Key Points
- The Bitcoin Strategic Reserve Bill in Utah, known as H.B. 230, is progressing towards the Senate Revenue and Taxation Committee.
- If passed, the bill will allow the state treasurer to invest up to 5% of public funds in certain digital assets.
The possibility of public funds being invested in Bitcoin is becoming more likely in Utah. This is due to the advancement of the Bitcoin Strategic Reserve Bill, also known as H.B. 230. The bill passed the House last month and is now heading to the Senate Revenue and Taxation Committee for review.
Utah’s Bitcoin Bill: A Closer Look
The bill was initially proposed earlier this year by a Republican senator from Utah. Since then, it has made significant progress. H.B. 230 passed the House with an 8-1 vote, paving the way for its first reading in the Senate in February.
When proposing the bill to the Senate, Attorney Jordan Teuscher suggested that the state treasurer should be allowed to invest up to 5% of public funds in “qualifying digital assets”. This includes cryptocurrencies with an average market cap of over $500 billion in the past year or stablecoins.
If the Senate approves the bill, it is expected to take effect by May 7, 2025. This could potentially set a precedent for other states to incorporate cryptocurrencies into state-managed investments.
Increasing Interest in Bitcoin Reserves Across States
Recently, more proposals about Bitcoin reserves have been appearing across the US. Utah is the 11th state to propose such an idea. The Senate leader mentioned on social media that Utah could potentially be the first state to pass the bill.
As Utah leads the way in adopting Bitcoin as a reserve asset, other states, including Florida, Maryland, Pennsylvania, Ohio, and Oklahoma, have also begun establishing Bitcoin reserves.
This trend indicates a larger shift, and notably, President Donald Trump is considering a national Bitcoin reserve bill.
On January 23, 2025, it was reported that President Trump signed an Executive Order that suggests a change in the US government’s view of the digital asset industry. This move could potentially enhance America’s role in the global adoption of digital assets and financial technology.
