Utah's Blockchain and Digital Innovation Bill removed the Bitcoin reserve clause before the final Senate vote.
Bitcoin Reserve Removal
The Bitcoin reserve clause was dropped before the final Senate vote. Initially, the bill proposed allowing the state treasurer to invest up to 5% of certain public funds into Bitcoin and other digital assets. However, during the final Senate reading on March 7, the clause was discarded, and the House concurred with the amendment.
Bill Content
HB230 now includes provisions protecting the right to mine Bitcoin, run a node, and participate in staking, ensuring residents can engage in blockchain activities without regulatory overreach. It also establishes basic custody protections for digital assets.
Competing State Bills
The Bitcoin reserve race now narrows down to Texas and Arizona, with both states moving forward with their initiatives. Arizona's bills have passed committee stages, while Texas' bill has moved to the House.
Utah has passed its blockchain innovation bill without the Bitcoin reserve. It now awaits the governor's approval.
