Utah Moves Closer to Establishing the First State-Backed Bitcoin Reserve

Utah Moves Closer to Establishing the First State-Backed Bitcoin Reserve

Utah is on the verge of making history as the first U.S. state to establish a Bitcoin reserve, following the passage of a landmark bill in the House. The legislation, known as the “Strategic Bitcoin Reserve” bill, now advances to the Senate for further consideration.

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

The proposed legislation, formally titled the Blockchain and Digital Innovation Amendments (HB230), was approved by the Utah House Economic Development Committee with an 8-1 vote on January 28. Introduced by Representative Jordan Teuscher on January 21, the bill seeks to empower the state treasurer to allocate up to 5% of certain public funds toward “qualifying digital assets,” including Bitcoin, major cryptocurrencies, and stablecoins.

Porter expressed confidence in Utah’s pioneering role, stating, “We firmly believe that Utah will be the very first state to introduce this legislation.”

The bill now awaits Senate approval before it can be presented to the governor for signature or veto.

Other States Exploring Bitcoin Reserves

While Utah is leading the charge, Arizona is also making progress with a similar initiative. The state’s Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, passed the Senate Finance Committee on January 27 and is now awaiting a House vote.

Meanwhile, New Mexico recently joined the movement with its own Strategic Bitcoin Reserve Act (SB57), introduced by Senator Ant Thornton on February 4. The proposal, like Utah’s, aims to allocate 5% of public funds to Bitcoin.

However, not all states are embracing the idea. In North Dakota, lawmakers recently rejected House Bill 1184, which would have permitted state investment in cryptocurrencies and precious metals. The bill failed to pass the House on January 31, with 32 votes in favor and 57 against.

According to Bitcoin Reserve Monitor, a total of 14 U.S. states have introduced legislation that would allow their local treasuries to invest in digital assets. Utah’s progress could set a precedent, potentially influencing other states to follow suit in adopting Bitcoin as part of their financial strategy.