Good news Utah House of Representatives passed the Bitcoin Reserve Act! Will the first BTC reserve state be born?

According to Cointelegraph, the Utah House of Representatives has approved a bill to establish a strategic Bitcoin reserve, which is now being submitted to the state Senate for consideration.

The Blockchain and Digital Innovation Amendment (HB230) proposed by Utah Rep. Jordan Teuscher on January 21 authorizes the state finance secretary to invest up to 5% of specific public funds in qualified digital assets, including Bitcoin, large cryptocurrencies and stablecoins.

If the bill is approved by the state Senate and signed by the governor, Utah will become the first state in the United States to invest in Bitcoin with public funds. The governor can sign a bill to take effect or veto it. At that time, the bill needs to return to the state assembly and obtain a two-thirds majority to overturn the veto.

Missouri plans to establish a Bitcoin reserve fund

Meanwhile, Missouri Rep. Ben Keathley introduced Act 1217 on February 6, proposing to include Bitcoin in the state’s portfolio to deal with the risk of fiat currency inflation. The proposal suggests:

• Establish a Bitcoin Strategic Reserve Fund regulated by the state financial supervisor and accept Bitcoin donations from government agencies and state residents;
• All state government agencies require that they accept cryptocurrency payments, including taxes and fines;
• Develop a long-term Bitcoin holding strategy in Missouri;
• Authorizes state treasurer to use state government funds to invest in Bitcoin.

Many states actively promote Bitcoin reserves

President Trump's friendly attitude towards cryptocurrencies and long-term support from Wyoming Senator Cynthia Lummis, now chairman of the Senate Banking Digital Assets Group, have increased the possibility of the United States establishing a strategic reserve of Bitcoin. Although federal government action is usually slow, several states have actively promoted the process, such as:

• The Arizona Senate Finance Committee voted 5:2 on January 27 to pass a bill to invest state public funds in cryptocurrencies such as Bitcoin.
• North Dakota and New Hampshire last month recommended using state public funds to invest in digital assets such as Bitcoin and precious metals.
• New Mexico introduced relevant legislation (SB57) on February 4, proposing to invest 5% of public funds in Bitcoin.

According to Bitcoin ReserveMonitor data, 15 states have proposed bills to establish Bitcoin reserves.

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