Massachusetts Bitcoin reserve bill gets lukewarm response at hearing

A measure intended to found a Bitcoin strategical reserve for the US authorities of Massachusetts received a tepid effect aft its archetypal legislative enactment successful 8 months.

In a Tuesday proceeding of the Massachusetts legislature’s Joint Committee connected Revenue, authorities Senator Peter Durant testified regarding the measure helium sponsored, “an Act comparative to a Bitcoin strategical reserve.”

The lawmaker mostly went implicit the logistical details of the bill, including having the authorities treasury usage up to 10% of the Commonwealth Stabilization Fund to put successful crypto and allowing immoderate Bitcoin (BTC) oregon integer assets seized by authorities authorities to beryllium added to a reserve.

“This creates a prudent diversification tool, ensuring afloat transparency, oversight, and hazard absorption without mandating immoderate action,” said Durant connected the bill.

State Senator Peter Durant speaking astatine a Tuesday hearing. Source: Massachusetts Legislature

After opening for questions from the committee, nary 1 successful attendance responded to the BTC reserve proposal. It’s unclear what the chances are for the measure passing successful the legislature, fixed Democrats person a supermajority successful the state’s House of Representatives and Senate, and power the governorship. Durant is simply a Republican.

Cointelegraph reached retired to Durant’s unit for remark but had not received a effect astatine the clip of publication.

Related: Massachusetts to clasp proceeding to see Bitcoin reserve bill

In summation to Durant, the committee heard grounds from Dennis Porter, CEO of the Bitcoin advocacy enactment Satoshi Action Fund. Porter and the radical person petitioned galore authorities lawmakers to enactment to found a strategical BTC reserve.

Speaking connected Durant’s measure and akin authorities projected by authorities Representative Christopher Worrell and authorities Senator Barry Finegold — i.e., “an Act allowing for fiscal resilience done strategical concern successful unchangeable integer fiscal assets” — Porter described the imaginable determination arsenic “bipartisan successful nature,” describing the enactment different US states had done to walk akin bills.

“There is nary authorities amended suited to pb than the Commonwealth of Massachusetts, a historical fiscal hub that pioneered America’s archetypal communal money and remains astatine the forefront of fiscal innovation,” said Porter.

Other US states are much bullish connected creating crypto reserves

Durant’s bill, introduced successful February, was 1 of galore state-level legislative paths to creating strategical BTC oregon integer assets reserves amid the federal government’s establishment of them done US President Donald Trump’s March enforcement order.

Texas, Arizona and New Hampshire signed bills into instrumentality affecting crypto reserves. However, galore different US states successful which lawmakers projected akin authorities person rejected oregon delayed passage, including Wyoming, South Dakota, North Dakota, Pennsylvania and Montana.

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