Utah’s Senate Passes Bitcoin Bill, Eliminates Important Provision
The Bitcoin bill in Utah has passed the state Senate, but it no longer includes the clause that would have established Utah as the first US state with its own Bitcoin reserve.
The HB230 “Blockchain and Digital Innovation Amendments” bill now focuses on providing Utah citizens with basic custody protections, the right to mine Bitcoin (BTC), run a node, and participate in staking, among other things.
The bill passed with a 19-7-3 vote on March 7, and is now awaiting Governor Spencer Cox’s signature to become law.
The scrapped reserve clause would have allowed Utah’s treasurer to invest up to 5% of digital assets with a market cap over $500 billion in five state accounts, with Bitcoin currently being the only digital asset meeting that criteria.
Utah Senator Kirk A. Cullimore confirmed the amendment to remove the reserve clause from HB230 during the floor session on March 7.
Utah was on track to become the first US state to establish a Bitcoin reserve until the amendment was made on March 7, as predicted by Satoshi Action Fund’s CEO Dennis Porter in February.
Arizona and Texas are now closest to passing Bitcoin reserve bills into law, according to Bitcoin Laws data.
There are still 25 live Bitcoin reserve bills out of the 31 introduced at the state level, with bills from various states awaiting further action.
On March 7, US President Donald Trump established a federal Strategic Bitcoin Reserve through an executive order, using Bitcoin obtained through criminal forfeitures.
Additionally, Trump has instructed the Treasury and Commerce secretaries to develop strategies to purchase more Bitcoin in a budget-neutral manner.
Related: Trump’s crypto ventures raise conflict of interest, insider trading questions
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