World Crypto Global
- Written by: noreply@blogger.com (Silicon Valley Newsroom)
- Sat, 22 Feb 2025
- United States
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.-----------Author: Ross DavisSilicon Valley NewsroomGCP | Breaking Crypto NewsSubscribe to GCP in a reader
