Today, the encryption market is under pressure as investors are waiting for the results of the FOMC meeting. Trump’s Bitcoin strategy around this weakness is led by Arizona and Utah, planning to create 13 US and Bitcoin strategic protections. Bitcoin, meanwhile, has exceeded $ 1 billion today with a slight decrease. It is currently trading at $ 102,684.
Utah’s House of Representatives Economic Development Committee passed a bill that the state could invest in cryptocurrency. The bill, the HB 230, passed the 8-1 vote on January 28 and is now heading to Full House for voting. If you are approved by the House of Representatives and the Senate, you will be sent to the Governor of Spencer Cox.
Major details of the bill
Dennis Porter, CEO and co -founder of Satoshiaactfund, told X that the Utah Housing Committee has approved the “blockchain and digital innovation bill” that includes provisions for adopting Bitcoin as a strategic preliminary asset. Porter emphasized that support for this bill is “overwhelming,” and signals powerful support for adopting encryption at the state level.
The bill, introduced by Jordan Teuscher, gives Utah’s financial managers the authority to invest up to 5%of certain public funds to “qualified digital assets”. This assets include major cryptocurrencies with a market cap of more than $ 500 billion and approved Stablecoins. This bill also allows the state to be involved in encryption staying and loans under certain conditions.
The bill must be safely owned through the state’s digital assets, exchanged trading products, or safe custody solutions. In addition, state and local governments prohibit restrictions on accepting cryptocurrency for legal products and services. This allows encryption to be used in Utah transactions.
Encryption initiative gains propulsion
Utah is one of some states that explore the use of public funds in encryption investment. Twelve other states, including neighbor Arizona and Wioming, have introduced a similar bill. Utah’s bill will be passed first in the committee, and will be implemented on May 7th.
Increased support for main encryption investment
In 2022, the transfer support for the Governor of Spencer Cox, such as signing a bill to create a blockchain and digital innovation task force, suggests that this bill will be approved by him. Meanwhile, other states, such as South Dakota, are looking for similar measures, and Logan Manhart plans to introduce a bill for the State Bitcoin stockpile. This increase reflects the national level of support for adoption of cryptocurrency and investment.