Utah advances Bitcoin reserve bill, moves closer to final Senate vote

Utah has advanced its Bitcoin reserve bill at the next stage of the legislation, with a second and third reading in the Senate pending before a final vote.

In accordance with the last update, the UTAH income and taxation Senate Committee adopted the Blockchain Change and Digital Innovation Bill (House Bill 230), bringing the state of the State Bitcoin recognition as an official reserve asset.

Legislators adopted the bill with a 4-2-1 voteWhere the four votes in favor came from the Republican senators. A republican and a democrat opposed the bill, while a senator was marked absent.

The bill will now suffer a second reading in the Senate, followed by a third reading for a more in -depth discussion and potential amendments. If he erases the two stages, the bill will carry out a final vote of the Senate before going to Governor Spencer Cox, also republican, for approval.

Presented by the representative of UTAH, Jordan Teuscher, on January 21, HB230 crossed the Chamber’s economic development committee with a vote of 8-1.

The bill proposes to authorize the treasurer of the State to allocate up to 5% of certain public funds, such as the budget of the general fund and the resumption accounts after the claim of the State, in “eligible digital assets” , including bitcoin, great capitalization cryptocurrencies and stablecoins. The bill also allows the treasurer to engage in cryptographic stake.

Meanwhile, funds can only be held by qualified guards or through funds negotiated on the stock market.

Currently, 20 American states are considering Hold cryptocurrencies as reserve assets, according to Bitcoin Reserve Monitor data. Until now, three states, namely Wyoming, North Dakota and Pennsylvania, are the only ones who have rejected similar proposals.

UTAH carries out the accusation among American states, which has made the most progress in terms of progress in legislation. According to the founder of Satoshi Act Fund, Dennis Porter, UTAH stands out as the most likely candidate to adopt a Bitcoin reserve strategic bill first.

Although it is one of the last states to introduce such legislation, Porter believes that the rationalized legislative process of Utah, which operates on a 45 -day tight calendar, gives it a clear advantage.

“No one else has a faster calendar, and no one else has any more political momentum and will to do so”, wear said During a recent interview.

Utah’s progress is one day after Montana advance His own Bitcoin reserve bill, which authorized the Chamber’s Business and Work Committee with a vote of 12 to 8.