Massachusetts becomes 8th US state to propose BTC reserve laws

Around fifteen US states, including Massachusetts, were reportedly working on legislation on Bitcoin reserves just days before Donald Trump’s inauguration.

A bill to establish a Bitcoin (BTC) Massachusetts Treasury was introduced by Senator Peter Durant, making it the eighth US state to propose such legislation amid growing interest in crypto with the new pro-BTC president.

Senator Durant’s Strategic Bitcoin Reserve Invoice The bill signals growing adoption of BTC at the state level ahead of Donald Trump’s return to the White House.

Policymakers have encouraged fellow lawmakers to support SBR proposals in more than 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 officially introduced laws to establish BTC reserves.

It remains unclear whether states will pass an SBR law before federal lawmakers. In Washington, crypto ally Senator Cynthia Lummis and other senior members of Congress are rallying support for a national Bitcoin reserve.

Lummis suggested changes to the Treasury law to permit holding BTC on the US government’s balance sheet.

In the days leading up to January 20, there were reports of industry heavyweights pressuring Trump to sign an executive order on Bitcoin. A word of advice directed by White House crypto czar David Sacks, has also been identified as a key priority for blockchain advocates.