TLDR
Utah has become the second US state after Arizona to approve a Strategic Bitcoin Reserve bill, requiring final governor approval to become law
The bill proposes allocating 10% of state funds to Bitcoin reserves, with 11 other states considering similar legislation
South Dakota is following Arizona’s lead, with State Representative Logan Manhart supporting proactive government involvement
The bill is moving forward under Jordan Teuscher’s leadership, who previously introduced HB230 for Utah’s digital asset investments
Bitcoin’s price showed a slight correction to $102,248.93, while companies like MicroStrategy continue to accumulate more BTC
Utah has taken a decisive step toward becoming the second US state to establish a Strategic Bitcoin Reserve, following Arizona’s recent advancement of similar legislation. The state’s committee has approved a bill that would allow Utah to hold Bitcoin as part of its strategic reserves, marking a potential shift in how state governments approach digital asset management.
The bill’s approval comes after Arizona passed its own Strategic Bitcoin Reserve Act (SB1025), setting a precedent for other states considering similar measures. Dennis Porter, co-founder of Satoshi Act Fund, announced the development through social media platform X, highlighting the growing momentum for state-level Bitcoin adoption.
Under the proposed legislation, Utah would allocate approximately 10% of its funds to Bitcoin reserves. The bill now awaits presentation to the state legislature and requires the governor’s signature to become law. The measure has already received support from a super-majority vote in the state.
MASSIVE BREAKING: With a super majority vote Utah becomes the 2nd state in the nation to pass a ‘Strategic Bitcoin Reserve’ bill out of committee.
Thank you to the leadership of @jordanteuscher, @TreasurerOaks, & Senator Cullimore as well as Utah’s forward thinking approach. pic.twitter.com/CBSwtHCDxw
— Dennis Porter (@Dennis_Porter_) January 28, 2025
Jordan Teuscher, who previously introduced HB230 to enable Utah’s investment in digital assets, is leading the current legislative effort. His earlier work laid the groundwork for the state’s approach to cryptocurrency investments, demonstrating a consistent push toward digital asset adoption.
The movement toward state Bitcoin reserves has gained traction beyond Utah’s borders. Currently, 11 US states are actively pursuing legislation to add Bitcoin to their strategic reserves, with most proposals suggesting a 10% allocation of state funds.
South Dakota has emerged as another active participant in this legislative trend. State Representative Logan Manhart has publicly supported the initiative, describing it as an opportunity for proactive government involvement in the digital asset space.
As Utah’s bill moves through the final stages of approval, it could serve as a model for other states considering similar legislation. The process has attracted attention from both supporters and critics within the cryptocurrency community.
Some discussions have emerged about the possibility of including other digital assets, such as XRP, in strategic reserves. However, this has sparked debate within the crypto community, with some experts warning about potential negative consequences of expanding beyond Bitcoin.
During this legislative development, Bitcoin’s market performance has shown some volatility. The cryptocurrency’s price experienced a slight correction, trading at $102,248.93, representing a 0.89% decrease over 24 hours and a 3.39% decline over seven days. However, the token maintained a 9.55% increase over the previous 30 days.
Despite the price fluctuation, institutional interest in Bitcoin remains strong. MicroStrategy, a prominent corporate Bitcoin holder, recently added 10,107 BTC to its holdings, demonstrating continued confidence in the cryptocurrency.
Metaplanet has also announced plans to raise additional funds for Bitcoin purchases, indicating sustained institutional appetite for the digital asset despite short-term price movements.
The current version of Utah’s bill includes specific provisions for the management and oversight of the state’s potential Bitcoin holdings, though exact details about implementation and security measures are still being finalized.
If approved, Utah’s Strategic Bitcoin Reserve would represent one of the most substantial government adoptions of cryptocurrency at the state level in the United States.
The bill’s progression through Utah’s legislative system has occurred without major opposition, suggesting growing acceptance of Bitcoin as a legitimate reserve asset among state lawmakers.
Local businesses and technology sectors in Utah have expressed support for the initiative, viewing it as a potential catalyst for increased blockchain and cryptocurrency activity in the state.
