Utah's HB230 advances to the Senate for review
Utah is on the verge of potentially becoming the first U.S. state to establish a strategic Bitcoin (CRYPTO:BTC) reserve.
After passing in the House, the Blockchain and Digital Innovation Amendments bill, or HB230, is now moving to the Senate for review.
Representative Jordan Teuscher introduced HB230 on January 21, seeking to authorise the state treasurer to allocate up to 5% of specific public funds for "qualifying digital assets," which includes Bitcoin, high-cap crypto assets, and stablecoins.
The House Economic Development Committee approved the bill on January 28 with an 8-1 vote.
If the Senate approves the bill, it will then go to the governor for signature or veto.
The bill takes effect on May 7, 2025.
According to Eleanor Terrett, the bill's passage with a vote of 45-26 reflects a growing acceptance of Bitcoin as a legitimate asset class.
While similar bills for BTC reserves are underway in over a dozen states, Representative Teuscher believes that Utah could be the first to pass it.
Arizona is also considering similar legislation with its Strategic Bitcoin Reserve Act (SB1025), and New Mexico has proposed allocating 5% of public funds to Bitcoin through the "Strategic Bitcoin Reserve Act."
Conversely, North Dakota rejected House Bill 1184, which would have enabled state investment in crypto assets and precious metals.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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