A bill aimed at establishing a Bitcoin strategic reserve in Massachusetts has received a lukewarm response following its first legislative action in eight months.
During a hearing on Tuesday before the Massachusetts Legislature's Joint Committee on Revenue, State Senator Peter Durant testified about his proposed bill "An Act Relative to a Bitcoin Strategic Reserve."
The legislator primarily outlined the logistical details of the bill, which would allow the state treasury to invest up to 10% of the federal stabilization fund in cryptocurrency and permit any Bitcoin or digital assets seized by state authorities to be added to the reserve.
"This creates a prudent diversification tool that ensures full transparency, oversight, and risk management without mandating any action," Durant said when discussing the bill.
After the committee opened the floor for questions, no one responded to the BTC reserve proposal. Given that Democrats hold a supermajority in both the state House and Senate and control the governorship, it remains unclear how likely the bill is to pass in the legislature, as Durant is a Republican.
"We have been having good conversations with colleagues about the possibility of bringing Bitcoin to Massachusetts, and we are working to advance this effort alongside others who have submitted similar legislation," Durant told Cointelegraph. "Legislators have been very engaged and open throughout this process, and we are focused on continuing to educate every stakeholder."
According to the Massachusetts legislator, the committee now has 60 days from Tuesday to advance the bill or send it for further review, indicating that progress may be made by early December.
In addition to Durant, the committee also heard testimony from Dennis Porter, CEO of the Bitcoin advocacy organization Satoshi Action Fund. Porter and the organization have petitioned many state legislators to take action to establish a strategic BTC reserve.
When discussing Durant's bill and similar legislation proposed by State Representative Christopher Worrell and State Senator Barry Finegold—namely, "An Act to Achieve Fiscal Resilience Through Strategic Investment in Stable Digital Financial Assets"—Porter described this potential initiative as "bipartisan in nature," detailing the work done by other U.S. states to pass similar bills.
"No state is better suited than Massachusetts to lead; it is a historic financial center that pioneered the first mutual fund in the U.S. and has always been at the forefront of financial innovation," Porter said.
The bill proposed by Durant in February is one of many aimed at creating a state-level legislative pathway in the context of the federal government establishing a strategic BTC or digital asset reserve through an executive order by President Donald Trump in March.
Texas, Arizona, and New Hampshire have signed bills affecting cryptocurrency reserves. However, many other U.S. states that have proposed similar legislation have either rejected or postponed passage, including Wyoming, South Dakota, North Dakota, Pennsylvania, and Montana.
Related: North Dakota partners with Fiserv to launch state-supported "Roughrider" stablecoin
Original article: “Massachusetts Bitcoin (BTC) Reserve Bill Receives Tepid Response at Hearing”
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