Key Notes

Key Notes:

The Bitcoin Strategic Reserve Bill passed the House with an 8-1 vote and is now with the Senate Revenue and Taxation Committee.Utah intends to be the first state to pass a Bitcoin reserve law, ahead of other states like Florida, Maryland, and Ohio.

In a significant turn of events, investors and cryptocurrency enthusiasts in Utah may soon see public funds invested in Bitcoin BTC $96 656 24h volatility: 1.3% Market cap: $1.92 T Vol. 24h: $17.95 B . This follows the progress of the planned H.B. 230 bill, commonly known as the Bitcoin Strategic Reserve Bill, which passed the House last month and has now been sent to the Senate Revenue and Taxation Committee.

The discussion about the plan started earlier this year when a Republican senator from Utah brought it up in the House. Since then, the bill has moved forward quite a bit. For context, H.B. 230 passed the House with an 8-1 vote this month, clearing the path for its first reading in the Senate in February.

In addition, when presenting the bill to the Senate, Attorney Jordan Teuscher advocated for allowing the state treasurer to invest up to 5% of public funds in “qualifying digital assets”. These include cryptocurrencies with an average market cap of over $500 billion in the past 12 months or stablecoins.

It is worth noting that if approved by the Senate, the bill is expected to take effect by May 7, 2025, potentially setting a precedent for other states in integrating cryptocurrencies into state-managed investments.

Lately, state lawmakers across the US have been seeing more proposals about Bitcoin reserves. However, Utah stands as the 11th state to bring up the idea. Meanwhile, on social media, the Senate leader mentioned that with how fast the bill is moving through hearings, Utah might just be the first state to turn it into law. On January 21, Rep. Teuscher wrote on X:

“While Utah is the 11th state to introduce similar legislation, we will be the first to pass it.”

As Utah takes the front seat in adopting Bitcoin as a reserve asset, other states, including Florida, Maryland, Pennsylvania, Ohio, and Oklahoma, have also moved to establish Bitcoin reserves.

This trend points to a bigger change, and interestingly, President Donald Trump is looking into a national Bitcoin reserve bill.

On January 23, 2025, Coinspeaker reported about President Trump signing an Executive Order that hinted at a change in how the US government views the digital asset industry. From all indications, that move may just have boosted America’s role in the worldwide adoption of digital assets and financial tech.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.

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