Key Takeaways:
- Utah’s House approved the “Strategic Bitcoin Reserve” bill, moving it to the Senate for a vote on allowing Bitcoin in state reserves.
- The bill proposes allocating up to 5% of certain public funds to digital assets, including Bitcoin and stablecoins.
- Other states like Arizona and New Mexico are pursuing similar legislation, while North Dakota recently rejected a crypto investment bill.
Utah is moving closer to becoming the first U.S. state to hold Bitcoin in reserve after its House approved a strategic Bitcoin reserve bill.
The bill, known as HB230 (Blockchain and Digital Innovation Amendments) and introduced by Representative Jordan Teuscher, allows the state treasurer to allocate up to 5% of certain public funds to digital assets, including Bitcoin, stablecoins, and other high-cap cryptocurrencies.
JUST IN: Legislation that will allow the state of Utah to invest in Bitcoin PASSES the House.
— Bitcoin Magazine (@BitcoinMagazine) February 6, 2025
The bill now goes to the Senate. 🇺🇸 pic.twitter.com/DP780a7522
The legislation passed the House Economic Development Committee (8-1) and has now moved to the Senate, where it requires majority approval before reaching the governor’s desk for final approval or veto.
Dennis Porter, CEO of the Satoshi Action Fund, expressed confidence that Utah would be the first state to enact such a measure.
Other states, including Arizona and New Mexico, are also exploring similar Bitcoin reserve initiatives.
🚨 UTAH PASSES ‘STRATEGIC BITCOIN RESERVE’ IN THE HOUSE! 🇺🇸 pic.twitter.com/hs6SBJwiRN
— Dennis Porter (@Dennis_Porter_) February 6, 2025
Arizona’s SB1025 has passed the Senate Finance Committee, while New Mexico’s SB57, introduced by Senator Ant Thornton, proposes a 5% Bitcoin allocation for public funds.
However, not all states have embraced the idea.
North Dakota rejected a similar bill (HB1184) on Jan. 31, with 57 votes against and 32 in favor.
So far, 14 U.S. states have proposed cryptocurrency investment bills for their treasuries.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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