Dennis Porter, a well-known advocate for Bitcoin adoption, recently announced on social media that Utah’s House of Representatives had passed a bill he referred to as the “Strategic Bitcoin Reserve” bill, which now moves to the Senate for further consideration. Porter framed this as a significant step in advancing state-level Bitcoin reserves. Porter is a key figure in Bitcoin advocacy. As the CEO and Co-Founder of Satoshi Action Fund and the Founder and President of Satoshi Action Education, he has played a major role in promoting Bitcoin-friendly legislation at the state level. His efforts have contributed to the passage of the “Right to Mine” bill in two states in 2023 and the “Bitcoin Rights” bill in 2024. Additionally, Porter has co-authored peer-reviewed research on Bitcoin mining and has worked to educate lawmakers across the United States on Bitcoin-related policies. Why XRP Does Not Qualify For Now Crypto enthusiast Justin Bechler responded critically to Porter’s announcement, asserting that Utah House Bill 230 (H.B. 230) is not a “Strategic Bitcoin Reserve” bill. Bechler pointed out that the bill does not reference Bitcoin at all and, in fact, specifically prohibits digital assets that are classified as money transmitters—a category that includes Bitcoin. He encouraged others to review the bill’s text, implying that Porter’s characterization of the bill was misleading. In response to Bechler’s post, an X user named Ron Swanonson added that, after reviewing the bill, “Bitcoin is the only thing that qualifies—$500B market cap over the last 12 months or stable coins.” This suggests that while the bill does not explicitly name Bitcoin, its criteria currently make Bitcoin the only eligible asset under its provisions. Fred Rispoli, a legal expert in the cryptocurrency space, also weighed in, stating , “To be fair, it is codified in a way that—at present—only Bitcoin qualifies. But $XRP would qualify at $5.” To be fair it is codified in a way that—at present—only Bitcoin qualifies. But $XRP would qualify at $5. — Fred Rispoli (@freddyriz) February 7, 2025 His comment ties XRP’s potential qualification to its market capitalization, suggesting that when XRP reaches $5, it could meet the bill’s requirements. This clarifies that while Bitcoin is currently the only asset that fits the bill’s parameters, the door is not entirely closed for other cryptocurrencies. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 The Importance of Accuracy in Crypto Policy Discussions Porter has long advocated for state-level Bitcoin reserves. In January 2025, he predicted that up to 20 such bills would be introduced across various states, with some states seeing multiple bills as lawmakers compete to establish Bitcoin reserves . He also noted that many of these bills would be modeled after proposals developed by the Satoshi Action Fund. However, the misrepresentation of Utah H.B. 230 as a “Strategic Bitcoin Reserve” bill underscores the challenges in effectively communicating legislative initiatives. While Bitcoin appears to be the only cryptocurrency that meets the bill’s current requirements, additional insights from figures like Rispoli indicate that other digital assets, such as XRP, could qualify if they reach a certain market cap threshold. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Legal Expert Says XRP Needs to Hit $5 to Join U.S. Crypto Reserves. Here’s why appeared first on Times Tabloid .
