Utah Senate passes Bitcoin bill, but removes Bitcoin reserve provision
On March 10th, according to Cointelegraph, the Utah State Senate has passed HB230 "Blockchain and Digital Innovation Amendment" bill, but deleted the original provision allowing the state treasury to invest in Bitcoin. The bill passed with a vote of 19-7-3 and will be submitted to Governor Spencer Cox for signing into law. The current version only protects the basic cryptocurrency rights of Utah residents, such as Bitcoin custody, mining, running nodes, and participating in staking. The original reserve provision allowed the treasury to invest up to 5% of funds in digital assets with a market value exceeding $500 billion, currently only Bitcoin meets this criteria. However, this provision was removed during final deliberations, with the House subsequently accepting the amendment with a vote of 52-19-4.
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