- Utah’s Bitcoin reserve bill is headed to the Senate for passage.
- Arizona and New Mexico are also promoting similar Bitcoin reserve bills.
Utah will become the first US state to make history in terms of launching a Bitcoin reserve. The Strategic Bitcoin Reserve Bill, or HB230, has already been voted on by the House of Representatives and is waiting for final approval in the Senate before landing on the governor’s desk.
HB230, Blockchain and Digital Innovation Amendments has been passed by the Utah House Economic Development Committee with a vote count of 8 to 1 on January 28. Introduced by Representative Jordan Teuscher on January 21, the bill would empower the state treasurer to invest up to 5% of specific public funds into Bitcoin, high-cap crypto assets, and stablecoins.
Dennis Porter, Satoshi Action Fund CEO, welcomed the development saying, “We believe unequivocally that Utah will be the first state to pass this law.” The bill will be signed into law, marking Utah as the very first U.S. state with a government-backed reserve of Bitcoin.
Other States Eyeing Bitcoin Reserves
However, Utah is not the only state with a move towards a Bitcoin reserve. Recently, Arizona passed SB1025 in the Senate Finance Committee, co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger.
Meanwhile, New Mexico has also proposed a similar bill (SB57) on February 4, which seeks to dedicate 5% of public funds to Bitcoin. However, other states’ efforts have met resistance; North Dakota recently voted down a bill that would have allowed the state to invest in crypto assets and precious metals.
In addition, 14 U.S. states have already introduced bills allowing their treasuries to invest in cryptocurrencies, according to the Bitcoin Reserve Monitor. As the movement gains momentum, Utah’s move may be followed by more of the same in other states regarding broader Bitcoin adoption.
As the broader crypto market faces volatility, initiatives like Utah’s signal growing institutional acceptance of Bitcoin. While federal uncertainty continues to impact the market, state-level efforts are laying the foundation for Bitcoin’s long-term adoption.
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