Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Markets>
Massachusetts Bitcoin Reserve Bill Receives Silent Treatment at Legislative Hearing

Massachusetts Bitcoin Reserve Bill Receives Silent Treatment at Legislative Hearing

BTCPEERS2025/10/09 10:41
By: Albert Morgan
RSR+0.95%BTC+0.10%MOVE+0.67%
Massachusetts Bitcoin Reserve Bill Receives Silent Treatment at Legislative Hearing image 0

Massachusetts state lawmakers held a hearing on a Bitcoin strategic reserve bill on Tuesday, but the proposal received no questions from legislators. According to Cointelegraph, State Senator Peter Durant testified before the Joint Committee on Revenue about his bill that would allow up to 10% of state funds for crypto investments. The Republican senator described the legislation as a "prudent diversification tool" with full transparency and oversight. However, when Durant opened the floor for questions, no committee members responded. The bill has been dormant for eight months since its February introduction.

Dennis Porter, CEO of the Satoshi Action Fund, also testified at the hearing. Porter urged Massachusetts to consider itself as well-suited to lead crypto adoption efforts. He described similar legislation in other states as bipartisan in nature. The hearing took place at the Massachusetts State House with the Joint Committee on Revenue overseeing the proceedings.

Lukewarm Response Reflects Growing Skepticism Among State Legislators

The silence at Tuesday's hearing reflects a broader shift in state-level enthusiasm for Bitcoin reserves. Bloomberg reported in late February that four states rejected crypto reserve bills within one month. Jennifer Schulp from the Cato Institute noted that volatility concerns continue to affect legislative support. She told Bloomberg that Bitcoin's price fluctuations remain an issue even in positive market conditions.

Massachusetts Democrats control both legislative chambers with supermajorities and hold the governorship. This political reality makes passage of Durant's Republican-sponsored bill uncertain. The Commonwealth Stabilization Fund currently holds billions in state reserves. Durant's proposal would redirect a portion of these funds into digital assets including seized cryptocurrencies. The bill also permits adding Bitcoin obtained through state law enforcement seizures to the reserve.

We reported in February that 15 US states moved forward with Bitcoin reserve plans following President Trump's executive order. However, Massachusetts appears to lag behind states like New Hampshire and Arizona in generating legislative momentum. The lack of committee engagement suggests the bill faces significant hurdles to advance through the legislative process.

State Reserve Movement Loses Momentum After Initial Enthusiasm

The Massachusetts hearing outcome reflects a challenging period for state Bitcoin reserve initiatives nationwide. Only three states have successfully passed reserve-related legislation as of October 2025. New Hampshire became the first state to sign a Bitcoin reserve bill into law in May, followed by Arizona. Texas authorized a reserve but funded it with just $10 million in June, according to Bitcoin Reserve Monitor.

Many other states have seen their proposals stall or fail outright. Wyoming, South Dakota, North Dakota, Pennsylvania, and Montana all rejected or delayed similar bills. At least 28 states introduced Bitcoin reserve proposals in 2025. Yet most remain stuck in committee or face uncertain futures. The initial wave of enthusiasm following Trump's March executive order has not translated into widespread legislative success.

Professor David Krause from Marquette University has described Bitcoin as the most volatile asset class he has observed. This assessment resonates with legislators who must weigh portfolio diversification against fiduciary responsibility. State reserves typically invest in low-risk assets like short-term bonds. Bitcoin's price swings present a departure from traditional reserve management principles.

The federal government established its own Strategic Bitcoin Reserve through executive order in March 2025. This reserve consists of seized Bitcoin rather than purchased assets. Senator Cynthia Lummis has proposed federal legislation to purchase one million Bitcoin over five years. However, her bill has not yet passed Congress.

Massachusetts now joins a growing list of states where Bitcoin reserve proposals face significant resistance. The hearing's silent reception demonstrates that cryptocurrency adoption at the state level remains contentious. Whether Massachusetts will reconsider the bill or let it expire remains unclear as the legislative session continues.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

EUL has dropped by 826.66% over the past week as market conditions have worsened

- EUL, a digital asset, plummeted 1826.66% over 7 days, closing at $7.718 by October 16, 2025. - The 528% 24-hour drop and consistent 1-year decline highlight severe market stress and unresolved structural issues. - Analysts note prolonged bearish trends with no clear catalysts, raising uncertainty about stabilization or intervention. - Traders are analyzing technical indicators and historical parallels to predict EUL's trajectory amid intensified selling pressure.

Bitget-RWA2025/10/16 05:36
EDEN has dropped by 6092.44% over the past year during a period of intense market volatility.

- EDEN plummeted 121.4% in 24 hours on Oct 16, 2025, with 6092.44% annual losses amid accelerated sell-offs. - Analysts attribute the decline to structural market shifts rather than regulatory changes or external shocks. - Technical indicators confirm prolonged bearish trends, with 606.06% 7-day losses signaling deteriorating investor confidence. - Market participants question EDEN's structural sustainability despite no official explanations from the issuing entity.

Bitget-RWA2025/10/16 05:20
XPL surges 38.5% within a day as technical rebound sparks sharp and unpredictable short-term price swings

- XPL surged 38.5% in 24 hours on Oct 16 2025, contrasting with 5385.15% monthly and 6327.41% annual declines. - Technical analysis suggests stabilization above key support levels after sharp depreciation, potentially triggering short-covering activity. - Despite short-term volatility and 1848.95% 7-day gains, long-term bearish trends persist, undermining investor confidence.

Bitget-RWA2025/10/16 05:20
MIRA - Experiences a 518.84% Decrease in 24 Hours as Short-Term Volatility Persists

- MIRA plummeted 518.84% in 24 hours to $0.3287 on Oct 16, 2025, despite a 171.02% 7-day gain. - The 24-hour crash occurred amid a 4630.66% monthly drop and 7320.17% annual decline, signaling sustained bearish trends. - No direct cause was reported, but the sharp move suggests event-driven triggers amid broader structural weakness. - A backtest hypothesis proposes analyzing 10%+ single-day drops to assess post-event recovery patterns in volatile assets.

Bitget-RWA2025/10/16 05:20

Trending news

More
1
EUL has dropped by 826.66% over the past week as market conditions have worsened
2
EDEN has dropped by 6092.44% over the past year during a period of intense market volatility.

Crypto prices

More
Bitcoin
Bitcoin
BTC
$111,397.53
-1.04%
Ethereum
Ethereum
ETH
$4,019.17
-2.28%
Tether USDt
Tether USDt
USDT
$1
-0.01%
BNB
BNB
BNB
$1,185.22
-0.71%
XRP
XRP
XRP
$2.42
-3.40%
Solana
Solana
SOL
$193.89
-5.26%
USDC
USDC
USDC
$0.9999
-0.00%
TRON
TRON
TRX
$0.3212
+1.08%
Dogecoin
Dogecoin
DOGE
$0.1972
-3.49%
Cardano
Cardano
ADA
$0.6723
-3.93%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter