The Utah State Senate passed HB230, a bill aimed at advancing blockchain technologies. However, a key provision for a Bitcoin reserve was removed before final approval.
Removal of Bitcoin Reserve Clause
Initially, HB230 proposed allowing up to 5% of public funds to be invested in digital assets with market caps over $500 billion. However, the Bitcoin reserve clause was removed. Critics expressed skepticism about the state's direct investment in such assets.
HB230's Impact on Utah's Crypto Future
HB230 introduces significant changes that could bolster Utah's status as a crypto-friendly state. It provides protections for digital asset holders and rights to mine Bitcoin, operate nodes, and participate in staking. Governor Spencer Cox is expected to sign the bill.
Examples from Other States
While Utah dropped the Bitcoin reserve, similar efforts are underway in other states like Texas, Arizona, and New Hampshire, which are moving forward with legislation that allows investments in Bitcoin and other digital assets.
Bill HB230 positions Utah for blockchain innovation opportunities, despite the removal of the Bitcoin reserve clause. Other states continue to advance their own legislative efforts in this area.
