Massachusetts’ state legislators will hold a committee hearing to discuss a Bitcoin-based strategic reserve bill, first proposed in February.
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.
There’s no way to know what chances there are for a Republican-led legislation in Massachusetts’ legislature. Democrats have supermajority control of the House of Representatives, Senate and Governor of the State. The entire state delegation in the US House or Senate is also a Democrat.
Durant’s proposal would make it possible to “any Bitcoin or other digital asset seized by the commonwealth” The state Treasury can invest up to 10% in the Commonwealth Stabilization Fund.
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 had reached out to Massachusetts’ senator for comment, but at the publication date it hadn’t received any 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 states had adopted the standard. 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 In March, the government will establish a stockpile for BTC and cryptocurrency. This is partly through assets 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 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’s law could be passed.
Michael Saylor Strategy and other companies with exposure to Crypto have been investing in Bitcoin Years ago, many people used digital assets to hedge themselves against inflation. Several reports suggested that after Trump’s order, many other countries would follow their lead in 2025.
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Source: cointelegraph.com
