The First U.S. State to Pass a Bitcoin Reserve Law

Utah could be the first state in the US to establish a Bitcoin Reserve due to its shortened legislative timeline and strong “political momentum.”

Dennis Porter, CEO of the Satoshi Action Fund, said in a recent interview with US Senator Cynthia Lummis that Utah has a “very good chance” of becoming the first state because it only has 45 days to decide. The interview was shared on the X platform on February 2.

“It’s either make or break in 45 days. No state has a faster timeline, and no state has stronger political momentum and determination to do this,” Porter stressed in the interview on January 21.

On January 28, a Utah House committee voted 8-1 to pass a bill that would allow the state to invest a portion of its public funds in Bitcoin, other cryptocurrencies with a market capitalization of over $500 billion, and approved stablecoins.

Porter also noted that over the years, every bill passed by the Utah House Economic Development Committee has become law.

“We are confident that Utah will be the first state to enact this legislation.”

Currently, Arizona is the only state to have passed this stage of the legislative process, while Illinois, Ohio, Massachusetts, New Hampshire, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming have also proposed bills to establish a Bitcoin reserve.