NEWSLETTER
The Chamber of Representatives of UTAH on February 6 approved bill 230 of the Chamber (HB 230), known informally as the bill of “bitcoin Strategic Reserve”, by a narrow margin of 38 votes in favor, 34 against and 3 not voting. HB 230 will now advance to the Senate, where its destination depends on another vote before reaching the governor's desk.
Utah leads Bitcoins' reserve career
Officially titled the “Digital Innovation and Blockchain” amendments, HB 230 It allows Utah's treasurer to invest up to 5% of public funds designated in qualified digital assets. These assets, as stipulated in the bill, must have a market capitalization that exceeds $ 500 billion or is approved stable.
The security requirements are integrated into the legislation, which requires that the digital assets acquired are custodians through qualified custodians, products quoted in the stock market or other regulated entities. In addition, the bill allows the rethinking and loans of these assets under defined guidelines to guarantee risk management and legal compliance.
A remarkable section of the bill protects the rights of Utah residents to maintain and control their own digital assets, effectively protecting the legal use of cryptocurrencies from the restrictions of the state or local government.
The nearby margin of the vote of the House of Representatives, 38 “yes” to 34 “no”) both robust support and significant opposition signs. The representative Jordan Teuscher, who presented the bill on January 21, said the initial support in the Economic Development Committee of the Utah House of Representatives, where the measure approved 8-1 on January 28.
With the approval of the now insured camera, HB 230 moves to the Senate. If that chamber is approved, the bill will expect the consideration of Governor Spencer Cox, who has historically shown support for blockchain -based initiatives.
Dennis Porter, founder and CEO of Satoshi Action Fund, has been a crucial figure of US states that introduce strategic bitcoins reserve invoices. Announcing the news on January 6 through x, Porter <a target="_blank" href="https://x.com/Dennis_Porter_/status/1887648455604248666″ target=”_blank” rel=”noopener nofollow”>saying“Mass Breaking: The bill of 'bitcoin Strategic Reserve' has officially approved the Chamber in the State of Utah, the bill now passes to the Senate!”
He emphasized the importance of Utah's position, noting that this is the first time that an SBR (bitcoin strategic reserve) has successfully eliminated a complete camera vote.
In a video statement about x, Porter elaborated: “The strategic bill of the bitcoin Reserve has just approved the camera in the state of Utah. This is a great movement that we have been waiting for a long time. In Satoshi Action, we have been working overtime to ensure that these bills really arrive through the finish line. We not only work in the model policy. We not only work to present it. We also work hand in hand with these legislators to make sure they can convey this in the finish line. ”
Porter praised Utah as “a clear leader in financial policy” and highlighted the solid history of the State in several economic sectors: “This is a great moment for bitcoin, since Utah is a clear leader in financial policy. They are classified as All types of different metrics are the best in so many different things.
Although the language of the invoice covers digital assets of more than $ 500 billion in the market capitalization, Port board why bitcoin itself is not directly called. In response to a user in x, he said: “Please read the bill. Only bitcoin qualifies. See the text of the invoice below. We write it intentionally in this way because drastically increases the probabilities that the bill will become law. Do you want states to buy bitcoin? Our approach is the most effective path. “
Utah's progress marks a crucial moment in the broader national dialogue on bitcoin reserves at the state level. According to Bitcoinlaws.io, 17 US states have introduced similar SBR measures.
Arizona is closer to Utah's heels. The “bitcoin Strategic Reserve Law” (SB1025), Copatrocinated by the Senator of Arizona, Wendy Rogers, and representative Jeff Weeninger, cleared the Senate's finance committee on January 27 and expects a vote of the camera.
Meanwhile, on February 4, New Mexico joined the fray with the SB57 of Senator Ant Thornton, underlining an intensifying career between the states to adopt friendly policies for Bitcoins.
At the time of publication, btc quoted at $ 97,248.
Outstanding image created with Dall.E, Record of TrainingView.com
