The post Utah’s Bitcoin reserve bill could become the first state-level law in the US appeared on BitcoinEthereumNews.com.

Utah may be the first US state to introduce a Bitcoin reserve, as state representatives have just 45 days to approve or reject the proposed reserve bill. Although Utah is the latest state to propose the Bitcoin reserve bill, Satoshi Action Fund CEO Dennis Porter believes it could still be the first to establish one, citing its short legislative calendar and strong political momentum. He said: “It’s either sink or swim in 45 days; no other state has a faster calendar, and no one else has the political momentum and willpower to get it done.” – Dennis Porter Utah House Economic Development Committee voted in favor of the digital asset reserve bill on January 28 In a recent interview with Wyoming Senator Cynthia Lummis, Porter said that every bill passed by the Utah House Economic Development Committee has become law.  He argued that the committee had already passed a recommendation for Utah’s H.B. 230 Blockchain and Digital Innovation Amendments to be approved, meaning it could soon pass into law. The Committee passed the bill by an 8-1 vote on Tuesday, January 28. If the bill is approved, state funds will be invested in digital assets. State treasurers can even allocate up to 5% of each account’s total funds into eligible digital assets with a market value exceeding $50 billion. Aside from Porter, State Representative Jordan Teuscher is optimistic that Utah’s digital asset bill will get approved quickly. In an X post on January 21, Teuscher stated that the state will continue leading the country in blockchain and digital innovation, claiming it would be the first to establish a digital reserve. Thrilled to join with @Dennis_Porter_ to announce HB230 which will allow the state to invest in digital assets. While Utah is the 11th state to introduce similar legislation, we will…

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Filed under: News - @ February 3, 2025 6:21 am