亚利桑那州立法机关通过法案，该法案可以使该州投资数十亿美元向比特币（BTC）投资

亚利桑那州的立法机关通过了一项开创性的措施，该措施可以使该州投资数十亿美元的比特币（BTC）和其他加密货币。

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.

当地新闻报道透露，亚利桑那州的立法机关已通过一项措施，该措施可以使该州投资数十亿美元的比特币（BTC）和其他加密货币，并在美国树立了开拓先例。

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.

该立法是参议院第1025号法案，在众议院和参议院都以多数票通过，尽管一些议员们担心潜在的风险。现在，它向州长凯蒂·霍布斯（Katie Hobbs）担任她的签名。

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.

如果签署，亚利桑那州将成为美国第一个在国库中持有比特币的州，为将加密货币整合到公共财政框架中的全国性较高的先例。

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).

该法案将符合条件的投资定义为不基于美元或外币的任何“价值的数字表示”，实际上涵盖了包括比特币和不可杀菌令牌（NFTS）在内的各种数字资产。

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.

它还建立了一个数字资产战略储备基金，该基金将持有被查获的加密货币资产和未来拨款，重点是链可审核性和标准化的风险控制。

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

该法案规定，投资必须遵守标准的信托风险管理方案，以考虑流动性，偿付能力和托管安全等因素。

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

该措施旨在保护公共资金免受与加密货币投资相关的固有波动和托管风险。

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.

该立法还规定，该基金至少有50％的资产以高级，高度流动性且易于销售的证券（例如美国国库账单，票据和债券）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.

剩余的50％可以分配给其他类型的资产，包括但不限于美国政府机构的短期义务，投资级公司债务证券以及美国或外国公司发行的普通股。

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，该法案明确允许但不需要该基金在数字资产中最多10％的资产投资，但要遵守某些条件。

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.

这些条件包括高净流动性，低波动率和至少六个月的市场存在，以供投资组合中包含任何数字资产。

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

该法案的通过是在最近的一项两党关于残疾资金纠纷的协议之后的，该协议促使霍布斯州长缓解了先前的否决威胁。

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.

她在法案上的签名将立即授权投资数字资产的分配流程。另一方面，否决权将停止账单并暂停所有相关的预算分配。

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.

该立法引发了立法者之间的辩论，对加密货币投资的潜在风险表示担忧，尤其是考虑到最近的市场低迷。

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

但是，支持者认为，这种投资可以产生可观的回报，并有助于多样化该州的资产组合。

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.

今年早些时候，德克萨斯州，佛罗里达州和新罕布什尔州的州议员还提出了法案，以制定比特币支持的储备战略，旨在吸引区块链创新并使他们的公共资产组合多样化。

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.

如果由霍布斯州长签署，亚利桑那州的行动可能会为其他州提供一个新的先例，以探索将数字资产整合到其经济框架中的可能性。

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，亚利桑那州管理的总资产（AUM）超过314亿美元。参议院第1025号法案允许该州分配其AUM的10％，即31.4亿美元，用于投资数字资产。

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.

这种分配将使亚利桑那州成为美国公共实体中比特币的第二大机构持有者，仅次于美联储，并超过了特斯拉和马拉松数字等著名的公司持有人，后者是最大的比特币矿业公司。