Utah is in line to become the first state in the United States to introduce a Bitcoin reserve, as state representatives have the next 45 days to approve or reject the proposed bill. While the state became the latest to propose the bill, Satoshi Action Fund CEO Dennis Porter feels that it could be the first to actualize the dream.
Porter attached his sentiment to the short legislative calendar and strong political momentum in the state. “It’s either sink or swim in 45 days; no other state has a faster calendar, and no one else has the political momentum and willpower to get it done,” he said.
Utah House Economic Development Committee in favor of digital asset reserve bill
According to an interview granted by Wyoming Senator Cynthia Lummis, Porter mentioned that all the bills passed by the Utah House Economic Development Committee are now law. He added that the committee had already passed a recommendation on the approval of Utah’s H.B. 230 Blockchain and Digital Innovation Amendments. The Committee passed the bill on January 28, meaning that it could become law soon.
If the bill is approved, the state will put funds into digital assets, with the state treasurers allocating about 5% of the total funds of each account into the digital assets whose market value is over $50 billion. State Representative Jordan Teuscher is also upbeat on the approval, noting that the state intends to continue to lead the country in terms of blockchain and digital innovation.
Wyoming makes progress in reserve bill push
Utah is the 11th and latest state to introduce a Bitcoin reserve bill. Porter believes that the list could rise to 15, with lawmakers currently competing to have their reserve bill approved first. Porter expects that states will benefit from the reserves, noting that it would protect their purchasing power and continue to fund state programs without raising taxes.
In her interview, Lummis mentioned that she is trying to see the reserves that will get the first greenlight, highlighting if it will be the state or federal reserves that will get the approval. She also mentioned that she believes that Bitcoin will benefit states, saying that this generation could help to right the wrongs of the previous ones. Wyoming’s current bill has passed the committee approval stage and needs approval from the House before it is signed into law.