Key Points:
- Utah State Representative Jordan Teuscher has introduced a bill to create a Strategic Bitcoin Reserve, with investment limited to 10% of total funds.
- Nine states are moving forward with legislation establishing crypto reserves, aiming to boost economic growth and attract private investment.
Utah State Representative Jordan Teuscher has introduced a bill that will create the Strategic Bitcoin Reserve in the state.
Read more: US Strategic Bitcoin Reserve Now Gets Backing From Coinbase
Utah Proposes Bill for Strategic Bitcoin Reserve to Invest in Digital Assets
The proposed law would, therefore, allow the state treasurer to invest public funds in digital assets like cryptocurrencies, virtual currencies, and stablecoins because they have a market capitalization of over $500 million. Under the bill, the investment in the said assets should not exceed 10% of the total account funds, and it enumerates the appropriate requirements and regulations for investments.
Teuscher is a strong advocate for cryptocurrency and believes it could provide Utah with long-term economic benefits. According to him, digital assets will increase private investment and enlarge public budgets to achieve sustainable growth.
Utah’s decision comes in line with the increasing trend across the United States where at least nine other states have brought forward similar bills to establish Strategic Bitcoin Reserves. Among the states, some are Massachusetts, Wyoming, and New Hampshire, which are pushing forward such legislation.
Texas has been quite busy with its Strategic Bitcoin Reserve Bill, filed in December by Representative Giovanni Capriglione. This will allow Texas to receive Bitcoin donations to fund its very own reserve.
Florida is another state that has a friendlier attitude toward cryptocurrency, and the Republican-led government has made creating a Strategic Bitcoin Reserve a priority in an upcoming legislative session.
Trump and Lummis Pitch for a National Bitcoin Reserve Initiative
At the national level, Senator Cynthia Lummis from Wyoming, who is a Wyoming Republican, as well as former President Donald Trump, has proposed a national Strategic Bitcoin Reserve. Lummis sponsored legislation that would have the United States buy 1 million Bitcoins.
Meanwhile, the Trump plan is perceived to support the notion of making sure the government continues holding around 200,000 Bitcoins it seized in the course of time as part of his broader effort to make America the “crypto capital of the planet.”
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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