The race has been taken to create Bitcoin as a strategic reserve asset at the state level a decisive step forward in Beehive. On February 20, the House of Representatives Law (HB230), also known as “innovation and digital innovation modifications”, issued the Senate Revenue and Tax Committee in a 4-2-1 vote. The legislation, which has already cleared the House of Representatives in the state, indicates a second and third reading in the full Senate. If you succeed in these readings and receive a final vote in the Senate for approval, the draft law will only require the signing of the ruler Spencer Cox to become a law.
Utah takes the initiative for the Bitcoin Strategic Reserve
In essence, HB230 Allow Utah State treasurer invests 5 % of some general reserve funds in digital assets. Initially, some public discussions suggested an end of 10 %, but the current version puts the ceiling by 5 % – not as a goal but as a higher border. According to many legislative references, the specified reserve funds are about $ 1.4 billion, which means that a maximum $ 70 million can be invested in digital assets such as bitcoin.
The draft law also restricts encrypted currencies. Specifically, digital assets must maintain the minimum market value of $ 500 billion over the past 12 months. Currently, Bitcoin is the only cryptocurrency that meets this threshold. Despite this focus, the draft law also allows the treasury secretary to engage in encryption leadership-a approach that does not apply directly to Bitcoin but it can open the door to other high-resolution encryption currencies if it exceeds the requirements of the maximum of $ 500 billion in the future (on Texas.
During the hearing of the Senate Revenue and Tax Committee, Representative Jordan Test, the main sponsor of the draft law, detailed the goals of the legislation and its approach: “HB230 is the latest repetition of the Blockchain digital innovation squad. [It ensures] How is digital assets and Blockchain and how the government treats it and ensures that there is no ban or restrictions on Blockchain. […] The bill also allows some very limited investments, and initial investments by the treasurer in digital assets and some requirements on how to keep them. “
Representative Teuscher explained that qualified digital assets must exceed the market value of $ 500 billion, which only satisfies BTC: “This includes that these qualified digital assets are only those that exceed $ 500 billion […] Reducing the money that can be invested in this only in the four funds […]Which are some rainy daily boxes in the state. “
According to the Bitcoin laws on X, “UT takes leadership progress in the Bitcoin Reserve race. Today HB230 issued the Senate Revenue and Tax Committee. The Senate will now hold a second reading. Then the third reading, then the final vote. Then the last step is to sign the ruler on the law. “
According to Bitcoinlaws.io, 26 US states currently have an active strategic bitcoin reserve bill. In three American states – Pennsylvania, Pennsylvania, and North Dakota – the bitcoin budget bill has already failed.
At the time of the press, BTC was traded at $ 98,915.
Distinctive image created with Dall.e, Chart from TradingView.com
