Utah Advances Strategic Bitcoin Reserve Bill
The state of Utah is making strides towards potentially becoming the first in the US to have a Bitcoin reserve. HB230, also known as the “Strategic Bitcoin Reserve” bill, has successfully passed the Utah House and is now on its way to the Senate.
This bill, proposed by Utah Representative Jordan Teuscher, would allow the state’s treasurer to use up to 5% of certain public funds to purchase qualifying digital assets, including Bitcoin, high-cap crypto assets, and stablecoins.
The bill has received strong support, with the Satoshi Action Fund founder and CEO stating that he firmly believes Utah will be the first state to pass this legislation.
If it receives majority approval from the Senate, it will then be passed to the governor for consideration.
