Utah Senate Approves Bitcoin Bill
Utah’s Bitcoin bill has successfully passed the state Senate, but no longer includes a key clause that would have made Utah the first US state to establish its own Bitcoin reserve.
The bill, known as HB230 “Blockchain and Digital Innovation Amendments,” now primarily provides Utah residents with fundamental protections for digital custody, along with the right to mine Bitcoin, manage a node and engage in staking, among other activities.
The Senate approved the measure by a vote of 19-7-3 on March 7, sending it to Gov. Spencer Cox for his signature to become law.
Initially, the reserve clause would have allowed the Utah treasurer to invest up to 5% of state funds in digital assets with a market capitalization greater than $500 billion in the last year, with Bitcoin being the only asset that meets this requirement.
Although the reserve clause survived the second reading, it was eliminated during the third and final reading.
