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Utah Leads in Potentially Passing Bitcoin Reserve Legislation A bill circulating in Utah could pave the way for state agencies to start holding Bitcoin as part of their reserves. This move is significant as Utah would be one of the first states in the US to take this step in embracing the digital currency. The [...]
The post Utah Leads the Way with Proposed Bitcoin Reserve Legislation appeared first on Crypto Breaking News.
The CEO of the Satoshi Action Fund has made a bold prediction that Utah could be the first state to establish a Bitcoin reserve. This move could potentially have significant implications for the cryptocurrency market and further cement Bitcoin’s position as a legitimate asset class. In a recent interview, the CEO highlighted Utah’s favorable regulatory [...]
The post Utah on the Verge of Making History with Bitcoin Reserve Bill: Satoshi Action Fund Leads the Way appeared first on Crypto Breaking News.
The race to integrate Bitcoin into state treasuries is heating up. So far, 20 U.S. states have introduced bills aiming to accumulate BTC as a financial assetbut Utah is pulling ahead with real legislative momentum.
A new bill, HB 230, just cleared a major hurdle. The Digital Innovation and Blockchain Amendments bill, which could allow the state treasurer to allocate public funds into Bitcoin, has now been formally introduced to the Utah Senates Revenue and Taxation Committee.
Back in January, the bill passed Utahs House of Representatives with an 8-1 vote, and on February 7, it advanced to the Senate for its first reading. If enacted, up to 5% of Utahs state funds could be invested in qualified digital assetsa category that, under the bills criteria, currently includes only one cryptocurrency: Bitcoin.
Utah's HB 230 isnt just about buying Bitcoin...
It also lays the groundwork for regulatory oversight, custody protocols, and even permits the treasurer to engage in staking and lending of crypto assets under certain conditions. Additionally, the bill introduces new rules around stablecoin investments, reflecting the broader push to formalize crypto within government finance. The proposal is spearheaded by Utah Rep. Jordan Teuscher.
If it keeps gaining traction, the bill could take effect on May 7, 2025. And according to Dennis Porter, CEO of Satoshi Action Fund, Utah is positioned to be the first U.S. state with an official Bitcoin treasury, thanks to its tight 45-day legislative session.
This state-level push follows Donald Trump has floating the idea of a Federal Bitcoin Reserve - his 'crypto task force' is already exploring ways to make it happen. In an interview with Bloomberg President Trump says he believes that if the U.S. doesnt move fast, rival nations will.
As Utah moves forward, all eyes are on whether this bill will set a precedent for other states looking to put Bitcoin on their balance sheets.
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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News
The Utah Bitcoin Reserve Bill is progressing to a second reading in the Senate as it gains momentum. This bill aims to establish a framework for the state to hold and manage a reserve of Bitcoin. If successful, Utah will become one of the first states to have a Bitcoin reserve. The bill was introduced [...]
The post Utah Bitcoin Reserve Bill Advances to Second Senate Reading appeared first on Crypto Breaking News.
In a bold move, Texas reintroduces its Strategic Bitcoin Reserve bill to allow the state to diversify investments in digital assets. This expansion paves the way for Texas to lead in economic resilience and secure financial growth through blockchain technology. Texas Expands Bitcoin Reserve Bill Texas has reintroduced a bill to establish a Strategic Bitcoin […]
71 Democrats joined their Republican colleagues in a rare bipartisan effort to repeal the SECs SAB-121 guidelines from earlier this year.
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