With the number of US states increasing, Utah is emerging as the forefront as laws are moving forward to create strategic Bitcoin reserves.
Speaking to Roundtable host Scott Melker, Satoshi Action Fund CEO Dennis Porter revealed that more than 50 Bitcoin-related laws are ongoing in at least 22 states.
“When I started in June 2022 there’s a huge difference,” Porter said. “We were fighting teeth and claws just to call lawmakers. We now have over 50 laws covering everything from strategic Bitcoin reserves to protection of Bitcoin rights.”
Porter pointed to Utah as the closest state to enact the Bitcoin reserve law. “Utah not only handed it over the House committee and the floor, it just passed the Senate committee,” he said. “It’s headed for a final vote in the Senate. In the next three weeks, we’ll know if Utah will be the first state to pass this to the law.”
Other states aren’t that late. While North Carolina has strong support, including the family chair, Oklahoma has seen multiple competing Bitcoin Reserve bills, and is racing the first lawmakers passed. A key player in Bitcoin mining, Texas also has the “many political capital” behind its efforts. Montana is optimistic about Porters from another state.
Not all bills will be successful, but Porter believes at least four or five states will pass the Bitcoin Reserve Act this year. “A lot of them will fail, and that’s how policy works,” he admitted. “But we believe that four or five of these bills have been handed over to the law.”
If one state passes the law, another state could follow it quickly. “No one wants to be the first,” Porter explained. “But when the first state does that, all the other lawmakers start saying, we don’t want to be left behind.”
Mercer agreed, noting that Bitcoin has strong general support. “There really isn’t any anti-cryptic forces left,” he said. “It seems there are only people who are either in favor of this or who are completely indifferent.”
Efforts to establish a state-backed Bitcoin reserve have hit a disability obstacle, with at least six US rejecting the proposal. Despite these set-offs, lawmakers in 18 states are still moving forward and are determined to hold Bitcoin first as a strategic reserve asset.
Montana’s bill aimed at investing in up to $50 million in Bitcoin, stubcoin and precious metals failed in the House vote. Fiscal conservatives opposed using public funds for what they deemed dangerous speculations. South Dakota also rejected a bill that proposed allocating 10% of the state funds to Bitcoin. Meanwhile, North Dakota took a more cautious approach by introducing research into the feasibility of Bitcoin Reserve, but was still voted.
The story continues