According to Cointelegraph, Utah is one step closer to becoming the first state in the United States to have Bitcoin reserves. The state's House of Representatives has passed a Bitcoin Strategic Reserve Act, which is currently being submitted to the Senate for review.

Utah takes the lead

Dennis Porter, founder and CEO of Satoshi Action Fund, stated on February 6th:

The Utah Strategic Bitcoin Reserve Act has been officially passed by the state House of Representatives. The bill has now entered the Senate review stage

On January 28th, the Utah House Economic Development Committee passed the HB230 Blockchain and Digital Innovation Amendment Act with 8 votes in favor and 1 vote against. The bill was proposed by Congressman Jordan Teuscher on January 21, authorizing state finance ministers to invest up to 5% of specific public funds in "qualified digital assets," including Bitcoin (BTC), high-value cryptocurrencies, and stablecoins.

Porter stated in a recent interview:

We firmly believe that Utah will be the first state in the United States to introduce this legislation

The bill will now be submitted to the Senate for review, and if passed by a majority, it will be submitted to the governor for signature or veto.

Progress of Bitcoin Reserve Laws in All States of the United States

In the United States, the only state with similar legislative progress is Arizona, whose Strategic Bitcoin Reserve Act (SB1025) was approved by the Senate Finance Committee on January 27th and is currently awaiting a Senate vote.

In addition, New Mexico also proposed a similar bill (SB57) on February 4th, submitted by Senator Ant Thornton, proposing to allocate 5% of public funds to Bitcoin reserves.

Meanwhile, on January 31st, North Dakota vetoed the HB1184 bill, which originally allowed the state to invest in cryptocurrency and precious metals. However, the final vote result was 32 in favor and 57 against, resulting in the bill not being passed.

According to the Bitcoin Reserve Monitor, 14 states in the United States have proposed bills authorizing local finance departments to purchase cryptocurrency assets.