Utah has advanced a strategic Bitcoin reserve bill, which could make it the first US state to do so, moving it to the Senate after an 8-1 vote in the House Economic Development Committee. The bill, proposed by Representative Jordan Teuscher, allows the state’s treasurer to allocate up to 5% of specific public funds for purchasing qualifying digital assets, including Bitcoin and stablecoins. Satoshi Action Fund's CEO Dennis Porter expressed confidence that Utah would lead in such legislative efforts. While other states like New Mexico are exploring similar proposals, Utah's bill stands out in its advanced stage. The bill must now achieve majority approval in the Senate before reaching the governor's desk. This follows recent failures of crypto-related bills in other states, illustrating a varied approach to cryptocurrency regulation across the United States. Fourteen states have introduced bills permitting local treasuries to invest in crypto assets, highlighting the growing interest in state-level Bitcoin reserves.

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