The Senate of Utah has given the green light to a Bitcoin bill, albeit with the omission of its key feature – a clause that would have marked it as the first US state to have its own Bitcoin reserve. The HB230 “Blockchain and Digital Innovation Amendments” bill now simply provides Utah residents with essential custody protections, the ability to mine Bitcoin, run a node, and take part in staking, among other things.
After a 19-7-3 vote in favor of the bill on March 7, it is now on Utah Governor Spencer Cox’s desk, awaiting his signature to become law. The omitted reserve clause would have empowered Utah’s treasurer to invest up to 5% of digital assets with a market cap surpassing $500 billion during the previous calendar year in five state accounts, with Bitcoin being the only digital asset currently fitting this description.
The reserve clause was removed in the third and final reading, following its approval during the second reading. The House of Utah then agreed to the amendment with a 52-19-4 vote. “There was a lot of concern with those provisions and the early adoption of these types of policies,” stated one of the bill’s sponsors, Senator Kirk A. Cullimore, during Utah’s floor session on March 7. “All of that has been stripped out of the bill.”
As of March 7, Utah seemed set to become the first US state to adopt a Bitcoin reserve, as predicted by Satoshi Action Fund’s CEO Dennis Porter on Feb. 2. However, Bitcoin reserve bills from two Arizona and a Texas bill are now closest to becoming law, according to data from Bitcoin Laws. These bills have each received a positive vote in their respective Senate committees and are now awaiting a final Senate floor vote.
Out of the 31 Bitcoin reserve state bills introduced, 25 are still active, including proposals from states like Illinois, Iowa, Kentucky, Maryland, Massachusetts, New Hampshire, New Mexico, North Dakota, Ohio, and Oklahoma. Meanwhile, bills from states such as Pennsylvania, Montana, Kentucky, and North Dakota have been unsuccessful.
On a related note, on March 7, former US President Donald Trump signed an executive order to establish a federal Strategic Bitcoin Reserve. This reserve will be funded with Bitcoin acquired from forfeitures in criminal cases, while the Treasury and Commerce secretaries have been tasked with devising budget-neutral strategies to purchase more Bitcoin.
