Massachusetts Bitcoin reserve bill gets lukewarm response at hearing

State Senator Peter Durant addressed Massachusetts lawmakers on Tuesday regarding his proposed Bitcoin reserve bill, but received no questions.

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.

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