Several US states recently introduced Bitcoin Reserve bills, integrating Bitcoin into government financial plans. Among them, Utah stands out as the most likely to establish a Bitcoin reserve first, thanks to its comparatively shorter legislative session.
Utah May be the First US State with a Bitcoin Reserve: Dennis Porter
According to Dennis Porter, CEO of Satoshi Action Fund, Utah has a “very good shot” at being the first state to enact such legislation. In a Jan. 21 interview with U.S. Senator Cynthia Lummis, which he later shared on X on Feb. 2, Porter emphasized the urgency: “It’s either sink or swim in 45 days. No other state has a faster timeline or stronger political momentum to push this through.”
“The states would really benefit from a ‘Strategic Bitcoin Reserve’ because the states don’t have an unlimited money printer, they don’t have unlimited budgets”🇺🇸 pic.twitter.com/bxkP70JUtv
— Dennis Porter (@Dennis_Porter_) February 2, 2025
On Jan. 28, a Utah House committee voted 8-1 in favor of a bill allowing the state to invest public funds in Bitcoin, as well as in other cryptocurrencies with a market cap exceeding $500 billion and approved stablecoins. Porter noted that every bill previously passed by the Utah House Economic Development Committee in recent years has ultimately become law.
“We strongly believe Utah will be the first state to implement this legislation,” Porter stated, underscoring the state’s political drive as a decisive factor.
Satoshi Action Fund has also asked the crypto industry to support Bitcoin’s participation in the Strategic Stockpile. Porter took to X to share, “Over 3,300 letters have been sent to Members of Congress telling them to support Bitcoin as the key focus of a ‘Strategic Stockpile’. 1,886 to Democrats and 1,425 to Republicans.”
So far, Arizona is the only other state to have gone so far in the Bitcoin Bill process. Meanwhile, Illinois recently introduced a Strategic Bitcoin Reserve Act (HB1844) bill to establish a state-managed Bitcoin reserve. Other states including Ohio, Massachusetts, New Hampshire, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming have introduced similar Bitcoin reserve bills as up to 20 ‘Strategic Bitcoin Reserve’ bills are expected to be introduced at the state level.
Also Read: Czech Republic FM Sounds Alarm on Creating Bitcoin Reserve
Source: https://www.cryptonewsz.com/utah-may-become-first-us-state-bitcoin-reserve/