Utah House passes strategic Bitcoin reserve bill, awaits Senate vote

This week, Utah's House of Representatives passed a key bill on a possible strategic Bitcoin reserve, while 15 other states are exploring similar initiatives.

The bill, introduced by Utah state representative Jordan Teuscher as HB230, or the "Strategic Bitcoin Reserve" bill, must still pass a Utah Senate vote and receive the governor's signature to become law.

If it goes into effect, Utah's state treasurer would be able to allocate as much as 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."

Porter praised Utah as a "clear leader on financial policy" for advancing the bill. The group has been active in drafting legislation and lobbying lawmakers around the country to support similar strategic Bitcoin reserve bills, but has courted criticism for its ties to dark money.

Earlier this year, the group also singled out Utah for being at the forefront of the movement. “It’s either sink or swim in 45 days,” Porter said earlier this month. “No one else has a faster calendar [than Utah], and no one else has more political momentum and willpower to get it done."

However, detractors point out that strategic Bitcoin reserves cannot curb inflation due to the asset's trademark volatility, regulatory uncertainty, and long-term risks.

Recently, North Dakota's House of Representatives rejected a related Bitcoin bill, with only 32 lawmakers voting in support and 57 voting against the bill.