A proposed bill aimed at creating a Bitcoin strategic reserve for Massachusetts garnered a lukewarm reaction following its initial legislative consideration in eight months.
During a Tuesday session of the Massachusetts legislature’s Joint Committee on Revenue, state Senator Peter Durant testified about the bill he initiated, titled “an Act relative to a Bitcoin strategic reserve.”
The senator mainly discussed the bill’s logistical aspects, which include allowing the state treasury to invest up to 10% of the Commonwealth Stabilization Fund in cryptocurrencies and permitting any Bitcoin (BTC) or digital assets seized by state authorities to be included in the reserve.
“This creates a prudent diversification tool, ensuring full transparency, oversight, and risk management without mandating any action,” remarked Durant on the proposal.
Following the opening for questions from the committee, there was no response from attendees regarding the BTC reserve idea. The likelihood of the bill moving forward in the legislature remains uncertain, given that Democrats hold a supermajority in the state’s House of Representatives and Senate, along with the governorship. Durant belongs to the Republican Party.
Cointelegraph reached out for comments from Durant’s staff, but had not received a reply by the time of publication.
Related: Massachusetts to hold hearing to consider Bitcoin reserve bill
Alongside Durant, the committee also heard testimony from Dennis Porter, CEO of the Bitcoin advocacy group Satoshi Action Fund. Porter and his organization have urged several state lawmakers to push for the establishment of a strategic BTC reserve.
Addressing Durant’s bill and similar legislation proposed by state Representative Christopher Worrell and state Senator Barry Finegold — known as “an Act allowing for fiscal resilience through strategic investment in stable digital financial assets” — Porter characterized the effort as “bipartisan in nature,” highlighting other US states that have successfully passed similar legislation.
“There is no state better suited to lead than the Commonwealth of Massachusetts, a historic financial hub that pioneered America’s first mutual fund and remains at the forefront of financial innovation,” stated Porter.
Other US states are more bullish on creating crypto reserves
Durant’s bill, introduced in February, is among numerous state-level initiatives aimed at establishing strategic BTC or digital asset reserves, following the federal government’s actions under US President Donald Trump’s March executive order.
Texas, Arizona, and New Hampshire have enacted laws regarding crypto reserves. Conversely, several other states, where similar legislative efforts were proposed, have either rejected or postponed passage, including Wyoming, South Dakota, North Dakota, Pennsylvania, and Montana.
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