Author: Martin Young, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
Utah has passed a strategic Bitcoin reserve bill in the House of Representatives, and the bill is now submitted to the Senate for deliberation, and Utah is one step closer to becoming the first state in the United States to have a Bitcoin reserve.
"The 'Strategic Bitcoin Reserve' bill has officially passed the Utah House of Representatives," said Dennis Porter, founder and CEO of Satoshi Action Fund on February 6. "The bill is now submitted to the Senate," he added.
The Utah House Economic Development Committee passed HB230, the Blockchain and Digital Innovation Amendment Act, on January 28 with an 8-1 vote.
Utah Rep. Jordan Tescher introduced the bill on Jan. 21. It would give the state’s treasurer the power to allocate 5% of certain public funds to purchase “qualified digital assets” such as BTC, high-market-cap crypto assets, and stablecoins.
“We firmly believe that Utah will be the first state to introduce this legislation,” Porter said in a recent interview.
The bill will now go to the Senate for consideration, where it will need to be approved by a majority vote before it can be sent to the governor for signature or veto.
Another U.S. state that has seen a similar bill approved is Arizona, where the Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Sen. Wendy Rogers and Rep. Jeff Wenninger, passed the Senate Finance Committee on Jan. 27 and is currently awaiting a vote in the House of Representatives.
Meanwhile, New Mexico became the latest U.S. state to propose a strategic Bitcoin reserve, with the state’s legislature (SB57) introduced by Senator Ant Thornton on Feb. 4.
The “Strategic Bitcoin Reserve Act” proposes allocating 5% of public funds to Bitcoin.
Recently, North Dakota lawmakers rejected House Bill 1184, which would have allowed the state government to invest in crypto assets and precious metals.
The bill failed in the House of Representatives on Jan. 31 with a vote of 32-57.
According to Bitcoin Reserve Monitor, 14 U.S. states have introduced bills that would allow their local treasuries to purchase crypto assets.
SBR status in each state of the United States. Source: Bitcoin Reserve Monitor
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