Utahs Bitcoin reserve bill moves forward to second senate reading

Utah's bill to create a Bitcoin reserve has progressed to its next stage in the Senate after passing a committee vote 4-2-1. If the bill passes the remaining Senate votes and receives the Governor's signature, it will allow the state treasurer to invest up to 5% of state funds across several accounts into digital assets. Currently, only Bitcoin meets the bill's requirement of a $500 billion average market cap over the past year. The bill also allows for staking, which could open the door to other cryptocurrencies like Ethereum in the future if they meet the market cap requirement. The five state accounts eligible for digital asset investment include the General Fund Budget, Income Tax Fund Budget, and State Disaster Recovery accounts.