Utah Passes Strategic Bitcoin Reserve Bill, Measure Now Heads to the Senate

Utah's House of Representatives on February 6 passed House Bill 230 (HB 230), informally referred to as the “Strategic Bitcoin Reserve” bill

The Utah House of Representatives has passed a bill that would allow the state treasurer to invest up to 5% of designated public funds in qualifying digital assets, such as Bitcoin or approved stablecoins.

The bill, officially titled the "Blockchain and Digital Innovation Amendments" (HB 230), passed the House on Monday by a narrow margin of 38 votes in favor, 34 against, and 3 not voting. It will now advance to the Senate for further consideration.

Under the bill, the state treasurer would be permitted to invest in digital assets that either have a market capitalization of more than $500 billion or are approved stablecoins. The assets must also be held in qualified custody, such as through a qualified custodian, exchange-traded product, or other regulated entity.

The bill also includes provisions to protect Utah residents' rights to hold and control their own digital assets, and to ensure that any state or local government restrictions do not apply to lawful cryptocurrency usage.

The close margin of the House vote signals both robust support and significant opposition to the bill. Representative Jordan Teuscher, who introduced the bill on January 21, had initially secured broader backing in the Utah House Economic Development Committee, where the measure passed 8-1 on January 28.

The passage of HB 230 marks a pivotal moment in the broader national dialogue on state-level Bitcoin reserves. According to bitcoinlaws.io, 17 U.S. states have introduced similar Strategic Bitcoin Reserve (SBR) measures.

Arizona is closest on Utah's heels. The "Strategic Bitcoin Reserve Act" (SB1025), co-sponsored by Arizona's Senator Wendy Rogers and Representative Jeff Weninger, cleared the Senate Finance Committee on January 27 and awaits a House vote.

Meanwhile, on February 4, New Mexico joined the fray with Senator Ant Thornton's SB57, underscoring an intensifying race among states to adopt Bitcoin-friendly policies.

At press time, BTC trades at $39,094.