Utah's Senate has passed Bill HB230, paving the way for greater blockchain adoption. However, the state-run Bitcoin reserve provision was removed before final approval.
Bitcoin Reserve Removal
Initially, HB230 allowed the state treasurer to invest up to 5% of public funds in digital assets with a market cap above $500 billion. However, the Bitcoin reserve clause was removed due to growing resistance among lawmakers favoring a cautious approach.
Impact of HB230 on Utah's Crypto Future
Despite the removal of the Bitcoin reserve, HB230's provisions promote Utah as a crypto-friendly state by offering protections for digital asset holders and regulating public fund allocation to digital assets. Governor Spencer Cox is expected to sign the bill, reinforcing his commitment to blockchain innovation.
Other States' Bitcoin Reserve Initiatives
While Utah removed the Bitcoin reserve from its bill, other states like Texas, Arizona, and New Hampshire are advancing similar legislation. Texas recently passed SB 21 to allow state investment in Bitcoin, while Arizona and New Hampshire are advancing their Bitcoin reserve bills.
HB230 reflects Utah's effort to strengthen its position in the blockchain space despite removing the Bitcoin reserve proposal. Other states may continue exploring ways to incorporate Bitcoin into their financial strategies.
