Utah could be first US state to pass Bitcoin reserve bill

Utah is on track to potentially become the first state in the U.S. to establish a Bitcoin (CRYPTO:BTC) reserve, driven by a shorter legislative window and significant political momentum.

Dennis Porter, CEO of the Satoshi Action Fund, expressed optimism about Utah's chances during a recent interview with Senator Cynthia Lummis.

"It’s either sink or swim in 45 days. No one else has a faster calendar, and no one else has more political momentum and willpower to get it done," he stated.

On January 28, one of Utah’s house committees voted 8-1 in favor of a bill allowing the state to invest a portion of public funds into Bitcoin and other qualifying cryptocurrencies with market capitalisations exceeding $500 billion.

Porter noted that every bill passed by the Utah House Economic Development Committee in recent years has ultimately become law.

Arizona is the only other state that has reached this stage in the legislative process, while several states, including Illinois, Ohio, and Texas, have introduced similar proposals.

State officials in Alabama, Florida, Kentucky, and South Dakota have shown support for Bitcoin reserves but have yet to introduce any legislation.

In the same interview, Senator Lummis discussed her federal Bitcoin reserve bill, which aims for the U.S. to acquire 1 million Bitcoin over five years.

She mentioned that bipartisan support would be necessary for the bill to advance in the Senate.

The proposed legislation in Utah would allow up to 5% of certain public funds to be invested in qualifying digital assets, potentially enabling up to $70 million to be allocated to cryptocurrencies.

At the time of reporting, the Bitcoin (BTC) price was $93,012.48.