A bill intended to establish a Bitcoin Strategic Reserve for the US state of Massachusetts has received a sharp response after the first legal action in eight months.
At a Tuesday hearing of the Joint Income Committee of the Massachusetts legislature, senator Peter Durant Proved About the bill he has sponsored, “a law related to a Bitcoin strategic reserve.”
The lawmaker mainly went to the logistics of the bill logistics, including the use of state treasury up to 10% of the Commonwealth Stabilization Fund to invest in crypto and allow any bitcoin (Btc) or digital assets taken by state authorities to be added to a reserve.
“It creates a neat tool of different, ensuring full transparency, oversight, and risk management without regulating any action,” Durant said of the bill.
After opening questions from the committee, no one attended the BTC Reserve proposal. It is unclear what opportunities for the bill passing through the legislature, the supermajority has given Democrats to the House of Representative and the State Senate, and control the management. Durant is a Republican.
Cointelegraph handed Durant’s staff to comment but did not receive a response at the time of publication.
Related: Massachusetts to hold the hearing to consider the Bitcoin Reserve Bill
In addition to Durant, the committee heard the 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 promote a strategic BTC reserve.
Speaking of Durant’s bill and similar law suggested by state representative Christopher Worrell and state senator Barry Finegold – that is, “a gesture that allows fiscal financial financial financial assets” – Porter described the potential transfer as “bipartisan in nature,” that has been made to pass similar bills.
“There is no state that is more appropriate to rule out than the Commonwealth of Massachusetts, a historic financial hub that pioneered the first American fund and remains in front of modern financials,” Porter said.
Other US states are more bullish in 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 Establishment of the federal government of these by US President Donald Trump’s March Executive Order.
Texas, Arizona and New Hampshire have signed law bills affecting crypto reserves. However, many other US states where lawmakers have suggested similar laws have rejected or delayed the road, including Wyoming, South Dakota, North Dakota, Pennsylvania and Montana.
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