Utah Advances Strategic Bitcoin Reserve Bill

Utah's Strategic Bitcoin Reserve Bill Progresses

Utah has taken a significant step toward potentially becoming the first U.S. state to establish a Bitcoin reserve. The "Strategic Bitcoin Reserve" bill, known as HB230 or the Blockchain and Digital Innovation Amendments bill, has successfully passed the House and is now heading to the Senate for consideration.

The bill, introduced by Representative Jordan Teuscher on January 21, would authorize the state treasurer to invest up to 5% of certain public funds into qualifying digital assets, including Bitcoin (BTC), high-capacity crypto assets, and stablecoins. The Utah House Economic Development Committee approved the measure with an 8-1 vote on January 28.

Broader National Trend

Utah's legislative effort is part of a growing movement across the U.S., with several states exploring similar measures. For instance, Arizona's Strategic Bitcoin Reserve Act (SB1025) has cleared the Senate Finance Committee and awaits a House vote. Ohio has introduced its second Bitcoin reserve bill, while New Mexico's SB57, introduced by Senator Ant Thornton, proposes allocating 5% of public funds to Bitcoin.

However, not all states are embracing cryptocurrency investments. In North Dakota, House Bill 1184, which aimed to allow state investment in cryptocurrency assets and precious metals, was defeated with 32 votes in favor and 57 against.

Current Legislative Landscape

As of now, 14 U.S. states have introduced bills to permit their treasuries to invest in cryptocurrency assets, according to the Bitcoin Reserve Monitor. Utah's bill must pass the Senate and be signed into law by the governor to become a landmark legislation in the digital asset space.