A proposal aimed at creating a Bitcoin strategic reserve for Massachusetts has met with a lukewarm reception following its first legislative review in eight months.
During a session held by the Joint Committee on Revenue of the Massachusetts legislature, State Senator Peter Durant presented his bill titled “An Act relative to a Bitcoin strategic reserve.”
The senator elaborated on the bill’s logistics, which include authorizing up to 10% of the Commonwealth Stabilization Fund for cryptocurrency investments and permitting any Bitcoin or digital assets confiscated by state authorities to be added to this reserve.
“This offers an effective diversification tool that ensures complete transparency, oversight, and risk management without imposing any compulsory measures,” Durant stated regarding his proposal.
State Senator Peter Durant addressing attendees during Tuesday’s hearing. Source: Massachusetts Legislature
When questions were invited from committee members about the BTC reserve plan, there was no response. The likelihood of this bill passing remains uncertain given that Democrats hold significant majorities in both chambers of Massachusetts’ legislature as well as governorship control. Meanwhile, Durant is affiliated with the Republican Party.
Attempts were made by Cointelegraph to contact Durant’s team for remarks but no reply had been received before publication time.
Related: A hearing is scheduled in Massachusetts concerning the proposed Bitcoin reserve legislation
The committee also heard from Dennis Porter who leads Satoshi Action Fund—a pro-Bitcoin advocacy group—which has lobbied numerous state legislators towards establishing strategic BTC reserves like those suggested by Representative Christopher Worrell and Senator Barry Finegold under “an Act allowing fiscal resilience through stable digital financial asset investment.”
“The initiative represents bipartisan cooperation reflecting efforts across various US states enacting similar laws,” noted Porter while highlighting how historically influential financial centers such as Massachusetts could spearhead these initiatives due its pioneering role within America’s mutual fund history coupled with ongoing contributions toward modern-day finance innovations.”
Certain US states exhibit greater enthusiasm for crypto reserves
The introduction of Durant’s February-drafted legislation aligns itself among several state-level endeavors seeking establishment amid federal directives issued via President Donald Trump back in March mandating national strategies around cryptocurrencies including Texas’, Arizona’s & New Hampshire’s successful enactments though others faced setbacks delaying progress altogether i.e., Wyoming/South Dakota/North Dakota/Pennsylvania/Montana respectively rejecting proposals outrightly instead opting alternative approaches altogether when dealing future challenges posed technologically advanced economies globally speaking today more than ever before perhaps?
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