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- Similar to Utah, Arizona has made progress with its Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Roger and Representative Jeff Weninger.
- As of now, fourteen states of the US have proposed bills allowing crypto investments, as per Bitcoin Reserve Monitor.
- The policymakers of North Dakota rejected legislation (HB1184) that would have permitted investment in crypto and valuable metals, with the bill not passing in a 32-37 vote on January 31.
Utah is stepping forward to become the first state in the United States to set up a Bitcoin Reserve after the House’s approval of the Strategic Bitcoin Reserve Bill. The regulation that permits the state to put its money into virtual assets now moves to the Senate for further consideration.
The chief executive officer of the Satoshi Action Fund, Dennis Porter publicized the progress of the bill on February 6, accepting that it had successfully cleared the Utah House. The bill termed HB230, was progressed by the Utah House Economic Development Committee with an 8-1 vote on January 28.
Jordan Teuscher, a representative proposed the measure on January 21, suggesting that the state treasurer be granted authority to accumulate up to 5% of certain public funds into Bitcoin, high-capitalization cryptocurrencies, and stablecoins.
Backers of the bill trust that Utah is in the leading position in state-backed Bitcoin investment. In a recent interview, Porter revealed that we truly believe that Utah will be the first state to propose this legislation. If the bill is approved by the Senate then it will be sent to the Governor’s desk for final approval. Utah is not the only state exploring a Bitcoin Reserve.
Other States’ take on the bill
Similar to Utah, Arizona has made progress with its Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Roger and Representative Jeff Weninger. The proposal recently passed the Senate Finance Committee and awaits a House vote. At the same time, New Mexico proposed its own bill, SB57 on February 4 headed by Senator Ant Thornton.
Some states are not in favor of this. The policymakers of North Dakota rejected legislation (HB1184) that would have permitted investment in crypto and valuable metals, with the bill not passing in a 32-37 vote on January 31.
As of now, fourteen states of the US have proposed bills allowing crypto investments, as per Bitcoin Reserve Monitor.
Another positive advancement
Another positive advancement is the inflow of around $5 billion in January from US Spot Bitcoin exchange-traded funds (ETFs). A prominent person from the crypto industry, Matt Hougan revealed that spot Bitcoin took $4.94 in January only, an annual pace of around $59 billion. He contrasted this to $35.2 billion in overall inflows of the last year.
Amid the prominent players, BlackRock’s iShares Bitcoin Trust ETF (IBIT) headed the market, captivating $3.2 billion in net inflows for the last month. Grayscale’s Bitcoin Mini Trust ETF pulled around $398.5 million in the same duration.
