A bill intended to establish a Bitcoin strategic reserve for the US state of Massachusetts received a tepid response after its first legislative action in eight months.
In a Tuesday hearing of the Massachusetts legislature’s Joint Committee on Revenue, state Senator Peter Durant testified regarding the bill he sponsored, “an Act relative to a Bitcoin strategic reserve.”
The lawmaker largely went over the logistical details of the bill, including having the state treasury use up to 10% of the Commonwealth Stabilization Fund to invest in crypto and allowing any Bitcoin (BTC) or digital assets seized by state authorities to be added to a reserve.
“This creates a prudent diversification tool, ensuring full transparency, oversight, and risk management without mandating any action,” said Durant on the bill.
After opening for questions from the committee, no one in attendance responded to the BTC reserve proposal. It’s unclear what the chances are for the bill passing in the legislature, given Democrats have a supermajority in the state’s House of Representatives and Senate, and control the governorship. Durant is a Republican.
Cointelegraph reached out to Durant’s staff for comment but had not received a response at the time of publication.
Related: Massachusetts to hold hearing to consider Bitcoin reserve bill
In addition to Durant, the committee heard testimony from Dennis Porter, CEO of the Bitcoin advocacy organization Satoshi Action Fund. Porter and the group have petitioned many state lawmakers to act to establish a strategic BTC reserve.
Speaking on Durant’s bill and similar legislation proposed by state Representative Christopher Worrell and state Senator Barry Finegold — i.e., “an Act allowing for fiscal resilience through strategic investment in stable digital financial assets” — Porter described the potential move as “bipartisan in nature,” describing the work other US states had done to pass similar bills.
“There is no state better suited to lead than the Commonwealth of Massachusetts, a historic financial hub that pioneered America’s first mutual fund and remains at the forefront of financial innovation,” said Porter.
Other US states are more bullish on creating crypto reserves
Durant’s bill, introduced in February, was one of many state-level legislative paths to creating strategic BTC or digital assets reserves amid the federal government’s establishment of them through US President Donald Trump’s March executive order.
Texas, Arizona and New Hampshire signed bills into law affecting crypto reserves. However, many other US states in which lawmakers proposed similar legislation have rejected or delayed passage, including Wyoming, South Dakota, North Dakota, Pennsylvania and Montana.
Magazine: How do the world’s major religions view Bitcoin and cryptocurrency?