Utah is making significant strides in the world of cryptocurrency as it advances a Bitcoin reserve bill through the legislative process. The state is moving closer to recognizing Bitcoin as an official reserve asset, with the bill now set for a second and third reading in the Senate before a final vote.
The Blockchain and Digital Innovation Amendments bill, also known as House Bill 230, has passed the Senate Revenue and Taxation Committee with a 4-2-1 vote. All four votes in favor of the bill came from Republican senators, while one Republican and one Democrat opposed it, and one senator was marked absent. If the bill successfully clears the second and third readings in the Senate, it will then proceed to a final vote before being sent to Governor Spencer Cox for approval.
Introduced by Utah Representative Jordan Teuscher, HB230 proposes allowing the state treasurer to allocate up to 5% of certain public funds into “qualifying digital assets,” including Bitcoin, high-cap cryptocurrencies, and stablecoins. The bill also permits the treasurer to engage in crypto staking, with funds required to be held by qualified custodians or through exchange-traded funds.
Utah’s progress in advancing this legislation sets it apart from other U.S. states, with 20 states currently considering holding cryptocurrencies as reserve assets. Wyoming, North Dakota, and Pennsylvania are the only states that have rejected similar proposals so far. According to Dennis Porter, founder of the Satoshi Act Fund, Utah is positioned as the most likely candidate to pass a strategic Bitcoin reserve bill first due to its streamlined legislative process and political momentum.
Utah’s advancements in cryptocurrency legislation come on the heels of Montana also moving forward with its own Bitcoin reserve bill. With the increasing interest and acceptance of cryptocurrencies as reserve assets, it is clear that states like Utah are paving the way for the future of digital finance.