Utah, Arizona and Illinois have become the latest US states to start legislative processes that are focused on establishing BTC strategic reserves.
In Utah, Blockchain and digital innovation amendment was introduced on January 21 by the state representative Jordan Teuscher. However, the House Economic Development and Workforce Services Committee voted only for the bill this week. It now goes to the floor of the house for debate and vote, and if it sails through both houses it will then move to Governor Spencer Cox desk for its consent.
Originally allowed the Bill of the Treasury to invest up to 10% in digital assets, Non-fungible tokens (NFTS) and Stablecoins, but only if they fulfilled, set criteria, such as legislative approval, a significant market value and high liquidity. However, the bill has since been revised to lower the maximum exposure for 5%.
State Representative Teuscher believes that the bill allows Utah To take the lead in adoption of digital asset in the United States while over a dozen states have bills focused on BTC reservesNo one has passed them, and Teuscher thinks Utah can be the first. If Utah legislators vote for the bill, it can come into force as soon as early May.
“While Utah is the 11th state introduced similar legislation, we will be the first to pass it. Utah continues to lead the nation in blockchain and digital innovation, ”he abandoned.
Arizona, Illinois joins the BTC Reserve Race
Arizona is also in the race to become the first state to have a BTC reserve. The State Senate Finance Committee Voted 5-2 in favor of the strategic reserve law Bitcoin law this week. The bill now goes to the Senate floor, and if it sails through, it will require approval from the House of Representatives and the governor’s signature to become law.
Like many others in the country, the bill is trying to allow the state to invest up to 10% of public funds in digital assets. This would include funds held by the Treasury and Pension Funds.
The invoice Furthermore, “allows public funds, if the US Ministry of Finance creates a strategic Bitcoin reserve in order to store state Bitcoin holdings, to store their virtual currency holdings in a secure segregated account within the strategic Bitcoin reserve.”
Illinois has also joined the bandwagon. A invoice Introduced by state representative John Cabello would allow the Prairie state to hold BTC as reserve assets to secure themselves against economic volatility. The bill requires the Treasury to set up the BTC Fund and keep all digital assets that the state buys (or receives as a gift from “Illinois residents and state units”) for at least five years.
“After this period, the Treasury may transfer, sell, appropriate or convert to another Cryptocurrency someone (BTC) in the fund,” controls the bill.
Yet another invoice In Indiana’s House of Representatives, BTC also welcomes the state, but unlike its comrades, it refrains from the mandatory allocation to a BTC reserve. Instead, it paves the way for state -managed funds, such as the public employees’ pension fund, to invest in BTC ETFs, both spot and futures.
The BTC Reserve Fever spreads beyond the United States as the latest to catch it is Czech Republicwhere the country’s central bank wants to invest billions of euros in digital assets.
In one interview With the Financial Times, Governor Aleš Michl said he pushes on the pitch as a way to diversify his holdings. He believes that over time, at least 5% of the bank’s $ 140 billion ($ 145 billion) comes in reserves to be held in BTC.
However, Michl acknowledged that his campaign is unconventional, but says he is about profitability, after being an investment banks before his regulatory position.
But while more governments heat up to BTC reserves, ‘Crypto Bros’ is in war over whether other digital assets should be included in these kittens. A Executive order signed by Donald Trumpthat failed to exclude BTC and chose the more inclusive term “digital assets”, has led to a civil war between BTC Maxis and others “crypto bros. ‘
The essence of the conflict lies Brad Garlinghouse, Ripple CEO who was not long ago regarded as a “crypto” hero for his Continued legal struggle Against Securities and Exchange Commission (SEC). Now, BTC leader believe He has worked to drive his XRP token into the US government reserves, which, to them“Undermines American prosperity and freedom.”
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