安静的革命越来越大

感觉就像每个星期一样，加密政策世界中发生了一些大事。老实说，它正成为旋风的跟上。

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

大家好，欢迎回到另一个现在的新闻通讯。我是亚历杭德罗·纳维亚（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.

感觉就像每个星期一样，加密政策世界中发生了一些大事。老实说，它正成为旋风的跟上。感觉就像我们被踩踏一样，而不是轻轻地流下河流。但这是事情：这种加速的速度，这种紧迫感，正是我们行业所需的势头。在加密货币中，几天通常感觉像几周，几周感觉就像几个月。

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.

本周，亚利桑那州悄悄地创造了历史。它通过了开创性的立法，可以从根本上改变政府如何与比特币互动。作为过去一年与立法者会面的人，撰写专栏文章，并孜孜不倦地倡导北卡罗来纳州建立自己的比特币储备，我可以自信地告诉您，这不仅仅是要找到一个聪明的解决方法，这正是我们的系统设计的目的。

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?

鉴于加密政策中事情发生的速度有多快，我一直在想可能是时候将这些特殊更新变成更常规的事情了。我很想听听您的想法：我们应该让这一稳定的对话吗？

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

命中答复，让我知道 - 我真的很好奇。

Alright, let’s get back into the flow…

好吧，让我们回到流程中……

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.

一场安静的革命越来越大。本周，亚利桑那州采取了大胆而悄悄地报告的一步，迈向了财务主权的未来，参议院法案1025和1373年的通过，该州立法机关清除了一条战略性比特币储备的途径，将其授权到达了公共库，并将其授权到达其他10％的Arizone $ 31.5.5资产。这是美国此类同类的第一项立法，它可能标志着一个新时代的开始，在这个新时代，州级政府领导了数字经济政策的指控。而且它已经在扩散。几天后，北卡罗莱纳州的房屋通过HB92的高度以71-44的优势通过了HB92，从而使该州探索了Bitcoin a fortreaset aStery Asset Asset Assery Assery Assery Asser的投资。发言人德斯汀·霍尔（Destin Hall）在推动这项法案的前进方面发挥了作用，他的领导者应得到认可。

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.

如果由州长霍布斯（Hobbs）签署法律，亚利桑那州很快就可以在其资产负债表上持有比大多数上市公司甚至某些国家的比特币。从历史上看，储备金一直是财政政策的关键组成部分。国家依靠黄金，白银和多元化的货币篮作为防御通货膨胀和不稳定的防御。比特币，稀缺，分散并抵抗操纵，代表了这些历史保障措施的现代发展。它非常适合对冲全球金融的不可预测潮流。亚利桑那州和北卡罗来纳州的举动超越了加密货币 - 它们是关于主权的，并建立了有弹性的数字未来。

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

从本质上讲，这是关于各州进入联邦无所作为留下的真空。

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.

今年早些时候，特朗普总统签署了一项行政命令，将美国定位为加密货币的全球领导者。虽然欢迎这种联邦认可，但假设一项适合万能的联邦战略可以解决所有50个州的细微需求，这是一个错误。我们各州的财政未来不应也不应仅由华盛顿决定。国家主权不仅是美国历史的遗物，而且是一种基本机制，允许地方政府对其独特的经济现实有效做出反应。美国制度是为这样的时刻设计的。联邦制从来都不是是官僚主义的遗物。实际上，这是敏捷性的蓝图。当直流拖动脚时，状态会移动。从大麻到清洁能源再到数字隐私，以国家主导的创新一直铺平了道路。现在，比特币正在发生。数字资产空间已经成熟。机构在这里。存在基础设施。然而，联邦政府仍然陷入分析瘫痪中，在遗产利益和政治谨慎之间。同时，其他国家已经猛烈振奋，将比特币视为投机性赌博，而是将比特币视为主权资产类别。亚利桑那州，北卡罗来纳州和其他探索类似立法的其他20个州也标志着一条不同的道路。

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.

比特币储备并不是要全力以赴。这是关于将一​​小部分国库资本分配成可证明的，非主张的资产，可以对冲通货膨胀，货币贬低和系统性脆弱性。这也是关于将公共资金与新兴技术保持一致，并向国家了解数字未来的私营部门发出信号。

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

但不仅如此，这种方法不是鲁ck的赌博。这是审慎的财政政策。

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

战略性比特币储备不仅构成了州的财务状况，而且还刺激了当地经济体。它吸引了区块链，网络安全和技术领域的高价值工作，从而促进了创新和韧性。至关重要的是，它通过在通货膨胀环境中保留购买力来保护公民的财务安全。现在建立基础架构和专业知识的国家将是更好的定位