The Utah State Senate approved the Blockchain and Digital Innovation Amendments (HB230), omitting the provision for a Bitcoin reserve.
Why Was the Bitcoin Reserve Removed?
Initial momentum for the Bitcoin reserve dwindled due to growing legislative caution. Senator Kirk A. Cullimore mentioned hesitations regarding state-level crypto investments.
What Does HB230 Mean for Utah’s Crypto Future?
Though the Bitcoin reserve was dropped, HB230 offers new opportunities, including digital asset protections and Bitcoin mining rights. Governor Spencer Cox is expected to sign the bill, further advancing blockchain policy.
Other U.S. States Are Moving Toward Bitcoin Reserves
While Utah dropped the Bitcoin reserve, states like Texas and Arizona are moving forward. Texas recently passed a bill allowing state investments in Bitcoin, and similar bills are under consideration in Arizona and New Hampshire.
The passage of HB230 without a Bitcoin reserve reflects Utah’s cautious approach to digital innovation, while other states move toward Bitcoin reserves, indicating new trends in state-level blockchain policy.
