The Utah Senate has passed a significant piece of legislation, known as HB230, aimed at integrating crypto into the state's legal framework.
The Utah Senate has passed a significant piece of legislation, known as HB230, aimed at integrating crypto into the state's legal framework. This bill, titled the "Blockchain and Digital Innovation Amendments," was approved with a vote of 19-7-3 and is now awaiting the signature of Governor Spencer Cox to become law.
A key aspect of the original bill draft, which would have established Utah as the first state in the U.S. to create a Bitcoin reserve, was removed before final approval.
The initial proposal included a provision allowing the state treasurer to invest up to 5% of certain public funds into cryptocurrencies, specifically targeting Bitcoin, provided the crypto had a market capitalization exceeding $500 billion over the previous year.
Despite the removal of the reserve clause, HB230 still aims to provide a supportive framework for residents' engagement with crypto and blockchain technology. The finalized bill ensures that citizens can self-custody their digital assets, mine Bitcoin, operate blockchain nodes, and participate in staking activities without governmental interference.
Utah's legislative move comes amid a broader national conversation regarding crypto, with over 30 states proposing related legislation.
Notably, states like Arizona and Texas are now in the spotlight, as they consider similar Bitcoin reserve bills that are closer to approval. In contrast, several states, including Montana, North Dakota, Wyoming, South Dakota, and Pennsylvania, have definitively rejected proposals for Bitcoin reserve legislation.
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