The bill, called House Bill 230, was passed by the Utah Senate on March 7 by a vote of 19-7-3. However, this version no longer includes the bitcoin reserve clause. The bill will now go to Governor Spencer Cox for approval.
The bill originally proposed to allow the Utah State Treasurer to invest up to 5% of certain state funds in bitcoin and other related digital assets.
Utah has been at the forefront of the race to reserve bitcoin and was expected to be the first US state to pass such a law due to its short 45-day legislative period and strong political momentum. However, the provision was eliminated during final reading in the Senate on March 7 and the House later agreed to the amendment by a vote of 52-19-4, sealing its removal from the bill.
With the exception of the reservation clause, HB230 only includes provisions that protect the right to participate in bitcoin mining, node operation, and staking, ensuring that residents can engage in blockchain activities without excessive regulation. It also establishes basic protections, giving Utahns clear rights regarding ownership of digital assets.
The race to secure a bitcoin reserve now narrows down to Texas and Arizona, with both states moving forward with their own legislative efforts.
In the area of bitcoin legislation, two Arizona Senate bills and one Texas Senate bill (TX S) are now in line to create a state-backed bitcoin reserve. Arizona’s bills have already passed the committee stages and are awaiting a final vote, while the Texas proposal will go to the House of Representatives.
Meanwhile, other states including Kentucky, New Hampshire, Illinois, and Iowa still have bitcoin reserve bills pending, but they are farther behind in the legislative process.
In related news, US President Donald Trump signed an executive order on March 7 that creates the Bitcoin Strategic Reserve and the US Digital Asset Reserve. However, this reserve will be funded by assets seized by the federal government rather than direct investment.
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