Utah is on track to become the first U.S. state to establish a Bitcoin reserve, thanks to a fast-moving legislative calendar and strong political support.
Utah’s Legislative Momentum for Bitcoin Reserve
According to Dennis Porter, CEO of the Satoshi Action Fund, Utah has a “very good shot” at being the first state to pass such legislation. In a recent interview with U.S. Senator Cynthia Lummis, Porter highlighted Utah’s unique advantage: a 45-day legislative window, the shortest in the country.
“It’s either sink or swim in 45 days. No one else has a faster calendar, and no one else has more political momentum and willpower to get it done,” Porter said during the January 21 interview, which he later shared on X (formerly Twitter) on February 2.
On January 28, Utah’s House Economic Development Committee voted 8-1 in favor of a bill that would allow the state to invest public funds into Bitcoin, other cryptocurrencies with market caps above $500 billion, and approved stablecoins.
Porter emphasized that every bill passed by this committee in recent years has ultimately been signed into law, increasing confidence that Utah could lead the way. “We firmly believe that Utah will be the very first state to introduce this legislation,” he added.
Other States Making Moves on Bitcoin Reserves
While Utah is leading the charge, Arizona is the only other state that has advanced to this stage in the legislative process. Meanwhile, Illinois, Ohio, Massachusetts, New Hampshire, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming have introduced similar bills to establish Bitcoin reserves.
In addition, state officials in Alabama, Florida, Kentucky, and South Dakota have publicly endorsed the idea of a Bitcoin reserve, but no formal legislation has been introduced in those states yet.
Federal Efforts to Establish a Bitcoin Reserve
At the federal level, Senator Cynthia Lummis is also pushing for a Bitcoin reserve bill. In the same interview, she noted progress on her federal proposal but acknowledged it would require at least 60 votes in the Senate to secure bipartisan support.
As more states explore the potential of Bitcoin reserves, Utah’s swift legislative process and political backing may set a precedent for others to follow.
