Utah has passed the HB230 bill, setting up regulations for digital assets but omitted the state Bitcoin reserve idea.
Why the Bitcoin Reserve Was Removed
The Bitcoin reserve initially gained support but faced resistance near final approval. Senator Kirk A. Cullimore noted hesitance about state-level crypto investments among lawmakers.
Implications of HB230 for Utah’s Crypto Industry
HB230 provides opportunities such as asset protection, rights to mine Bitcoin and participate in staking, and allows treasurers to invest in digital assets. Governor Spencer Cox is expected to sign the bill, positioning Utah as a leader in blockchain policies.
Other States’ Initiatives for Bitcoin Reserves
Texas, Arizona, and New Hampshire are advancing Bitcoin reserve initiatives. Texas has passed legislation to allow Bitcoin investments. Arizona and New Hampshire are in final stages of similar legislation approval.
While Utah has dropped the Bitcoin reserve from its bill, other states and the federal government are continuing to push forward with Bitcoin reserve initiatives.
