Utah's HB230, aimed at crypto innovation, passed without the Bitcoin reserve provision. Meanwhile, other US states forge ahead with cryptocurrency legislation.
Bitcoin Reserve Dropped in Utah
HB230 was designed to regulate digital assets in Utah, but its provision for a state-run Bitcoin reserve was removed before final approval. The bill cleared the House Committee on Economic Development but faced opposition in the Senate. Senator Kirk A. Cullimore noted concerns about state-level crypto investments led to its exclusion.
Utah's Crypto Innovation Future
Although the Bitcoin reserve was dropped, HB230 still introduces significant changes. It protects rights to custody digital assets, mine Bitcoin, and participate in staking. The law provides a framework for state treasurers to invest public funds in digital assets, excluding Bitcoin. Governor Spencer Cox is expected to sign the bill, reinforcing Utah's position as a leader in blockchain policy.
Other States and Their Crypto Reserves
Despite Utah's decision, other states are advancing similar efforts. Texas passed SB 21, allowing Bitcoin investments. Arizona and New Hampshire are progressing similar reserve bills, awaiting final approval. While states debate, national initiatives gain momentum, including a US strategic Bitcoin reserve.
The removal of Bitcoin reserves in Utah does not deter other states from pursuing cryptocurrency reserves. As interest in crypto technologies grows, US states continue to shape the future of digital finance.
