Once the bill scales through the chambers of the state legislature and it gets a final nod of approval from the governor, then it will become a legal law in Utah.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
The United States is becoming more familiar with the Strategic Bitcoin Reserve idea after Utah became the second state to float such a bill. This follows Arizona moving forward with a similar bill – the Strategic Bitcoin Reserve Act (SB1025).
The update was shared in an X post by co-founder of the Satoshi Act Fund, Dennis Porter. According to Porter, the bill has now passed the committee stage, following a super majority vote. This means that Utah is now one step closer to officially adding Bitcoin BTC $87 494 24h volatility: 0.9% Market cap: $1.74 T Vol. 24h: $27.57 B to its financial reserves with this bill.
For now, though, the provisions of the bill are not yet legally binding. However, once it scales through the chambers of the state legislature and gets a final nod of approval from the governor, then it becomes a legal law in the state.
The bill, according to reports, is being processed by Representative Jordan Teuscher, Treasurer Marlo Oaks, and Senator Cullimore. If signed into law by the governor, Utah will establish its Bitcoin reserve and set an example for other states to follow.
At the moment, no less than 11 US states are said to be considering adding Bitcoin to their reserves. Not just that. These states are reportedly also willing to allocate an average of 10% of their funds to the cause.
Meanwhile, there have also been rumors that the US may add XRP to its strategic reserves. However, the crypto community stands divided on that possibility.
The majority of them are only comfortable with Bitcoin as they believe that adding any other digital assets may bring serious repercussions.
Meanwhile, the news about Utah’s Strategic Bitcoin Reserve bill is coming out at a time when Bitcoin (BTC) is undergoing a correction. BTC has dropped 0.29% in the past 24 hours, trading at $102,506. Over the past week, BTC has fallen by 2.62%, but it remains 9.41% higher over the past month.
Despite the dip, however, Utah, just like some investors who see this as an opportunity to accumulate more Bitcoin, will not be deterred.
For instance, MicroStrategy recently added 10,107 BTC to its holdings, while Metaplanet also said it has plans to raise funds for further Bitcoin investments.
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.
