Utah may be the first US state to introduce a Bitcoin reserve, as state representatives have just 45 days to approve or reject the proposed reserve bill.
Although Utah is the latest state to propose the Bitcoin reserve bill, Satoshi Action Fund CEO Dennis Porter believes it could still be the first to establish one, citing its short legislative calendar and strong political momentum. He said:
“It’s either sink or swim in 45 days; no other state has a faster calendar, and no one else has the political momentum and willpower to get it done.” – Dennis Porter
Utah House Economic Development Committee voted in favor of the digital asset reserve bill on January 28
In a recent interview with Wyoming Senator Cynthia Lummis, Porter said that every bill passed by the Utah House Economic Development Committee has become law.
He argued that the committee had already passed a recommendation for Utah’s H.B. 230 Blockchain and Digital Innovation Amendments to be approved, meaning it could soon pass into law. The Committee passed the bill by an 8-1 vote on Tuesday, January 28.
If the bill is approved, state funds will be invested in digital assets. State treasurers can even allocate up to 5% of each account’s total funds into eligible digital assets with a market value exceeding $50 billion.
Aside from Porter, State Representative Jordan Teuscher is optimistic that Utah’s digital asset bill will get approved quickly. In an X post on January 21, Teuscher stated that the state will continue leading the country in blockchain and digital innovation, claiming it would be the first to establish a digital reserve.
Thrilled to join with @Dennis_Porter_ to announce HB230 which will allow the state to invest in digital assets. While Utah is the 11th state to introduce similar legislation, we will be the first to pass it. Utah continues to lead the nation in blockchain and digital innovation! https://t.co/mBTt12UaQw
— Jordan Teuscher (@jordanteuscher) January 21, 2025
Spencer Cox, Utah’s governor, has already expressed his openness to cryptocurrency by signing the blockchain and digital innovation task force into law. If the reserve bill successfully passes the Senate, he will likely sign it into law.
Wyoming has made progress in earning bipartisan support for the reserve bill
Utah is the 11th state to introduce the Bitcoin reserve bill and the latest to do so. However, Porter believes the state count could rise to 15 in 2025 as lawmakers compete to have theirs approved first.
Porter expects states to benefit from Bitcoin reserves, saying they could protect their purchasing power and continue paying for state programs without raising taxes.
In her interview with Porter, Senator Cynthia Lummis, when asked about which reserves could get approved first, state-level reserves or the federal stockpile, stated that they are likely to have their proposals approved first and experience the benefits sooner since they are the “incubators of innovation”
Like Porter, she believes Bitcoin reserves will greatly profit states, saying they could help right the wrongs of older generations and clear the debt burden they created.
She added that Wyoming’s reserve bill has had “good success” in securing bipartisan support, though it is not quite there yet.
Wyoming’s digital asset bill is past the committee approval stage and only has to get the House’s approval before it’s signed into law.
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Source: https://www.cryptopolitan.com/utahs-bitcoin-reserve-bill/