Odaily Planet Daily News Utah's Bitcoin bill has been passed by the state senate, but the core clause of the bill has been deleted. The clause would have made Utah the first state in the United States to have its own Bitcoin reserves. The HB230 "Blockchain and Digital Innovation Amendment" bill now only provides basic custody protection to Utah citizens, giving them the right to mine Bitcoin, run nodes, and participate in staking. On March 7, the bill was passed with 19 votes in favor, 7 votes against, and 3 abstentions, and will then be sent to Utah Governor Spencer Cox to sign into law.
The reserve clause would have authorized the Utah Treasurer to invest digital assets with a market value of more than $500 billion (Bitcoin is the only digital asset that currently meets this standard) in five state accounts, with an investment cap of 5% of the asset's market value. The reserve clause was passed in the second reading, but was deleted in the third and final reading. Subsequently, the Utah House of Representatives agreed to the amendment with 52 votes in favor, 19 votes against, and 4 abstentions.