Utah Bitcoin Reserve Bill Advances in Legislation Process
Utah is making strides in recognizing Bitcoin as an official reserve asset, with the Blockchain and Digital Innovation Amendments bill (House Bill 230) moving forward in the legislative process.
The Senate Revenue and Taxation Committee in Utah recently approved the bill, paving the way for a second and third reading in the Senate before a final vote. The bill, introduced by Representative Jordan Teuscher, aims to allow the state treasurer to allocate up to 5% of certain public funds into qualifying digital assets like Bitcoin, high-cap cryptocurrencies, and stablecoins, as well as engage in crypto staking.
The passage of the bill in the committee was marked by a 4-2-1 vote, with all four votes in favor coming from Republican senators. Following the second and third readings in the Senate, the bill will then proceed to a final vote before Governor Spencer Cox for approval.
Utah’s progress on the Bitcoin reserve bill puts it at the forefront among U.S. states considering similar legislation. With a streamlined legislative process that operates on a tight 45-day calendar, Utah is positioned as a frontrunner in passing such a strategic bill.
According to Satoshi Act Fund founder Dennis Porter, Utah’s political momentum and willpower set it apart from other states in advancing Bitcoin reserve legislation. Porter believes that Utah’s efficient legislative process gives it a clear advantage in passing the bill.
Currently, 20 U.S. states are exploring the possibility of holding cryptocurrencies as reserve assets, with Wyoming, North Dakota, and Pennsylvania being the only states to reject similar proposals thus far. Utah’s progress comes on the heels of Montana advancing its own Bitcoin reserve bill, indicating a growing trend among states to embrace digital assets.