Summary
- Utah's Bitcoin Strategic Reserve Bill has been introduced to the Senate Revenue and Taxation Committee.
- The bill allows the state treasurer to invest up to 5% of public funds in Bitcoin and cryptocurrencies with market caps exceeding $500 billion.
- Representative Jordan Teuscher stated that while 11 states have proposed Bitcoin bills, Utah could become the first state to pass such legislation.
Utah's Bitcoin Strategic Reserve Bill (H.B. 230) has been introduced to the Senate Revenue and Taxation Committee.
According to The Block on the 18th (local time), Utah's Bitcoin Strategic Reserve Bill was introduced to the Senate Standing Committee the previous day. If passed, the bill will take effect from May 7th this year.
The bill allows the state treasurer to invest up to 5% of public funds in Bitcoin. This includes cryptocurrencies and stablecoins that have maintained an average market capitalization exceeding $500 billion over the past year.
Utah State Representative Jordan Teuscher stated, "Utah is the 11th state to propose a Bitcoin reserve bill," adding that "we will be the first state to pass it."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![Shock that there is 'no US government backstop'… Bitcoin retreats to the $60,000 level; Ethereum also rattled [Lee Soo-hyun’s Coin Radar]](https://media.bloomingbit.io/PROD/news/b23cb4d1-e890-4f1c-aa52-f18f45dc8192.webp?w=250)
