The Massachusetts state legislature has scheduled a hearing on a bill that was first presented in February to establish a Bitcoin Strategic Reserve.
On a Friday update A 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.
The chances of a Republican bill being passed in Massachusetts are unclear. 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.
Four US states including Massachusetts are called Commonwealths by their constitutions. However, the legal relationship between the United States and these states is identical. The terms are interchangeable.
Cointelegraph contacted the Massachusetts Senator’s Office for comment, but at the time the article was published had not yet received a reply.
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 e-government. passed legislation allowing them To hold Bitcoins and other crypto currencies as part of your strategic reserve plan.
Donald Trump, US president Donald Trump signed an executive order The government is planning to create a BTC stockpile in March using assets that have been seized. Republican legislators are trying to codify the order through Congress by using the BITCOIN Act.
The proposals for crypto reserve in the other US States are still pending
Massachusetts has joined the handful of state governments who have been considering whether or not to adopt laws that allow their treasuries and crypto to be invested in.
Montana, North Dakota Pennsylvania South Dakota Wyoming and Wyoming have all refused to support or advance bills similar in the year 2025. However, proposed legislation in Michigan Ohio may still sign the law.
Michael Saylor Strategy is one of the companies that has exposure to cryptocurrency. have been investing in Bitcoin Years ago, many people used digital assets to hedge themselves against inflation. Many others may have followed in their footsteps after Trump’s executive order.
Magazine: How do the world’s major religions view Bitcoin and cryptocurrency?
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
