Utah is 50% away from creating a Bitcoin reserve after a bill for this purpose advances to the state’s Senate Revenue and Taxation Committee.
The Blockchain and Digital Innovation Amendments bill (H.B. 230), proposed by Utah Representative Jordan Teuscher, has advanced to the state’s Senate Revenue and Taxation Committee.
Utah’s Bitcoin Reserve Bill is Now 50% Complete
This follows the legislative progress the bill has witnessed since its introduction on January 21, 2025. Notably, following its introduction in Utah’s House of Representatives, it passed with bipartisan support in an 8-1 vote last month.
Afterward, the bill advanced to the Senate this month, with a first reading held on February 7. This advancement marks a 50% progress, bringing Utah halfway to creating a digital asset reserve.
Yesterday, Utah’s Senate assigned the bill to the Revenue and Taxation Committee for further deliberation.
Public Hearing Scheduled
Interestingly, the committee has scheduled a public hearing on the bill for tomorrow, February 20, 2025. This hearing will be held in Utah’s Senate building by 9:00 AM.
During the hearing, the taxation committee is expected to deliberate on whether the bill should proceed in the legislative process. It could also make some changes to the bill before it can schedule a vote.
For context, the bill seeks to authorize the state’s treasurer to invest up to 5% of Utah’s public funds into ‘qualifying digital assets.’ According to the proposal, these include cryptocurrencies with a minimum market cap of $500 billion over the past year.
At press time, Bitcoin is the only crypto that meets this qualification. The premier cryptocurrency has a valuation of $1.9 trillion. Ethereum, which stands as the second-biggest cryptocurrency, currently has a market cap of $327.18 billion.
Rising Interest in Bitcoin Among US States
Meanwhile, the bill aligns with the growing state-level interest in cryptocurrencies like Bitcoin. Since Donald Trump’s reelection in November 2024, over 15 U.S. states, including Ohio and Texas, have introduced separate bills that would enable them to buy and hold Bitcoin.
Notably, Texas’ Bitcoin reserve bill has also progressed to the state’s Senate, with a public hearing held yesterday. Amid the growing interest in Bitcoin among U.S. states, Rep. Teuscher is confident that Utah will be the first to pass a digital asset reserve bill.
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