Utah Poised to Lead in Establishing First US Bitcoin Reserve Law

Utah may become the first US state to approve a bill establishing a strategic reserve in the leading cryptocurrency (SBR). This prediction was made by Dennis Porter, CEO of Satoshi Action Fund.

The expert attributed this assessment to a shorter 45-day window for passing bills.

“Other [states] do not have such a ‘fast’ calendar, political momentum, and will,” he noted.

In Arizona, the bill to form an SBR was the first among states to pass discussion in the relevant committee. The document will soon be put to a Senate vote. Utah’s upper chamber of Congress followed suit, with the bill also leaving the committee.

The states will lead. ?? pic.twitter.com/K8X7AL7OnX

— Dennis Porter (@Dennis_Porter_) February 1, 2025

Illinois, Ohio, Massachusetts, New Hampshire, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming have introduced documents to create a reserve in digital gold.

Representatives from Alabama, Florida, Kentucky, and South Dakota have so far limited their actions to publicly supporting the SBR idea.

According to Porter, all bills passed by the Utah House of Representatives’ Economic Development Committee in recent years have been enacted into law.

In a conversation with the CEO of Satoshi Action Fund, Senator Cynthia Lummis reported progress on her initiative to establish an SBR at the federal level. She added that at least 60 votes are needed in the Senate for bipartisan support.

Earlier, VanEck calculated that establishing a strategic bitcoin reserve could help the US by 2050 reduce national debt by 35%.

Analysts at Fidelity Digital Assets believe that the adoption of the first cryptocurrency at the national level in 2025 will serve as a powerful driver for the digital asset.