Utah is preparing to become the first American state to create bitcoin reserves

Uttah lawmakers can be the first to approve the strategic bitcoin reserve due to the rapid legislative evaluation and strong political support.
Dennis Porter, CEO and founder of the Satoshi Labor Fund, said there is a great opportunity for Utah to houses the first strategic strategic reserves in the world.
He relied on his speculation on the fact that Utah has the shortest legislative window in the United States, giving legislators only 45 days to finish the finishing touches on decisions on government policies.
Porter’s comments came through interview With simply Bitcoin and Republican Senator Cennis Lomes, where he emphasized that there is no other country that has a faster process or more political momentum to push the bill forward.
The representative of the state of Utah Jordan d. The draft law of the House of Representatives 230, which was called “Digital Innovation and Innovation Amendments”, was declared on January 21.
After that, on January 28, the Economic Development Committee of Utah approved the draft law by voting 8-1 and submitted to it to the full parliament for consideration.
The draft law will allow the Secretary of the State Fund to allocate up to 5 % of some public funds in cryptocurrencies such as Bitcoin.
“It is either sink or swimming within 45 days,” he added that every draft law has been approved by the Utah Digital Assets Squad .
We firmly believe that Utah will be the first country to present this legislation.
More countries to join the direction
At the present time, Arizona only reached a similar stage in the legislative process, while Illinoi, Ohio, Massachusetts, New Hampshire, Northern Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming, presented draft laws to create the Bitcoin Reserve.
Meanwhile, Alabama, Florida, Kentucky and Dakota South officials publicly supported the idea, but they did not after official legislation.
Porter also expects more American countries to feel comfortable with the idea of bitcoin in state reserves.
He continued:
We believe that we will reach 15 during 2025 alone; It may be much more than that, and some countries will have multiple bills because legislators are now competing to be the first thing in their mandate.
While Porter is optimistic about the introduction of the strategic bitcoin reserves at the federal level, it is confident that the states will be the first to implement such reserves, because it has a more urgent need to protect their financial stability.
According to him, the states operate with a limited budget of taxes, and therefore, they must protect their money against the spread of possible currency.
Senator Lomes, who was pushing for the initiative of the Bitcoin Federal Reserve, chanted Porter’s feelings, saying that “the countries are the innovations of the country, they are the incubators of innovation.”
She believes that adoption at the state level will pave the way for national efforts, adding that she and her team are actively working on building support from the two parties for a federal bitcoin budget bill.
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