Massachusetts’ state legislators will hold a committee hearing to discuss a Bitcoin-based strategic reserve bill, first proposed in February.
On a Friday update Bill “relative to a Bitcoin strategic reserve” Massachusetts Joint Revenue Committee, led by Republican Senator Peter Durant of the state will host an hearing on this legislation.
Durant’s bill was introduced in the Massachusetts Senate by Republican legislators in February. This is part of an effort from Republican politicians in several US States to promote cryptocurrency (cryptocurrencies) and Bitcoin.BTC) reserves.
There’s no way to know what chances there are for a Republican-led legislation in Massachusetts’ legislature. Democrats control both the House of Representatives (House of Representatives) and the Senate of Massachusetts, as well as the Governorship. The state is represented by Democrats in both the US House of Representatives and Senate.
Durant’s proposal would make it possible to “any Bitcoin or other digital asset seized by the commonwealth” To be placed into a Reserve, with the State Treasury using up to 10 percent of the Commonwealth Stabilization Fund for crypto investments.
Although four US states—including Massachusetts—are formally known as commonwealths under their respective constitutions, they have the same legal relationship with the Unites States, as do all other states. Both terms are often used interchangeably.
Cointelegraph had reached out to Massachusetts’ senator for comment at time of publication, but did not receive a response.
Related: A Bitcoin strategic reserve may be bad for BTC and USD: Crypto exec
In September only New Hampshire, Texas and a couple of other US state governments had adopted this standard. passed legislation allowing them Holding Bitcoin and other cryptocurrency as part a plan for strategic reserves.
Donald Trump is the US President at federal level signed an executive order The government is planning to create a BTC stockpile in March using assets that have been seized. Republican members of Congress are attempting, through the BITCOIN Act, to codify and legislate this order.
The proposals for crypto reserve in the other US States are pending.
Massachusetts is one of a few state governments who are considering following the example set by the federal government and passing laws that allow their treasuries invest in Bitcoin and crypto.
Montana, North Dakota Pennsylvania, South Dakota and Wyoming all rejected similar bills in 2025. However, proposed legislation in Michigan Ohio may still sign the law.
Michael Saylor Strategy and other companies with exposure to Crypto have been investing in Bitcoin For years, digital assets have been used as an inflation hedge. Following Trump’s executive orders, many other countries may follow their lead in 2025.
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Source: cointelegraph.com
