Bitcoin (BTC) Bill Passed in One US State, But Most Important Clause Removed!

As the Bitcoin (BTC) reserve race continues in the US states, Utah has recently passed the bill known as HB230 titled “Blockchain and Digital Innovation Amendments” to integrate Bitcoin into the state's legal framework.

However, the bill underwent a significant change, with a key provision that would have made Utah the first US state to have its own crypto reserve being removed before final approval.

The bill as it stands now only protects basic cryptocurrency rights for Utah residents, such as the ability to store Bitcoin, mine, run nodes, and participate in staking.

In contrast, under the original reserve clause before the amendment, the Utah Treasury would have been able to invest up to 5% of funds in digital assets with a market value exceeding $500 billion. While only Bitcoin currently meets this standard, the clause was removed during the final vote and was later passed by the House of Representatives in a 52-19-4 vote.

While the expected positive news for the BTC reserve did not come from Utah, two Arizona Bitcoin reserve bills and a Texas bill appear to be the closest to becoming law. As a result, 25 of the 31 Bitcoin reserve state bills introduced are still valid. These include bills from Illinois, Iowa, Kentucky, Maryland, Massachusetts, New Hampshire, New Mexico, North Dakota, Ohio and Oklahoma.

*This is not investment advice.