Utah Eyes Bitcoin Reserve: A Step Toward State Crypto Holdings

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.