Utah Strategic Bitcoin Reserve Bill Passes the House

Utah is inching closer to becoming the first state in the United States to establish a Bitcoin reserve. A landmark bill, which proposes allocating public funds to Bitcoin and other digital assets, recently cleared a major hurdle by passing the House and now awaits Senate approval.

Utah Pioneering Bitcoin Investments

The Blockchain and Digital Innovation Amendments bill, designated as HB230, was passed by Utah’s House Economic Development Committee with an 8-1 vote on January 28. Introduced by Representative Jordan Teuscher on January 21, the bill empowers the state treasurer to allocate up to 5% of certain public funds to acquire “qualifying digital assets.” These assets include Bitcoin, high-cap cryptocurrencies, and stablecoins.

Dennis Porter, founder and CEO of Satoshi Action Fund, celebrated the bill’s progress on February 6, stating, “The ‘Strategic Bitcoin Reserve’ bill has officially passed the House in the state of Utah and now moves onto the Senate.”

If approved by the Senate and signed by the governor, Utah would make history as the first U.S. state to adopt such a forward-thinking approach to digital asset investments.

Growing Momentum Amid State Competition

While Utah leads the charge, other states are also exploring similar initiatives. Arizona’s Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, recently passed the Senate Finance Committee and is awaiting a House vote.

New Mexico has also entered the fray, with Senator Ant Thornton introducing a bill (SB57) on February 4, proposing a 5% allocation of public funds to Bitcoin.

Not every state, however, shares the same enthusiasm. In North Dakota, lawmakers recently rejected House Bill 1184, which would have allowed the state to invest in cryptocurrencies and precious metals.

According to Bitcoin Reserve Monitor, 14 states across the U.S. have introduced similar bills aimed at permitting local treasuries to invest in digital assets.

As Utah’s legislation advances, it symbolizes a growing shift toward embracing blockchain technology and digital currencies at the state level.