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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.”
