Utah Moves Closer to Bitcoin Reserves as Bill Clears Key Hurdle
Utah has taken a major step toward adopting Bitcoin as a strategic asset, becoming the second U.S. state to advance such legislation.
With Arizona leading the way, the approval of Utah’s Bitcoin Reserve Bill could encourage more states to follow suit.
Dennis Porter, co-founder of the Satoshi Act Fund, confirmed that Utah’s committee has approved the bill, bringing it closer to becoming law. The proposal now moves to the state legislature and governor’s desk for final approval. If signed, Utah will officially establish a state-held Bitcoin reserve, setting a precedent for others considering similar measures.
READ MORE: El Salvador Adjusts Bitcoin Law to Align with IMF Loan Agreement
At least 11 states are exploring Bitcoin reserves, with most aiming to allocate 10% of their strategic funds to BTC. South Dakota’s Bitcoin bill has also gained traction, with State Representative Logan Manhart calling it a rare opportunity for governments to be proactive in digital finance.
With overwhelming support in the state legislature, Utah’s bill is expected to pass into law, establishing a Bitcoin reserve fund. The initiative is led by Jordan Teuscher, who previously introduced HB230, a bill allowing the state to invest in digital assets.
Speculation is also swirling around whether the U.S. might consider XRP for a strategic reserve, but opinions remain divided, with critics warning of potential risks in expanding beyond Bitcoin.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
