Utah's Bitcoin Reserve Bill successfully passed the committee and awaits further discussion and voting in the Senate, potentially recognizing Bitcoin as an official reserve asset in the state.
Advancement of Bitcoin Reserve Bill
Utah moves a step closer to recognizing Bitcoin as a reserve asset after the Senate Revenue and Taxation Committee approved the Blockchain and Digital Innovation Amendments bill (House Bill 230). The bill passed with a 4-2-1 vote, with all four votes in favor from Republican senators, one Republican and one Democrat opposing, and one senator absent.
Key Provisions of the Bill
The bill, introduced by Utah Representative Jordan Teuscher, allows the state treasurer to allocate up to 5% of certain public funds into 'qualifying digital assets,' including Bitcoin, high-cap cryptocurrencies, and stablecoins. The treasurer is also permitted to engage in crypto staking. Funds can only be held by qualified custodians or through exchange-traded funds.
Status of Other US States
Currently, 20 US states are considering holding cryptocurrencies as reserve assets. Utah stands out due to its streamlined legislative process, making it a leading candidate to be the first to pass a strategic Bitcoin reserve bill.
Utah's Bitcoin Reserve Bill could become the first in the US to be recognized at the state level. If passed, this could prompt other states to introduce similar measures, further integrating cryptocurrencies into the economic system.
