Following what has been a growing trend within the country, Massachusetts State Senator Peter Durant has officially introduced legislation to create a strategic Bitcoin reserve in the state. Indeed, the Worcester County native joined Texas, Pennsylvania, and Oklahoma as states considering similar bills.
The move is preceding what is widely expected to be a Strategic Bitcoin Reserve bill passed by the incoming US President-elect Donald Trump. Indeed, Trump has long discussed the potential legislation. Specifically, many expect the move to be a part of his wide-ranging plan to revamp the country’s approach to the asset class.
JUST IN: 🇺🇸 Massachusetts Senator Peter Durant introduces bill to create a Strategic Bitcoin Reserve.
— Watcher.Guru (@WatcherGuru) January 17, 2025
Also Read: Donald Trump to Designate Cryptocurrency as a National Priority
Massachusetts Is the Latest State to Seek the Creation of a Strategic Bitcoin Reserve
Things are about to change immensely for the cryptocurrency industry in the United States. With Donald Trump set to be inaugurated in just three days, all eyes are on his digital asset policies. Indeed, he will enter the White House as the first true pro-crypto president in history.
Moreover, he is expected to make good on his promises rather early into his term. Now, a host of US states are seeking to prepare for his arrival with pro-crypto legislation of their own. Joining a growing list is Massachusetts, which has seen state Senator Peter Durant introduce legislation to create a strategic Bitcoin reserve.
Also Read: Donald Trump Eyes Strategic Reserve for Coins Like Solana, XRP
The idea would allow “some of the Bay State’s $9 billion rainy day fund” to be used to buy Bitcoin, according to the Commonwealth Beacon. Additionally, the bill would introduce a 10% cap on how much the state’s treasury could invest in the asset class.
“It’s not like we’re saying divest everything and put it into Bitcoin,” Durant said Friday. “But we do believe it does make sense as a portion of the Commonwealth’s portfolio.” Conversley, California State Assembly member Phillip Chen, unveiled a similar development. He appointed a nonprofit to develop in-kind legislation in the West Coast state. Moreover, it appears the growing trend is not set to slow anytime soon.