Utah has advanced his Bitcoin reserve bill to the following legislation of legislation, with a second and third reading in the Senate pending a final vote.
According to the latest update, the UTAH income and tax committee has adopted the bill of the blockchain and Digital Innovation changes (House Bill 230), which brings the state closer to recognizing Bitcoin as an official spare wall.
Legislators approved the bill with a 4-2-1 voiceWhere all four votes came before the Republican senators. A republican and one democrat opposed the bill, while one senator was absent.
The bill will now undergo a second reading in the Senate, followed by a third reading for further discussion and possible changes. If both phases knew, the bill will proceed a definitive vote of the Senate before it goes to Governor Spencer Cox, also a Republican, for approval.
Introduced by UTAH representative Jordan Teuscher On January 21, HB230 drove the House Economic Development Committee with an 8-1 votes.
The bill suggests that the treasurer of the state up to 5% of certain public funds, such as the general fund budget and the disaster of the state disasters, assigns to ‘qualifying digital assets’, including bitcoin, cryptocurrencies with high cap and stabileins. The account also enables the treasurer to enter into crypto deployment.
In the meantime, funds can only be kept by qualified preservators or by listed funds.
Currently, 20 US states are considering keeping cryptocurrencies as reserve dimensions, according to data from Bitcoin Reserve Monitor. So far, three states, namely Wyoming, North Dakota and Pennsylvania, are the only ones who have rejected similar proposals.
Utah leads the indictment among American states and has made the most progress in terms of the advancing legislation. According to the founder of Satoshi Act Fund Dennis Porter, Utah stands out as the most likely candidate who has first passed a strategic Bitcoin reservewets.
Although it is one of the later states that introduces such legislation, Porter believes that the streamlined legislation process of Utah, which works on a tight 45-day calendar, gives it a clear advantage.
“No one else has a faster calendar, and no one else has more political momentum and willpower to get it done,” Porter said during a recent interview.
The progress of Utah comes a day after Montana had advanced his own Bitcoin reserve bets, which the domestic company and the labor committee released with a voice of 12-8.
