Key Points:
- The Utah crypto bill has now passed the state House of Representatives, becoming the second U.S. state after Arizona to do so.
- The bill will now be presented to the state legislature and governor for final approval, with the potential to allocate up to 10% of public funds in Bitcoin.
Utah has become the second U.S. state to move forward with a strategic Bitcoin reserve bill, following Arizona’s similar initiative.
Read more: Strategic Bitcoin Reserve Now Proposed in South Dakota
Utah Crypto Bill Moves to Senate for Vote
The Utah crypto bill, which passed through a committee in the Utah House of Representatives, now heads to the upper house for a vote.
If approved, it will be presented to the governor for final approval, potentially paving the way for the state to invest a portion of its public funds in Bitcoin.
Utah’s Bitcoin Reserve Initiative Sets Precedent for Other States
The Strategic Bitcoin Reserve bill, known as the Blockchain and Digital Innovation Amendments (2nd Sub. H.B. 230), seeks to allocate up to 10% of the state’s public funds into Bitcoin. If the governor signs it into law, Utah will join Arizona as one of the first states to incorporate cryptocurrency into its financial strategy. The approval is seen as a potential catalyst for other states considering similar measures.
Dennis Porter, co-founder of the Satoshi Act Fund, highlighted the significance of the Utah crypto bill in a post on his X account, emphasizing that the state is leading the way for others in adopting Bitcoin as a reserve asset.
Currently, around 11 states are exploring the inclusion of Bitcoin in their strategic reserves. The most common proposed allocation is 10% of state funds.
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