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Utah Advances Bitcoin Reserve Bill, Closer to Recognizing Bitcoin as Official Reserve Asset
Utah has moved forward with its Bitcoin reserve bill, bringing the state closer to recognizing Bitcoin as an official reserve asset. The Blockchain and Digital Innovation Amendments bill (House Bill 230) has been passed by the Utah Senate Revenue and Taxation Committee, with a 4-2-1 vote.
All four votes in favor came from Republican senators, while one Republican and one Democrat opposed the bill, and one senator was marked absent. The bill will now undergo a second reading in the Senate, followed by a third reading for further discussion and potential amendments.
Key Provisions of the Bill
The bill, introduced by Utah Representative Jordan Teuscher on January 21, proposes allowing the state treasurer to allocate up to 5% of certain public funds, such as the General Fund Budget and State Disaster Recovery accounts, into “qualifying digital assets,” including:
- Bitcoin
- High-cap cryptocurrencies
- Stablecoins
The bill also allows the treasurer to engage in crypto staking. However, funds can only be held by qualified custodians or through exchange-traded funds.
Utah Leads the Charge in Cryptocurrency Legislation
Currently, 20 U.S. states are considering holding cryptocurrencies as reserve assets, according to data from Bitcoin Reserve Monitor. While three states, Wyoming, North Dakota, and Pennsylvania, have rejected similar proposals, Utah is making significant progress in advancing legislation.
“No one else has a faster calendar, and no one else has more political momentum and willpower to get it done.” – Dennis Porter, Satoshi Act Fund founder
Utah’s streamlined legislative process, which operates on a tight 45-day calendar, gives it a clear advantage in passing a strategic Bitcoin reserve bill. Despite being one of the later states to introduce such legislation, Utah’s progress is notable, especially after Montana advanced its own Bitcoin reserve bill recently.
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