Utah House of Representatives Passes Historic Blockchain and Digital Innovation Bill
In a groundbreaking move, the Utah House of Representatives has approved HB 230, also known as the Blockchain and Digital Innovation Amendments. This decision signals a major shift in the state's stance on digital asset investment.
The legislation paves the way for Utah to invest up to 5% of its public funds in qualifying digital assets. With a narrow vote of 38-34 and three abstentions, the bill has cleared the first legislative hurdle.
State Representative Jordan Teuscher introduced HB 230 on January 21, and after securing an 8-1-1 vote from the House Economic Development and Workforce Services Committee, it sailed through the House. The bill will now head to the Senate for further deliberation.
Celebrating the milestone, CEO of Satoshi Action Fund, Dennis Porter, announced, "The 'Strategic Bitcoin Reserve' bill has been successfully passed by the Utah House." Porter had previously predicted Utah's potential to establish the first Bitcoin reserve, citing the state's efficient legislative process and the proactive digital asset task force.
Utah finds itself at the forefront of this movement, with only Arizona on a similar trajectory with its pending Strategic Bitcoin Reserve Act (SB1025) awaiting House approval after passing the Senate Finance Committee.
While the bill has garnered enthusiasm, critics argue that HB 230 leans more towards stablecoins rather than Bitcoin. Justin Bechler, a vocal skeptic, pointed out the bill's focus on assets with a market capitalization exceeding $500 billion, which could benefit stablecoins over Bitcoin.
Despite the debate, Porter maintains that only Bitcoin qualifies under the bill. He asserts that the legislation was strategically crafted to ensure its passage into law while aiming to support Bitcoin adoption.
As the bill advances to the Senate for further discussion, the ultimate decision on whether Utah's digital asset investment strategy will tilt towards Bitcoin or stablecoins remains to be seen.