Utah Advances Bitcoin Reserve Bill, Could Become First US State with Bitcoin Reserve

02/07 02:05

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Utah has moved closer to potentially becoming the first US state to hold a Bitcoin reserve after a strategic Bitcoin reserve bill passed the House and now heads to the Senate. The bill would allow the state treasurer to allocate up to 5% of certain public funds to buy "qualifying digital assets," including BTC, high-cap crypto assets and stablecoins. The only other US state with a similar bill close to approval is Arizona, while New Mexico has also proposed a strategic Bitcoin reserve. Fourteen US states have introduced bills allowing their local treasuries to buy crypto assets.

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