Utah could be first US state to pass Bitcoin reserve bill
Utah is on track to become the first U.S. state to establish a Bitcoin reserve, motivated by a shorter legislative calendar and favorable political momentum. In a recent interview, Dennis Porter, CEO of the Satoshi Action Fund, shared insights on the bill's potential, noting that Utah's legislative window of just 45 days makes it a strong contender. He expressed confidence in the state’s ability to pass this bill due to its successful track record with similar legislation. The proposal would allow Utah to invest public funds in Bitcoin and eligible cryptocurrencies with substantial market caps. Other states like Arizona have reached earlier stages in the legislative process, but none have moved as swiftly as Utah. Meanwhile, U.S. Senator Cynthia Lummis is advocating for a federal Bitcoin reserve, aiming for bipartisan support in the Senate. The initiative seeks to acquire a portion of Bitcoin's total supply, utilizing various funding sources including seized assets and gold reserves. Porter emphasized the political will present in Utah, suggesting that the state could redefine its financial landscape by endorsing Bitcoin.
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