Utah’s state House of Representatives has passed the HB230 bill introduced by Utah state representative Jordan Teuscher, named the “Strategic Bitcoin Reserve” bill. The bill still has to pass a Utah Senate vote, and receive the governor’s signature to become law.
The bill would allow Utah’s state treasurer to allocate up to 5% of some public funds to Bitcoin or other cryptocurrencies.
“This is a huge movement that we’ve been waiting for a long time,” said Dennis Porter, the CEO of the Satoshi Action Fund, a group lobbying for pro-Bitcoin legislation nationwide. “[W]e’ve been working overtime to make sure that these bills actually make it across the finish line. We don’t just work on the model policy, we don’t just work on getting it introduced. We also work hand-in-hand with those lawmakers to make sure that they are able to get this across the finish line. This is a huge moment for Bitcoin.”