Utah is making progress toward becoming the first US state to hold Bitcoin
$98,576.33
in its reserves.
The proposed bill, known as HB230, that would allow a portion of state funds to be allocated to digital assets has passed the state’s House and is now awaiting review in the Senate.
The HB230 was introduced by Representative Jordan Teuscher on January 21. It aims to allow the state treasurer to invest up to 5% of certain public funds in digital assets, including Bitcoin, stablecoins, and other widely recognized cryptocurrencies.
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Dennis Porter, founder and CEO of the Satoshi Action Fund, said in a February 6 post on X:
The ‘Strategic Bitcoin Reserve’ bill has officially passed the House in the state of Utah. The bill now moves onto the Senate.”
On January 28, the Utah House Economic Development Committee approved the bill with an 8-1 vote, which pushed it forward for further consideration. The next step is a review by the state Senate. If it passes there, the bill will be sent to the governor, who will decide whether to sign it into law or reject it.
Utah is not the only state considering this kind of legislation. Arizona has been working on a similar measure, SB1025, which passed the Senate Finance Committee on January 27 and is currently awaiting a vote in the House.
Meanwhile, on February 4, Senator Bill Hagerty proposed a bill that set clear rules for stablecoins. What is it? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
