Massachusetts Considers Bitcoin Reserve Bill, But Without Enthusiasm

Massachusetts held its first hearing in 8 months on a Bitcoin reserve bill. Republican Senator Peter Durant’s initiative was met with little support by the committee.

Massachusetts’ Bitcoin Reserve Bill Gets Cool Response in Parliament

On Tuesday, the Massachusetts Legislature’s Joint Committee on Revenue considered a bill by Senator Peter Durant that would create a state-owned Bitcoin reserve.

The bill would allow up to 10% of the state’s Commonwealth Stabilization Fund to be invested in Bitcoin or other digital assets. In addition, any cryptocurrencies confiscated by authorities would automatically be added to the reserve.

“It’s a diversification tool that provides transparency, control and risk management without coercion,” Durant said during his speech.

No active support

Despite the detailed presentation of the initiative, none of the committee members present asked questions about the bill. Observers note that the chances of its adoption are currently small — the legislature and the governorship are dominated by Democrats, while the author of the bill is a Republican.

Support from the crypto industry

Dennis Porter, CEO of the Satoshi Action Fund, spoke at the hearing, supporting the initiative and calling it “bipartisan in nature.”

The organization is actively lobbying for similar bills in various US states, promoting the idea of forming strategic Bitcoin reserves.

“Massachusetts is a historic financial center that created the first mutual fund in the US and remains a leader in innovation. There is no state better suited for this step,” Porter said.