Utah Likely to Become the First US State with a Bitcoin Reserve

According to Satoshi Action Fund CEO Dennis Porter, Utah is leading the race to establish a Bitcoin reserve in the US. Porter claimed that the state’s short legislative calendar encourages speedy action.

Additionally, Utah has a digital asset task force that continues operations outside of the calendar. This task force actively coordinates strategy for a Bitcoin reserve, which rushes into action when the normal schedule resumes.

How Soon Could Utah Establish a Bitcoin Reserve?

The race to establish a Bitcoin reserve has been heating up among 15 US states. President Trump promised to establish such a reserve on the campaign trail, but his “crypto stockpile” executive order fell somewhat short.

Still, there is a fight at the state and federal levels to create a Bitcoin reserve, and Satoshi Action Fund CEO Dennis Porter is betting on Utah being the first.

“There’s a very good shot that Utah will be first because they have such a short legislative calendar. It is only 45 days. 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 claimed in an interview with Senator Cynthia Lummis.

Wyoming senator Cynthia Lummis is a leading figure in the broader campaign’s federal legislative efforts. However, she concurred with Porter’s assessment that Utah will be the first state with its own Bitcoin reserve, not Wyoming.

Utah has a few advantages in this race that may propel it ahead of several other initiatives. A Utah legislator proposed a Bitcoin reserve in late January, which passed through committee in a little over a week.

Already, this is much speedier than most US states. However, Porter noted another key advantage. The state has maintained a digital asset task force since 2022.

In other words, the state may have a short legislative session, but Representatives can use this task force as a unit to strategize outside of the session.

Different US States Progression in Establishing a Bitcoin Reserve. Source: Bitcoin Laws

Utah has been a pro-crypto state for several years now, and its economic policies and guardrails are potentially more prepared for a Bitcoin reserve than any other state. With a quick burst of political willpower, it could deliver on these plans.

These proceedings are looking quite bullish for Bitcoin’s price. Even while other political developments have wrought havoc on the crypto market, legislative efforts like this help conserve BTC momentum.