A proposed law aiming to set up a Bitcoin strategic reserve in Massachusetts garnered minimal interest from lawmakers during its initial legislative hearing.

In a meeting of the Joint Committee on Revenue, State Senator Peter Durant presented his bill dubbed “an Act relative to a Bitcoin strategic reserve.” Despite the importance of the proposal, no questions were posed by those present.

Durant elaborated on the logistics of the legislation, which entails using up to 10% of the Commonwealth Stabilization Fund for cryptocurrency investments and incorporating any Bitcoin or digital assets seized by state authorities into the reserve.

“This creates a prudent diversification tool, ensuring full transparency, oversight, and risk management without mandating any action,” said Durant.

Following his comments, there was an absence of questions about the Bitcoin reserve initiative. Given the Democrats’ supermajority in Massachusetts’ House and Senate, alongside their control of the governorship, the bill’s prospects remain uncertain. Durant, a Republican, faces an uphill battle in a predominantly Democratic assembly.

Cointelegraph attempted to reach out to Durant’s staff for further comments but had not received a response at the time of publication.

In addition to Durant, Dennis Porter, the CEO of the Bitcoin advocacy group Satoshi Action Fund, also shared his testimony supporting the establishment of a strategic reserve.

Porter referenced Durant’s bill and comparable initiatives proposed by Representative Christopher Worrell and Senator Barry Finegold, emphasizing the importance of bipartisan cooperation in advancing cryptocurrency legislation.

“No state is better suited to take the lead than the Commonwealth of Massachusetts, a historic financial hub that pioneered America’s first mutual fund and remains at the forefront of financial innovation,” remarked Porter.

Durant’s proposal, presented in February, forms part of a broader movement among state legislators to create reserves for Bitcoin and other digital assets, especially following the federal government’s efforts in this direction initiated by President Donald Trump.

States such as Texas, Arizona, and New Hampshire have already enacted laws relating to cryptocurrency reserves, while several others, including Wyoming, South Dakota, North Dakota, Pennsylvania, and Montana, have rejected or postponed similar legislation.