Utah may be the first American country to advance bitcoin, as the state representatives have only 45 days to approve or reject the proposed reserve law.
Although Utah is the latest state suggested Bitcoin Satoshi’s CEO, Dennis Porter, believes that it could still be the first to create one, citing the short legislative evaluation and its strong political momentum. He said:
“Either sink or swimming in 45 days; there is no other country that has a faster calendar, and no one else has political momentum and the power of will to accomplish it.” – Dennis Porter
The Economic Development Committee in Utah State voted in favor of the digital assets reserve bill on January 28
In an interview with him recently with Senator and Wyoming Senteia Lomes, Porter said that every bill approved by the Economic Development Committee in Utah has become a law.
He said the committee has already issued a recommendation on Blockchain HB 230 amendments to Utah, which will be approved, which means that it can soon be transferred to the law. The committee approved the bill by voting 8-1 on Tuesday, January 28.
If the bill is approved, the state’s funds will be invested in digital assets. The state treasury can allocate up to 5 % of the total money of each account in the qualified digital assets with a market value exceeding 50 billion dollars.
Regardless of the portrait, the state representative, Jordan Tex, is optimistic that the Utah Digital Assets Bill will be quickly approved. In the X Publishing on January 21, Teuscher I mentioned The state will continue to lead the country in Blockchain and digital innovation, claiming it will be the first to create a digital reserve.
Happy to join him Dennis_porter_ To announce HB230, which will allow the state to invest in digital assets. While the state of Utah is the eleventh country that provides similar legislation, we will be the first to pass it. Utah continues to lead the nation in Blockchain and digital innovation! https://t.co/mbt2uaqw
Jordan Tex (@jordanteuscher) January 21, 2025
Spencer Cox, the governor of Utah State, expressed his openness to the encrypted currency by signing the Blockchain and digital innovation in the law. If the Senate Reserve Bill succeeds, it is possible that it will be signed by the law.
Wyoming made progress in winning support from the two parties to the Budget Bill
Utah is the eleventh country that introduces the bitcoin budget and the latest. However, Porter believes that the number of the state may rise to 15 in 2025, where legislators compete for approval first.
Porter expects countries to benefit from Bitcoin reserves, saying they can protect their purchasing power and continue to pay in exchange for state programs without raising taxes.
In her interview with Porter, Senator Sentea Lomes stated, when asked about the reserves that can be approved first or reserves at the state level or federal stock, that they may have their proposals approved first and try the benefits sooner because they are “innovations “
Like Porter, she believes that bitcoin reserves will benefit to a large extent, saying they can help correct the mistakes of the older generations and clarify the debt burden they created.
She added that the Wymang reserve bill has achieved “good success” in securing support from the two parties, although there was not yet.
The draft digital assets law in Wyoming exceeds the phase of approval of the committee, and the approval of the House of Representatives must only be required before signing the law.
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