Utah Advances Bill to Potentially Become First US State with Bitcoin Reserve

The 'Strategic Bitcoin Reserve' bill has officially passed the House in the state of Utah

The Utah House of Representatives has advanced a bill that would create a state Bitcoin reserve, bringing it one step closer to becoming the first US state to hold BTC on its balance sheet.

The bill, HB230, passed the House Economic Development Committee on Jan. 28 by an 8-1 vote. It would allow the state treasurer to allocate up to 5% of certain public funds to purchase “qualifying digital assets,” including BTC, high-cap crypto assets and stablecoins.

The bill was introduced by Utah Representative Jordan Teuscher on Jan. 21 and is now headed to the Senate, where it will need majority approval before being sent to the governor to sign or veto.

“The ‘Strategic Bitcoin Reserve’ bill has officially passed the House in the state of Utah.”Satoshi Action Fund founder and CEO Dennis Porter announced the development on Feb. 6.

“This bill now moves onto the Senate,” he added.

The bill is part of a broader effort by several US states to integrate digital assets into their financial reserves. As reported by Cointelegraph, Arizona is also considering a bill that would create a state Bitcoin reserve, and the only other bill that is closer to being approved. The Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, passed the Senate Finance Committee on Jan. 27 and is now awaiting a vote by the House.

Meanwhile, New Mexico has also joined the fray with the introduction of SB57 by Senator Ant Thornton on Feb. 4. The bill proposes allocating 5% of public funds to Bitcoin.

Recently, lawmakers in North Dakota shot down HB1184, a bill that would have enabled state investment in crypto assets and precious metals. The bill failed to pass the House on Jan. 31 with a vote of 32 for it to 57 against.

According to Bitcoin Reserve Monitor, 14 US states have introduced bills giving their local treasuries permission to buy crypto assets.