balance sheet, the US can enhance fiscal responsibility and signal innovation, potentially stabilizing the dollar's exchange rate over the long term.”

夏皮罗断言：“由于比特币的固定供应量和固有的通货紧缩性质，它提供了一种可靠的通胀对冲手段。” “通过将比特币添加到国家资产负债表中，美国可以增强财政责任并发出创新信号，从而有可能长期稳定美元汇率。”

Shapiro further outlines the practical mechanisms through which the Treasury could acquire Bitcoin using the ESF. He suggests that the Treasury could utilize convertible instruments of credit, such as bonds or notes issued by qualified counterparties that promise repayment in BTC upon maturity.

夏皮罗进一步概述了财政部使用 ESF 获取比特币的实用机制。他建议财政部可以利用可转换信贷工具，例如合格交易对手发行的债券或票据，承诺在到期时以比特币偿还。

“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,” Shapiro explains. He adds, “The ESF was created to provide the Treasury with the flexibility to intervene in foreign exchange markets without direct congressional approval.”

夏皮罗解释说：“这种机制允许财政部无需直接在公开市场上购买比特币即可获得比特币，从而避免了因大量直接购买而可能导致的潜在市场混乱或价格飙升。”他补充道，“欧洲稳定基金的成立是为了让财政部能够在没有国会直接批准的情况下灵活地干预外汇市场。”

At press time, BTC trades at $89,339.

截至发稿时，BTC 交易价格为 89,339 美元。