Home Utah could become first U.S. state to create a Bitcoin reserve

Utah could become first U.S. state to create a Bitcoin reserve

Utah may soon become the first United States state to establish its own Bitcoin (BTC) strategic reserve — thanks largely to a shorter legislative window.

Satoshi Action Fund CEO Dennis Porter highlighted that there is a high likelihood that Utah will become the first U.S. state with a Bitcoin reserve. He said during a recent interview with United States Senator Cynthia Lummis:

“It’s either sink or swim in 45 days. No one else has a faster calendar, and no one else has more political momentum and willpower to get it done.”

The details

On Jan. 28, one of the committees in Utah’s House voted eight to one in favor of a bill allowing the state to invest up to 5% of its public funds in Bitcoin. Other cryptocurrencies with a market cap above $500 billion and approved stablecoins would also be allowed.

The bill was proposed on Jan. 21 — just a week earlier — by Utah Representative Jordan Teuscher. The second substitute version of that bill was updated on Jan. 28, adding provisions that establish crypto mining zoning restrictions.

The bill is now headed to the full house. If the House majority approves it, it will be voted by the Senate as well, and only if approved by most senators will it be produced before the governor to be signed or vetoed.

Satoshi Action Fund co-founder and CEO Dennis Porter wrote in a Jan. 28 X post that this is not the only such bill making good progress in the United States. He wrote:

“With a super majority vote Utah becomes the 2nd state in the nation to pass a ‘Strategic Bitcoin Reserve’ bill out of committee.”

Teuscher — who introduced the bill — further highlighted that his initiative is in good company. He announced:

“While Utah is the 11th state to introduce similar legislation, we will be the first to pass it.”

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech, gambling and blockchain industries for major developments, new product and brand launches, AI breakthroughs, game releases and other newsworthy events. Editors assign relevant stories to in-house staff writers with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Adrian Zmudzinski is a cryptocurrency journalist with over 4,000 articles under his belt. His bylines include Cointelegraph, Benzinga, Crypto.News, and BeInCrypto.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.