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.
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. All the representatives of this state in the US House are Democrats.
Durant’s proposed legislation would permit “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
Only a handful of US states, such as New Hampshire and Texas have adopted the new standard. passed legislation allowing them To hold Bitcoins and other crypto currencies as part of your strategic reserve plan.
Donald Trump is the US President at federal level 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.
Other US states have yet to propose crypto reserves
Massachusetts is one of a few state governments who are evaluating whether they should follow the example set by the federal government and 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’s law could be passed.
Michael Saylor Strategy and other companies with cryptocurrency exposure have been investing in Bitcoin For years, digital assets have been used as an inflation hedge. Reports suggest that after Trump’s Executive Order in 2025, many other countries will follow their lead.
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Source: cointelegraph.com
