#美国加密立法 Bitcoin Reserve Legislation

Arizona: Passed a bill allowing public funds to invest in Bitcoin (up to 10%) and accept it as a method of tax payment.

Texas: Plans to establish a $500 billion Bitcoin reserve, allowing local governments to invest and amending 12 related laws.

Alabama: Sets a $750 billion market cap threshold to secure Bitcoin, promoting integration of tax and pension systems.

Regulatory Innovation Experiment

Multiple states attract crypto businesses through sandbox mechanisms, such as Florida allowing state agencies to invest in Bitcoin, and Ohio allowing residents to donate cryptocurrency to reserve funds.

Market Opportunities

Accelerated Compliance: Exchanges like OKX and Binance are speeding up their presence in the U.S. market, emphasizing compliance as a priority.

Technological Innovation Incentives: Rules like the legalization of self-custody and issuance of on-chain securities may give rise to new forms of DeFi and CeFi integration.

Potential Risks

Price Volatility: Bitcoin's daily fluctuations exceeding 10% may exacerbate market speculation due to reserve legislation.

Regulatory Arbitrage: Differences in state legislation may lead to interstate regulatory conflicts, requiring federal coordination.