An Act allowing for fiscal resilience through authorization of strategic investment in stable digital financial assets
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill authorizes the Massachusetts state treasurer and public pension funds to invest a portion of state funds in stable digital financial assets, specifically Bitcoin, with the goal of enhancing the Commonwealth’s financial resilience and protecting against inflation. It establishes requirements for secure custody solutions and investment limits, aiming to safeguard state assets while exploring new investment opportunities. The bill defines key terms related to digital assets and outlines specific investment options.
Key provisions
- Allows the state treasurer to invest in Bitcoin from designated state funds.
- Limits Bitcoin investments to a maximum of 10% of the total amount of public funds in applicable accounts.
- Requires investments to be held through a secure custody solution, a qualified custodian, or an exchange-traded product.
- Defines key terms related to digital assets, including Bitcoin, digital financial assets, and secure custody solutions.
- Specifies acceptable secure custody solution characteristics, including geographically diversified data centers and regular audits.
- Permits investment from the General Fund, Commonwealth Stabilization Fund, and State Retiree Benefits Trust Fund.
- Requires approval by the General Court for investment requests.
- Establishes a process for the state treasurer to request investment from other state funds.
Who is affected
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Joint Committee on Revenue
Cosponsor
Christopher J. Worrell
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours