Utah Bitcoin reserve bill gains momentum in the Senate
Utah Bitcoin reserve bill gains momentum
Utah’s proposed Bitcoin reserve bill, H.B. 230, continues to gain traction as it moves through the legislative process.
After passing the House in an 8 to 1 vote last month, the bill advanced to the Senate Revenue and Taxation Committee on Tuesday, marking a significant step toward approval, according to the Cryptopolitan.
The legislation, introduced by Representative Jordan Teuscher on January 21, seeks to allocate 5% of Utah’s public funds to digital assets, including Bitcoin and stablecoins.
Eligible cryptocurrencies must have maintained a market capitalization of over $500 billion for at least one year—a threshold that Bitcoin currently exceeds with a market cap of $1.89 trillion.
Utah leads the Bitcoin reserve race
Utah is emerging as a national frontrunner in efforts to integrate Bitcoin into state financial reserves. According to Satoshi Action Fund CEO Dennis Porter, Utah has the “political momentum and willpower” to be the first state to enact such legislation.
More than two dozen U.S. states are exploring similar initiatives. Illinois, Michigan, Oklahoma, and Arizona are all advancing Bitcoin reserve bills, with varying degrees of legislative progress. However, Utah’s swift timeline puts it ahead of other states.
If enacted, these Bitcoin reserve bills could lead to state governments collectively acquiring up to 247,000 BTC, worth approximately $23.7 billion at current prices, according to VanEck’s Matthew Sigel.
As the bill advances in the Senate, Utah is positioning itself as a pioneer in state-level Bitcoin adoption, setting a potential precedent for digital asset integration in government reserves.
Meanwhile, Senator Ted Cruz is championing Texas as a global hub for Bitcoin innovation in the U.S., aligning the state’s resources with the growing digital asset industry. With three Bitcoin mining facilities in West Texas, Cruz is merging advocacy with action.
