The Utah Senate passes the cryptocurrency bill but removes the provision for a strategic bitcoin reserve.
On March 7, the Utah Senate approved bill HB230, titled “Blockchain and Digital Innovation Amendments.”
However, during the legislative process, a key provision was removed: the clause that would have made Utah the first U.S. state to establish its own bitcoin reserve. The original text included a measure allowing the state treasurer to invest up to 5% of five public funds in digital assets with a market capitalization exceeding $500 billion in the previous year.
In its final version, the bill provides a regulatory framework supporting citizens’ interaction with cryptocurrencies and blockchain technology. HB230 ensures Utah residents the right to self-custody their crypto, mine bitcoin, run nodes, and participate in staking without interference.
The bill passed the Senate with 19 votes in favor, 7 against, and 3 abstentions and now awaits Governor Spencer Cox’s signature to become law.
Before the removal of the bitcoin reserve clause, Utah was seen as the leading state in the race to establish a strategic reserve. With this provision gone, attention now shifts to states like Arizona and Texas, where similar bills are closer to approval.
