On February 6, the House of Representatives in Utah approved the House of Representatives Law 230 (HB 230), and is informally referred to as the Bitcoin Strategic Bill Bill, with a narrow margin of 38 votes in favor of, 34 against, and 3 does not vote. HB 230 will now advance to the Senate, where his fate depends on another vote before eventually arrives at the ruler’s office.
Uta leads a bitcoin race to reserve
Entitled “Blockchain and Digital Innovation”, “Digital Innovation Amendments”, ” HB 230 The Utah State Secretary is allowed to invest up to 5 % of public funds designated in qualified digital assets. You must own these assets, as the bill provides, the formal of a market exceeding $ 500 billion or is approved by Stablecoins.
Security requirements are included in the legislation, which requires that any digital assets obtained through the qualified trustee or products circulated on the stock exchange or other organized entities. In addition, the draft law allows these assets and lend these assets under specific guidelines to ensure risk management and legal compliance.
A remarkable section of the draft law protects the rights of Utah residents to maintain and control their digital assets, which effectively protects the use of the legal coded currency from the restrictions of the government or the local government.
The margin close to the House of Representatives voting – 38 “Yes” to 34 “No” – concerns both strong support and great opposition. Actor Jordan Test, who presented the draft law on January 21, received preliminary support in the Economic Development Committee in Utah, where the procedure passed 8-1 on January 28.
With the approval of the House of Representatives now, HB 230 moves to the Senate. If that room passes, the bill will wait for the ruler Spencer Cox, which historically showed support for Blockchain initiatives.
Dennis Porter, founder and director of the Satoshi Labor Fund, was a decisive figure in the United States that offers strategic bitcoin reserves. Announcement of news on January 6 via X, Porter He said“The Huge collapse: The Bitcoin Reservation Bill has been officially passed by the House of Representatives in Utah – the draft law is now transferred to the Senate!”
He stressed the importance of Utah state, noting that this is the first time that the SBR (strategic bitcoin reserve) has successfully cleared the room’s full vote.
In a video statement on X, Porter clarified: “The Bitcoin Strategic Bill has passed the house in Utah. Not only is the model policy. We are not only working on it.
Porter praised Utah as a “clear pioneer in fiscal policy” and highlighted the strong registry of the state in various economic sectors: “This is a great moment for Bitcoin, because Utah is a clear pioneer in fiscal policy. It results in all types of different standards. They are the best. In many different things.
Although the bill includes digital assets that exceed $ 500 billion in the market, Porter has treated the reason for not naming Bitcoin itself directly. In response to a user on X, he said: “Please read the bill. Only Bitcoin is qualified. See the text of the bill below. We are intentionally formulating this in this way because it greatly increases the chances of the bill to become a law. Do countries want to buy bitcoin? Our approach is the most path effectiveness. “
Uta’s progress is a pivotal moment in the broader national dialogue on bitcoin reserves at the state level. According to Bitcoinlaws.io, 17 US states have provided similar SBR measures.
Arizona is the closest in the aftermath of Utah. SB1025 (SB1025), sponsored Senator Windy Rogers and his representative Jeff Winger in Arizona on January 27 and waited for the House of Representatives.
Meanwhile, on February 4, New Mexico joined the battle with Senator Antortone SB57, which confirmed an intense race between the states to adopt bitcoin friendly policies.
At the time of the press, BTC was traded at $ 97,248.
Distinctive image created with Dall.e, Chart from TradingView.com
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