Crypto

Bitcoin Advocate Expects Utah To Be the First State To Approve Crypto Reserves

Bitcoin Advocate Expects Utah To Be the First State To Approve Crypto Reserves
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Satoshi Action Fund CEO Dennis Porter credits the state’s short legislative session

Utah may soon become the first US state to approve the establishment of a Bitcoin reserve. This move could set a major precedent for cryptocurrency integration into public finance.

According to Dennis Porter, CEO of the Satoshi Action Fund, the state has a strong chance of leading this initiative due to its relatively short legislative calendar and significant political momentum. Utah has only 45 days to decide, which Porter believes gives the state an advantage in pushing the bill through quickly compared to other states.

On January 28, a Utah House committee voted overwhelmingly in favor of a bill that would allow the state to invest part of its public funds in Bitcoin, as well as in other cryptocurrencies with a market cap over $500 billion and approved stablecoins. This bill has garnered strong support, as historically, every bill passed by the Utah House Economic Development Committee has eventually become law. Porter is confident that Utah will be the first state to pass such legislation.

Several other states, including Arizona, Illinois, Ohio, and Texas, have introduced similar bills, but Utah remains the frontrunner. Additionally, states like Alabama, Florida, Kentucky, and South Dakota have expressed public support for Bitcoin reserves, though no formal legislation has been introduced yet.

At the federal level, US Senator Cynthia Lummis is working on a Bitcoin reserve bill that seeks to acquire 1 million Bitcoin, a move she believes could significantly reduce national debt if Bitcoin’s value rises. While Lummis’ bill still requires bipartisan support, it demonstrates growing interest in Bitcoin and cryptocurrencies in both state and federal policymaking.

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