Dennis Porter, CEO and founder of the Satoshi Act Fund, believes that Utah will be the first state in the U.S. to pass legislation for establishing a strategic Bitcoin reserve.
His comments expand on insights from an interview with Simply Bitcoin and Republican Senator Cynthia Lummis. Porter revealed that 11 states have already introduced legislation related to this topic. He anticipates that this number could increase to 15 by the end of 2025, with some states even proposing multiple bills as lawmakers compete to be the first.
Porter identified Utah as a likely leader in this effort, praising its rapid 45-day legislative process despite being the latest state to introduce the law.“No one else has a faster calendar or more political momentum to get it done,” he stated, emphasizing Utah’s digital asset taskforce, which votes on crypto and Web3 bills off-season, has successfully passed all its legislation, including a Bitcoin reserve law, demonstrating the state’s commitment to blockchain innovation.
While Porter strongly supported federal-level legislation, calling himself “very bullish” on it, he stressed that states would ultimately be the primary beneficiaries of a strategic Bitcoin reserve.
“Ultimately, it will be the states that will flourish,”
Porter explained, reinforcing his belief in their critical role in the crypto landscape.
Senator Lummis supports a strategic Bitcoin reserve and aligns with Porter’s view that states will lead innovation in this area. She is working on building a bipartisan coalition to pass the Bitcoin reserve bill at the federal level, emphasizing the need for broad support to meet the 60% vote threshold in the U.S. Senate.
Notably, Utah’s House Economic Development Committee approved HB 230 on January 28, which enables the state to invest in cryptocurrencies. Introduced by Representative Jordan Teuscher, the bill allows Utah’s treasurer to allocate up to 5% of public funds into digital assets, including major cryptocurrencies and stablecoins, and permits crypto staking and lending.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
