Massachusetts becomes 8th US state to propose BTC reserve laws
Some 15 U.S. states, including Massachusetts, have reportedly been working on Bitcoin reserves legislation just days before Donald Trump’s inauguration.
A bill to establish a Bitcoin (BTC) treasury in Massachusetts was introduced by State Senator Peter Durant, making it the eighth U.S. state to propose such legislation amid rising crypto interest with the incoming pro-BTC president.
Sen. Durant’s Strategic Bitcoin Reserve bill bill signals growing state-level BTC adoption ahead of Donald Trump’s return to the White House.
Policymakers have encouraged fellow lawmakers to support SBR proposals in over a dozen states, including Texas, which is home to at least 27 Bitcoin mining operations, according to the Texas Blockchain Council. Texas is also one of the three largest local economies in the United States.
Wyoming, Oklahoma, New Hampshire, Ohio, and Pennsylvania have formally introduced laws to establish BTC reserves.
Whether states will pass an SBR law before federal legislators remains uncertain. In Washington, crypto ally Senator Cynthia Lummis and other senior members of Congress are rallying support for a national Bitcoin reserve.
Lummis suggested law changes at the Treasury to permit holding BTC on the U.S. government’s balance sheet.
In the days leading up to Jan. 20, reports have surfaced of industry heavyweights lobbying Trump to sign an executive order on Bitcoin. A council led by White House crypto czar David Sacks has also been identified as a key priority for blockchain advocates.
