安靜的革命越來越大

感覺就像每個星期一樣，加密政策世界中發生了一些大事。老實說，它正成為旋風的跟上。

Hey guys, welcome back to another special edition of the Now Newsletter. I am Alejandro Navia.

大家好，歡迎回到另一個現在的新聞通訊。我是亞歷杭德羅·納維亞（Alejandro Navia）。

It feels like every week, something big happens in the world of crypto policy. Honestly, it’s becoming a whirlwind to keep up. Instead of gently flowing down a river, it feels like we’re caught in a stampede. But here’s the thing: This accelerated pace, this sense of urgency, is exactly the momentum our industry needs. In crypto, days often feel like weeks, and weeks feel like months.

感覺就像每個星期一樣，加密政策世界中發生了一些大事。老實說，它正成為旋風的跟上。感覺就像我們被踩踏一樣，而不是輕輕地流下河流。但這是事情：這種加速的速度，這種緊迫感，正是我們行業所需的勢頭。在加密貨幣中，幾天通常感覺像幾週，幾週感覺就像幾個月。

This week, Arizona quietly made history. It passed groundbreaking legislation that could fundamentally shift how governments interact with Bitcoin. As someone who’s spent the past year meeting with legislators, writing op-eds, and advocating tirelessly for North Carolina to establish its own Bitcoin reserve, I can confidently tell you this isn’t just about states finding a clever workaround – it’s exactly what our system was designed for.

本週，亞利桑那州悄悄地創造了歷史。它通過了開創性的立法，可以從根本上改變政府如何與比特幣互動。作為過去一年與立法者會面的人，撰寫專欄文章，並孜孜不倦地倡導北卡羅來納州建立自己的比特幣儲備，我可以自信地告訴您，這不僅僅是要找到一個聰明的解決方法，這正是我們的系統設計的目的。

Given how quickly things are unfolding in crypto policy, I’ve been thinking it might be time to turn these special updates into something more regular. I’d love to hear your thoughts: should we make this a consistent conversation?

鑑於加密政策中事情發生的速度有多快，我一直在想可能是時候將這些特殊更新變成更常規的東西了。我很想听聽您的想法：我們應該讓這一穩定的對話嗎？

Hit reply and let me know – I’m genuinely curious.

命中答复，讓我知道 - 我真的很好奇。

Alright, let’s get back into the flow…

好吧，讓我們回到流程中……

A quiet revolution is getting louder.Earlier this week, the state of Arizona took a bold, quietly underreported step into the future of financial sovereigntyWith the passage of Senate Bills 1025 and 1373, the state legislature cleared a path for the creation of a Strategic Bitcoin Reserve, authorizing the state treasurer to allocate up to 10% of Arizona’s $31.5 billion in public funds into Bitcoin and other digital assets. This is the first legislation of its kind in the United States and it may mark the beginning of a new era where state-level governments lead the charge on digital economic policy.And it’s already spreading.Just days later, the North Carolina House passed HB92 by a strong margin of 71–44, clearing the way for the state to explore investing in Bitcoin as a treasury asset. Speaker Destin Hall has been instrumental in moving this bill forward, and his leadership deserves recognition.

一場安靜的革命越來越大。本週，亞利桑那州採取了大膽而悄悄地報告的一步，邁向了財務主權的未來，參議院法案1025和1373年的通過，該州立法機關清除了一條戰略性比特幣儲備的途徑，將其授權到達了公共庫，並將其授權到達其他10％的Arizone $ 31.5.5資產。這是美國此類同類的第一項立法，它可能標誌著一個新時代的開始，在這個新時代，州級政府領導了數字經濟政策的指控。而且它已經在擴散。幾天后，北卡羅萊納州的房屋通過HB92的高度以71-44的優勢通過了HB92，從而使該州探索了Bitcoin a fortreaset aStery Asset Asset Assery Assery Assery Asser的投資。發言人德斯汀·霍爾（Destin Hall）在推動這項法案的前進方面發揮了作用，他的領導者應得到認可。

If signed into law by Governor Hobbs, Arizona could soon hold more Bitcoin on its balance sheet than most public companies and even some countries.Historically, reserve assets have always been a critical component of fiscal policy. Nations relied on gold, silver, and diversified currency baskets as defenses against inflation and instability. Bitcoin, scarce, decentralized, and resistant to manipulation, represents the modern evolution of these historical safeguards. It stands uniquely suited as a hedge against the unpredictable currents of global finance.The moves by Arizona and North Carolina go beyond crypto — they’re about sovereignty and building a resilient digital future.

如果由州長霍布斯（Hobbs）簽署法律，亞利桑那州很快就可以在其資產負債表上持有比大多數上市公司甚至某些國家的比特幣。從歷史上看，儲備金一直是財政政策的關鍵組成部分。國家依靠黃金，白銀和多元化的貨幣籃作為防禦通貨膨脹和不穩定的防禦。比特幣，稀缺，分散並抵抗操縱，代表了這些歷史保障措施的現代發展。它非常適合對沖全球金融的不可預測潮流。亞利桑那州和北卡羅來納州的舉動超越了加密貨幣 - 它們是關於主權的，並建立了有彈性的數字未來。

In essence, it’s about states stepping into the vacuum left by federal inaction.

從本質上講，這是關於各州進入聯邦無所作為留下的真空。

Earlier this year, President Trump signed an executive order to position America as the global leader in cryptocurrency. While such federal recognition is welcome, it is a mistake to assume a one-size-fits-all federal strategy can address the nuanced needs of all 50 states. The fiscal future of our states should not and cannot be dictated solely by Washington. State sovereignty isn’t just a relic of American history, it’s an essential mechanism allowing local governments to respond effectively to their unique economic realities.The American system was designed for moments like this. Federalism was never meant to be a bureaucratic relic; in fact, it’s a blueprint for agility. When D.C. drags its feet, states move. From cannabis to clean energy to digital privacy, state-led innovation has always paved the way. Now, it’s happening with Bitcoin.The digital asset space has matured. Institutions are here. The infrastructure exists. And yet, the federal government remains locked in analysis paralysis, caught between legacy interests and political caution. Meanwhile, other nations have surged ahead, treating Bitcoin not as a speculative gamble but as a sovereign asset class. Arizona, North Carolina, and the 20 other states exploring similar legislation are signaling a different path.

今年早些時候，特朗普總統簽署了一項行政命令，將美國定位為加密貨幣的全球領導者。雖然歡迎這種聯邦認可，但假設一項適合萬能的聯邦戰略可以解決所有50個州的細微需求，這是一個錯誤。我們各州的財政未來不應也不應僅由華盛頓決定。國家主權不僅是美國歷史的遺物，而且是一種基本機制，允許地方政府對其獨特的經濟現實有效做出反應。美國製度是為這樣的時刻設計的。聯邦制從來都不是是官僚主義的遺物。實際上，這是敏捷性的藍圖。當直流拖動腳時，狀態會移動。從大麻到清潔能源再到數字隱私，以國家主導的創新一直鋪平了道路。現在，比特幣正在發生。數字資產空間已經成熟。機構在這裡。存在基礎設施。然而，聯邦政府仍然陷入分析癱瘓中，在遺產利益和政治謹慎之間。同時，其他國家已經猛烈振奮，將比特幣視為投機性賭博，而是將比特幣視為主權資產類別。亞利桑那州，北卡羅來納州和其他探索類似立法的其他20個州也標誌著一條不同的道路。

A Bitcoin reserve is not about going all in. It’s about allocating a small percentage of treasury capital into a provably scarce, non-sovereign asset that can hedge against inflation, currency debasement, and systemic fragility. It’s also about aligning public funds with emerging technologies and sending a signal to the private sector that a state understands the digital future.

比特幣儲備並不是要全力以赴。這是關於將一​​小部分國庫資本分配成可證明的，非主張的資產，可以對沖通貨膨脹，貨幣貶低和系統性脆弱性。這也是關於將公共資金與新興技術保持一致，並向國家了解數字未來的私營部門發出信號。

But more than that, this approach isn’t a reckless gamble; it’s prudent fiscal policy.

但不僅如此，這種方法不是魯ck的賭博。這是審慎的財政政策。

A strategic Bitcoin reserve not only fortifies a state’s financial health but also stimulates local economies. It attracts high-value jobs in blockchain, cybersecurity, and tech sectors, fostering innovation and resilience. Crucially, it safeguards citizens’ financial security by preserving purchasing power in an inflationary environment. States that build the infrastructure and expertise now will be better positioned to navigate the

戰略性比特幣儲備不僅構成了州的財務狀況，而且還刺激了當地經濟體。它吸引了區塊鏈，網絡安全和技術領域的高價值工作，從而促進了創新和韌性。至關重要的是，它通過在通貨膨脹環境中保留購買力來保護公民的財務安全。現在建立基礎架構和專業知識的國家將是更好的定位