The race to adopt Bitcoin as a state reserve is accelerating in the United States, with Utah potentially becoming the first state to pass such a law.
U.S. states are ramping up their efforts to integrate Bitcoin into their public finances. Utah is moving closer to becoming the first U.S. state with a strategic Bitcoin reserve, while Kentucky joins the movement with a proposed bill in the same direction.
Utah’s “Blockchain and Digital Innovation Amendments” bill recently passed the House successfully and is now set to face a Senate vote. The proposal, introduced by Representative Jordan Teuscher on January 21, would grant the state treasurer the authority to allocate up to 5% of public funds into digital assets with a market capitalization exceeding $500 billion (calculated based on a 12-month average) or into stablecoins.
The bill will now head to the Senate, where it will need majority approval before being sent to the governor for signature or veto.
Dennis Porter, CEO of Satoshi Action Fund, stated:
“We are firmly convinced that Utah will be the first state to introduce this legislation.”
Meanwhile, Kentucky has become the sixteenth U.S. state to introduce a bill (HB376) for a strategic Bitcoin reserve. The proposal, introduced by Representative Theodore Joseph Roberts, calls for an investment of up to 10% of state funds in digital assets with a market capitalization exceeding $750 billion—a criterion that, at present, only Bitcoin meets.
Fifteen other states have already introduced similar proposals, with Arizona in an advanced stage of the legislative process thanks to its SB1025. New Mexico has also recently joined the movement with its SB257, while North Dakota rejected a similar proposal with 32 votes in favor and 57 against.
