亞利桑那州立法機關通過法案，該法案可以使該州投資數十億美元向比特幣（BTC）投資

亞利桑那州的立法機關通過了一項開創性的措施，該措施可以使該州投資數十億美元的比特幣（BTC）和其他加密貨幣。

Arizona's legislature has passed a measure that could allow the state to invest billions of dollars in Bitcoin (BTC) and other cryptocurrencies, setting a pioneering precedent in the U.S., local news reports revealed.

當地新聞報導透露，亞利桑那州的立法機關已通過一項措施，該措施可以使該州投資數十億美元的比特幣（BTC）和其他加密貨幣，並在美國樹立了開拓先例。

The legislation, Senate Bill 1025, passed with a majority vote in both the House and Senate, despite some lawmakers' concerns about the potential risks. It now heads to Governor Katie Hobbs for her signature.

該立法是參議院第1025號法案，在眾議院和參議院都以多數票通過，儘管一些議員們擔心潛在的風險。現在，它向州長凱蒂·霍布斯（Katie Hobbs）擔任她的簽名。

If signed, Arizona would become the first state in the nation to hold Bitcoin in its treasury, setting a significant national precedent for the integration of cryptocurrencies into public finance frameworks.

如果簽署，亞利桑那州將成為美國第一個在國庫中持有比特幣的州，為將加密貨幣整合到公共財政框架中的全國性較高的先例。

The bill defines eligible investments as any “digital representation of value” not based on the U.S. dollar or foreign currencies, effectively encompassing a variety of digital assets, including Bitcoin and non-fungible tokens (NFTs).

該法案將符合條件的投資定義為不基於美元或外幣的任何“價值的數字表示”，實際上涵蓋了包括比特幣和不可殺菌令牌（NFTS）在內的各種數字資產。

It also establishes a Digital Assets Strategic Reserve Fund, which will hold seized cryptocurrency assets and future appropriations, with an emphasis on on-chain auditability and standardized risk controls.

它還建立了一個數字資產戰略儲備基金，該基金將持有被查獲的加密貨幣資產和未來撥款，重點是鏈可審核性和標準化的風險控制。

The bill specifies that the investments must comply with standard fiduciary risk management protocols, considering factors such as liquidity, solvency, and custodial safety.

該法案規定，投資必須遵守標準的信託風險管理方案，以考慮流動性，償付能力和託管安全等因素。

This measure is intended to protect public funds from the inherent volatility and custodial risks associated with cryptocurrency investments.

該措施旨在保護公共資金免受與加密貨幣投資相關的固有波動和託管風險。

The legislation also mandates that at least 50% of the fund's assets be held in high-grade, highly liquid, and easily marketable securities, such as U.S. Treasury bills, notes, and bonds.

該立法還規定，該基金至少有50％的資產以高級，高度流動性且易於銷售的證券（例如美國國庫賬單，票據和債券）持有。

The remaining 50% can be allocated to other types of assets, including but not limited to, short-term obligations of any U.S. government agency, investment-grade corporate debt securities, and common stock issued by U.S. or foreign corporations.

剩餘的50％可以分配給其他類型的資產，包括但不限於美國政府機構的短期義務，投資級公司債務證券以及美國或外國公司發行的普通股。

Moreover, the bill expressly permits, but does not require, the investment of up to 10% of the fund's assets in digital assets, subject to certain conditions.

此外，該法案明確允許但不需要該基金在數字資產中最多10％的資產投資，但要遵守某些條件。

These conditions include high net liquidity, low volatility, and a minimum six-month market presence for any digital asset to be included in the investment portfolio.

這些條件包括高淨流動性，低波動率和至少六個月的市場存在，以供投資組合中包含任何數字資產。

The bill's passage follows a recent bipartisan agreement on disability funding disputes, which prompted Governor Hobbs to ease a previous veto threat.

該法案的通過是在最近的一項兩黨關於殘疾資金糾紛的協議之後的，該協議促使霍布斯州長緩解了先前的否決威脅。

Her signature on the bill would immediately authorize the allocation process for investing in digital assets. A veto, on the other hand, would halt the bill and pause all associated budgetary allocations.

她在法案上的簽名將立即授權投資數字資產的分配流程。另一方面，否決權將停止賬單並暫停所有相關的預算分配。

The legislation has sparked debate among lawmakers, with some expressing concern over the potential risks of investing in cryptocurrencies, especially given the recent market downturn.

該立法引發了立法者之間的辯論，對加密貨幣投資的潛在風險表示擔憂，尤其是考慮到最近的市場低迷。

However, proponents argue that such investments could generate significant returns and help diversify the state's asset portfolio.

但是，支持者認為，這種投資可以產生可觀的回報，並有助於多樣化該州的資產組合。

Earlier this year, state lawmakers in Texas, Florida, and New Hampshire also proposed bills to create Bitcoin-backed reserve strategies, aiming to attract blockchain innovation and diversify their public asset portfolios.

今年早些時候，德克薩斯州，佛羅里達州和新罕布什爾州的州議員還提出了法案，以製定比特幣支持的儲備戰略，旨在吸引區塊鏈創新並使他們的公共資產組合多樣化。

If signed by Governor Hobbs, Arizona's action could set a new precedent for other states to follow in exploring the possibilities of integrating digital assets into their economic frameworks.

如果由霍布斯州長簽署，亞利桑那州的行動可能會為其他州提供一個新的先例，以探索將數字資產整合到其經濟框架中的可能性。

As of 2025, Arizona's total public assets under management (AUM) are over $31.4 billion. Senate Bill 1025 allows the state to allocate up to 10% of its AUM, which comes to $3.14 billion, to invest in digital assets.

截至2025年，亞利桑那州管理的總資產（AUM）超過314億美元。參議院第1025號法案允許該州分配其AUM的10％，即31.4億美元，用於投資數字資產。

This allocation would make Arizona the second-largest institutional holder of Bitcoin among U.S. public entities, second only to the Federal Reserve, and surpass notable corporate holders like Tesla and Marathon Digital, the latter being the largest Bitcoin mining firm.

這種分配將使亞利桑那州成為美國公共實體中比特幣的第二大機構持有者，僅次於美聯儲，並超過了特斯拉和馬拉松數字等著名的公司持有人，後者是最大的比特幣礦業公司。