Massachusetts joins the growing ranks of U.S. states embracing cryptocurrency as part of their financial strategy. Republican Senator Peter Durant of Worcester County has introduced legislation to create a “Commonwealth Bitcoin Strategic Reserve.” The proposal marks a pivotal shift for a state traditionally known as a Democratic stronghold.
The bill, filed by State Senator Peter Durant, advocates for the establishment of a Bitcoin reserve. The proposed “Commonwealth Bitcoin Strategic Reserve” aims to allocate up to 10% of the state's $9 billion stabilization fund toward Bitcoin and other digital assets.
The legislation specifies that funds used for the reserve must be unspent, uncommitted, or unencumbered, ensuring no interference with existing financial obligations. Senator Durant emphasized that the reserve would not replace traditional investments but act as a supplementary strategy.
"This legislation would create a strategic Bitcoin reserve to help preserve the purchasing power of Massachusetts citizens and generate additional revenue for the state," said Durant. "It's a forward-thinking approach that aligns with the evolving financial landscape."
The bill also includes provisions to allow the state treasury to loan Bitcoin and other assets under its control. This measure is intended to generate additional returns while maintaining a balanced financial risk profile.
Furthermore, the Massachusetts bill permits the use of qualified custodians or exchange-traded products (ETPs) to secure these digital assets. This approach aligns with the growing adoption of cryptocurrencies as a viable financial tool in the private and public sectors.
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