A plausible explanation for the photon spectrum of cosmic gamma-ray bu
rsts and for some observed properties of these bursts is offered. A po
wer-law energy spectrum of electrons that cause these bursts is assume
d. As was previously shown by the authors, a similar spectrum is being
formed in plasma pinches. With reference to the gamma-ray bursts, the
se pinches can arise, for example, in the act of the reconnection of m
agnetic field lines of either a neutron star or colliding cosmic plasm
a clouds.