Utah is close to establishing a bitcoin reserve after the Senate Revenue and Tax Committee approved the draft law of digital innovation amendments.
According to the latest to update On the official website of the Legislative Commission in Utah, the draft law of the House of Representatives 230 was cleared with a vote 4-2-1, with no support from Democrats and one of the Republicans opposing the bill, while one of the Senator was distinguished.
After the voting session on February 20, the draft law will now go to the full Senate for the second and third reading.
If it wipes both readings, the draft law will move to the final Senate vote.
If the final obstacle is passed, the bill will be sent to the ruler Spencer Cox for approval.
If a law is logged in, Utah will formally become the first US state to carry Bitcoin as a reserve asset, as the bill will be valid by May 7, 2025.
Given that Cox is also a Republican, and with the support of the strong party behind the bill so far, there is a great opportunity to sign it and become a law.
Utah is currently in the most advanced stage in creating Bitcoin reserves compared to other American states.
Utah Jordan Trem’s actor presented the bill in late January.
Last month, HB approved 230 Economic Development Committee in Utah State with a vote 8-1.
According to experts such as the founder of the Satoshi Dennis Porter Fund, the legislative process is rapidly pace and strong political momentum makes candidates pass a bitcoin strategic budget bill first.
As I mentioned earlier by INVEZ, Porter believes that the dedicated digital assets business squad and a 45 -day legislative window gives it a clear advantage over other states.
Even Senator Cinemia Lomes, a long -standing defender of Bitcoin at the federal level, acknowledged that states like Utah are leading the charge and could put the standard for others to follow up.
What is HB 230?
The House of Representatives Law 230 suggests allowing the Secretary of the State Fund to allocate up to 5 % of public funds, such as the budget of the General Fund and the Fund for recovery from government disaster cases, to “qualified digital assets” such as bitcoin currencies, high -drawing cryptocurrencies, and nails.
The Treasury is also allowed to participate in Crypto Staking.
However, the draft law defines strict custody requirements, and it is imposed that all encryption investments must be made through the safe guardian, products circulated on the stock exchange, or by joining.
Other American countries are attached to the knees
At the present time, Arizona, Akllahoma and Montana only developed its encryption bills to the House of Representatives, while 20 other states have proposed similar legislation, according to Bitcoin’s monitoring.
Meanwhile, Wyoming, North Dakota and Pennsylvania are the only three states that rejected similar proposals.
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