Arizona and Utah are leading the push for state-level Bitcoin reserves, advancing key legislative proposals while similar efforts in other states have stalled.
In Utah, a bill allowing up to 5% of several major state funds to be invested in digital assets is one step away from becoming law, according to Bitcoin Laws.
The measure has already passed the House and a Senate committee, putting Utah in pole position in the race to establish a state-backed Bitcoin reserve.
The state’s House Economic Development Committee has a strong track record, increasing the bill’s chances of final passage, according to Satoshi Action Fund co-founder Dennis Porter.
Meanwhile, Arizona’s Strategic Bitcoin Reserve Act took another step forward on Thursday when it passed its third Senate reading with a 17-11-2 vote.
The bill, which aims to allocate up to 10% of state and public funds — including pension funds — to Bitcoin, now heads to the Arizona House for further debate.
A separate measure, the Strategic Digital Assets Reserve Act, which would create a state-run crypto reserve fund using seized digital assets, has also advanced in the legislature.
These victories come as other states back away from similar efforts.
Bills proposing state-level Bitcoin reserves have failed in Montana, Wyoming, Pennsylvania, South Dakota, and North Dakota, either through legislative votes or committee rejections.
While enthusiasm for Bitcoin reserves surged after the 2024 US election, falling Bitcoin prices and recent security concerns in the crypto market may have dampened momentum in some states.
Crypto market movers
- Bitcoin has gained 7.3% in the past 24 hours and is trading at $84,980.
- Ethereum is up 6.6% over the same period to $2,230.
What we’re reading
- BlackRock says new Bitcoin ETF allocation to win investors with ‘higher risk budget’ ― DL News
- These 5 charts will crush your fears ― Milk Road
- Bitcoin Has Declined 20%. How Soon Could the BTC ($85,258.40) Price Revive? ― Unchained
- Searching for causes of 25% market crash, experts agree on one thing: ‘the Trump pump has vapourised’ ― DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at [email protected]. creator solana token
