Utah Advances Plan to Establish Bitcoin Reserve, Benefiting from Its 45-Day Legislative Calendar

Satoshi Action Fund CEO Dennis Porter pointed to Utah's advantage, stating that the state's lawmakers must act quickly.

Utah is spearheading efforts to establish a state-level Bitcoin reserve, thanks to its unique 45-day legislative calendar. The state’s digital asset task force, which operates outside of regular sessions, is also playing a pivotal role in ensuring continuous progress on the initiative.

Satihs Action Fund CEO Dennis Porter highlighted Utah’s advantage in an interview with Senator Cynthia Lummis. He noted that the state’s lawmakers are required to act quickly.

“There’s a very good shot that Utah will be first because they have such a short legislative calendar. It is only 45 days. It’s either sink or swim in 45 days. No one else has a faster calendar, and no one else has more political momentum and willpower to get it done,” he said.

A Trump administration plan for a national crypto reserve did not create a direct path for individual states to follow. However, at least 15 US states are now discussing Bitcoin reserves.

“Trump previously announced plans for a national Bitcoin reserve, but his executive order did not create a direct path for individual states. Despite this, at least 15 US states are now discussing Bitcoin reserves,” the report noted.

A proposal to create a Utah Bitcoin reserve was introduced by a state legislator in late January. It passed through committee in just over a week. While other states are considering similar proposals, few have moved on them as quickly as Utah.

The state’s digital asset task force, which was established in 2022, allows lawmakers to plan and refine strategies before the legislative session begins. This approach helps to keep momentum going on key proposals, while other states must wait until their next legislative period.

Utah has also expressed support for Bitcoin policies over several years, creating a regulatory framework that could make a Bitcoin reserve more viable. The state government has passed several pro-crypto laws, earning it a reputation as one of the most crypto-friendly states in the United States.

The combination of legislative speed, ongoing policy work, and political support positions Utah as a strong contender to become the first US state to hold a Bitcoin reserve. As the state continues its efforts, the crypto markets are likely to react to the unfolding political and regulatory developments.