The Senate of the U.S. state will consider a bill that would allow investments in Bitcoin of up to 5% of state reserves. The legislation has already passed the House review.
Utah is moving closer to becoming the first U.S. state to adopt Bitcoin as a state reserve asset. The Senate Finance and Taxation Committee has approved, with 4 votes in favor and 2 against, the HB230 bill, “Blockchain and Digital Innovation Amendments”, which will now proceed to its second reading on the Senate floor. All four senators who voted in favor were Republicans, while one Republican and one Democrat voted against it. One senator was marked absent.
The proposal, which has already received House approval, only needs the Senate’s final vote and the signature of Republican Governor Spencer Cox to become law. The bill allows investment in digital assets with an average market capitalization exceeding $500 billion over the past calendar year. At present, only Bitcoin meets this requirement.
The bill would authorize the state treasurer to invest up to 5% in digital assets within each of the five main state funds, including the General Fund and the Emergency Fund. Investments must be managed through qualified custodians or spot ETFs. If approved, the legislation would take effect on May 7.
Dennis Porter, CEO of Satoshi Action Fund, stated that Utah could be the first state to pass a Bitcoin-related bill thanks to a more streamlined legislative process and strong bipartisan political momentum.
Another 24 U.S. states, including Arizona, Oklahoma, Montana, and Texas, are considering the approval of similar bills.
