The Chamber of Representatives in Utah on February 6 adopted the House 230 (HB 230) Act, informally defined as the Act on the “Strategic Bitcoin Reserve”, with a narrow margin of 38 votes in favor, 34 against and 3 without voting. HB 230 will now advance to the Senate, where his fate depends on the next vote before he finally reaches the governor’s desk.

Utah runs the Bitcoin reserve race

Officially entitled “Blockchain and digital changes in innovation”, HB 230 It allows the Utah treasurer to invest up to 5% of designated public funds in qualifying digital assets. These assets, as specified in the account, must either have market capitalization exceeding $ 500 billion, or be approved Stablecouins.

Safety requirements are embedded in regulations that require that all acquired digital assets are approved by qualified carers, commercial products or other regulated entities. In addition, the bill allows you to erect and borrow these assets in accordance with specific guidelines in order to ensure risk management and legal compliance.

The section of the Act, the section of the Act, protects the rights of Utah residents to store and control their own digital assets, effectively protecting the legal operate of cryptocurrencies against state or local restrictions.

A close margin of voting in the Chamber – 38 “yes” to 34 “no” – determines both solid support and a significant opposition. A representative of Jordan Teuscher, who introduced the bill on January 21, secured preliminary support in the House Economic Development Committee in Utah, where the middle passed on January 8-18.

After confirming the secured HB 230, it moves to the Senate. If it happens that the Act of the Act will expect considerations of Governor Spencer Cox, who historically demonstrated support for blockchain based initiatives.

Dennis Porter, the founder and general director of the Satoshi Action Fund, was a key figure in the US introducing strategic bills for the Bitcoin reserve. Announcement of the message on January 6 by X, Porter he said“Mass fracture: the Act on the” Strategic Bitcoin Reserve “officially adopted the chamber in the state of Utah – the bill is now moving to the Senate!”

He emphasized the importance of Utah, noting that for the first time the SBR (Strategic Bitcoin Reserve) successfully cleaned his full voice in the chamber.

In a video statement on X Porter, he developed: “The Act on the strategic Bitcoin reserve has just transferred the house in the state of Utah. This is a huge move that we have been waiting for a long time. In Satoshi Action we worked overtime to make sure that these bills would actually be on the finish line. We are not only working on model policy. We are not only working on introducing it. We also work with these legislators to make sure that they are able to go through the finish line. “

Porter praised Utah as a “clear leader of financial policy” and emphasized the powerful achievements of the state in various economic sectors: “This is a huge moment for Bitcoin, because Utah is a clear leader in the field of financial policy. They deal with all types of different indicators. They are the best in many different things. And now they are the first to get it on the finish line. “

Although the language of the account includes digital assets with a market value of over $ 500 billion, Porter has dealt with why Bitcoin himself is not called directly. In response to the user at X, he said: “Read the bill. Only Bitcoin qualifies. See the text of the bill below. We deliberately develop it in this way, because it radically increases the chances that the law will become the law. Do you want you to buy bitcoins? Our approach is the most effective path. “

The progress of Utah means a key moment in a broader national dialogue on Bitcoin reserves at the state level. According to Bitcoinlaws.io, 17 US states introduced similar SBR measures.

Arizona is closest to Utah heels. “The Act on the Strategic Bitcoin Reserve” (SB1025), co -financed by Senator Arizona Wendy Rogers and a representative of Jeff Weninger, cleaned the Senate Financial Commission on January 27 and is waiting for voting.

Meanwhile, on February 4, Fresh Mexico joined the fight against SB57 Senator Ant Thornton, emphasizing the intensification race between countries to accept Bitcoin warm policy.

During the BTC press it traded at USD 97,248.

A distinguished painting created from Dall.e, chart from tradingview.com