Satoshi Action Fund: Utah may be the first state to pass a law creating a BTC reserve

What’s new? Utah could be the first in the United States to pass a bill to create a state-level bitcoin reserve, according to Satoshi Action Fund, a non-profit organization focused on BTC mining lobbying. According to the organization, this is possible due to a shorter legislative window and “political momentum.”

Material by Cointelegraph

What else is known? On January 28, Utah’s House Economic Development Committee overwhelmingly approved a bill that would allow the state to invest a portion of its budget in BTC and other cryptocurrencies with a market capitalization of more than $500 billion, as well as approved stablecoins.

However, so far only bitcoin meets the minimum capitalization threshold criterion. A similar bill was introduced in the state of Ohio, but there the threshold is even higher — a minimum of $750 billion.

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Satoshi Action Fund CEO Dennis Porter clarified that Utah lawmakers have less than 35 days to decide on the bill and, in addition, they have enough “political momentum and willpower” to approve it.

Porter recalled that over the past several years, every bill approved by Utah’s House Economic Development Committee has eventually passed into law.

He made these statements during an interview with Wyoming Republican Senator Cynthia Lummis, who is a cryptocurrency advocate and chaired the digital assets subcommittee of the federal Senate Banking Committee after Trump’s inauguration.

She also introduced a bill last summer to reduce the national debt by creating a national bitcoin reserve and purchasing 1 million coins over five years.

The official clarified in an interview that progress was being made on her bill, but it would need at least 60 votes to gain bipartisan support in the Senate.

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In Arizona, a bill to create a local bitcoin reserve has also passed the stage of consideration by a specialized committee. In turn, Illinois, Ohio, Massachusetts, New Hampshire, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming have introduced such documents for consideration.

State officials in Alabama, Florida, Kentucky, and South Dakota have also publicly endorsed bitcoin investment, but so far no bills have been introduced in those states.

Earlier, Trump issued an executive order recognizing cryptocurrency as a national priority and instructed a working group to study the possibility of creating a BTC reserve. The executive order deals primarily with cryptocurrencies that were seized by law enforcement officials during criminal investigations.