Utah Rep. Teuscher Proposes Strategic Bitcoin Reserve Bill

The Strategic Bitcoin Reserve bill proposes that up to 10% of funds from several state accounts be invested in Bitcoin.

These include the Disaster Recovery Account ($80 million), and General Fund ($4.2 billion). Also, the Income Tax Reserve Account ($7.4 billion), and the Budget Stabilization Fund ($220 million). The move is designed to strengthen Utah’s financial position, especially in times of economic uncertainty.

A Smart Hedge Against Uncertainty

The bill positions Bitcoin as a hedge against inflation and market volatility, tapping into its potential as a store of value. By allowing up to 10% of these funds to be invested in Bitcoin, Teuscher aims to safeguard the state’s financial future. Particularly in the face of unforeseen crises like natural disasters or economic downturns.

This forward-thinking legislation aligns with Utah’s reputation for innovation and financial stability. This will position the state as a leader in integrating digital assets into government financial strategies. With Bitcoin’s proven track record, Utah is taking a big step toward modernizing its approach to financial reserves.

🚨Utah Strategic Bitcoin Reserve Bill:

✅ Up to 10% invested from:

– Disaster Recovery Account ($80m)
– General Fund ($4.2b)
– Income Tax Reserve Account ($7.4b)
– Budget Stabilization Find ($220m)

✅ Protects right to self custody

✅ Nodes are *not* money transmitters pic.twitter.com/duhtjBhliw

— Julian Fahrer (@Julian__Fahrer) January 20, 2025

The legislation also includes provisions that protect the rights of Utahns to self-custody their Bitcoin. This means that individuals will retain full control over their assets. This is without the risk of external parties managing or seizing them. The bill also clarifies that running Bitcoin nodes is not considered money transmission. This means individuals and businesses won’t have to deal with extra regulatory hurdles to supporting the network.

More About Bitcoin Reserve

Pro-Bitcoin Republican Senator Cynthia Lummis recently urged lawmakers and the public not to be distracted by flashy distractions. This emphasizes the importance of focusing on a “Strategic Bitcoin Reserve.” She pointed out the need for decentralizing savings. She calls out the inefficiencies of Washington, which she described as a “swampy place.”

Don’t get distracted by shiny objects.

Strategic. Bitcoin. Reserve.

Washington is a swampy place. Decentralize the savings. #BitcoinAct pic.twitter.com/M3sMhRxewT

— Cynthia Lummis 🦬 (@CynthiaMLummis) January 20, 2025

Lummis advocates for Bitcoin as a solution to safeguard financial stability. She urges a shift away from traditional centralized systems in favor of more secure and transparent alternatives like Bitcoin. Her message highlights the growing push within the GOP for embracing digital assets as a key part of America’s financial future.

Disclaimer

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