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 Bill “relative to a Bitcoin strategic reserve” The Joint Revenue Committee of Massachusetts will hear the proposed legislation, which was introduced by Republican State Senator Peter Durant.
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’ legislative body to be passed. Democrats have supermajority control of the House of Representatives, Senate and Governorship in Massachusetts. The state is represented by Democrats in both the US House of Representatives and Senate.
Durant’s proposed legislation would permit “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 contacted Massachusetts’ senator for a comment. However, at the publication date of this article there was no 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 the standard. passed legislation allowing them Holding Bitcoins or other crypto-currencies as part a plan for strategic reserves.
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 members of Congress are attempting, through the BITCOIN Act, to codify and legislate this order.
Other US states have yet to propose crypto reserves
Massachusetts is one of a few state governments who are currently deciding whether they will follow the example set by the federal government and pass legislation allowing their Treasury to invest in Bitcoin and crypto.
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 For years, digital assets have been used as an inflation hedge. Many others may have followed in their footsteps after Trump’s executive order.
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Source: cointelegraph.com
