The Utah State Senate passed HB230, aimed at setting regulatory frameworks for digital asset management. However, the provision for a state-run Bitcoin reserve was removed.
Removal of the Bitcoin Reserve Provision
The initial proposal for a state-run Bitcoin reserve passed Utah's House Economic Development Committee but faced resistance. Senator Kirk A. Cullimore noted some lawmakers preferred a cautious approach to crypto investments.
Utah’s Crypto Future with HB230
Despite the exclusion of the reserve, HB230 provides numerous opportunities for blockchain development in the state. It offers custody protections, rights to mine and operate nodes, and frameworks for public fund investments in eligible digital assets.
Other U.S. States' Push for Bitcoin Reserves
Utah is not alone in considering Bitcoin reserves. Texas recently passed SB 21, allowing state investments in Bitcoin. Arizona and New Hampshire are advancing legislation to establish Bitcoin reserves as well.
While Utah opted out of including Bitcoin in its state reserves, other U.S. states continue to pursue this avenue. The passing of HB230 opens new opportunities for crypto innovation in the state.
