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Utah Bitcoin Reserve Bill Could Pass as Early as May

Utah Bitcoin Reserve Bill Could Pass as Early as May

HappyCoinNewsHappyCoinNews2025/02/20 04:22
By:HappyCoinNews

Utah bill to create Bitcoin -the reserve has already been sent to the Senate Committee on Revenue and Taxation, and if approved, it will go into effect on May 7 of this year.

Utah Bitcoin Reserve Bill Could Pass as Early as May image 0

Bill on the establishment Bitcoin - Utah's HB 230, titled "Blockchain and Digital Innovation Amendments," passed the House of Representatives in January.

On February 7, the document was sent to the Senate for first reading, and on February 18, it was sent to the Senate Committee. Despite the fact that Utah was the 11th state to submit a corresponding legislative initiative, the bill was approved by the authorities within a week.

In addition, with an 8-1 vote, the state is on track to support investment in Bitcoin , other crypto assets with a market cap of over $500 billion and approved stablecoins.

If passed, the law would give the state treasurer the authority to allocate up to 5% of public funds to eligible investments.

Recently, Dennis Porter, CEO of the non-profit organization Satoshi Action Fund, said that Utah has a very high probability of being ahead of other states in deciding to form a Bitcoin -reserve.

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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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