Key Takeaways:
- Utah’s Bitcoin Bill Passes, But Weakened: The Utah Senate approved HB230, but removed a key provision that would have allowed the state to invest in Bitcoin.
- Crypto Rights Remain: The bill still protects residents’ rights to self-custody Bitcoin, mine, run nodes, and stake crypto.
- Bitcoin Reserve Efforts Shift Elsewhere: Other states like Arizona and Texas continue pushing for Bitcoin reserves, while Trump has initiated a federal Strategic Bitcoin Reserve.
Utah’s Senate has passed the HB230 “Blockchain and Digital Innovation Amendments” bill, but with a major revision—removal of a provision that would have allowed the state treasurer to invest in Bitcoin.
The bill, which cleared the Senate with a 19-7-3 vote on March 7, now moves to Governor Spencer Cox for approval.
🇺🇸 State Bitcoin Reserve Race Update:
— Bitcoin Laws (@Bitcoin_Laws) March 8, 2025
It's now a two-horse race between Texas and Arizona, after Utah drops out on a technicality:
The UT bill is progressing, but stripped of 'Bitcoin Reserve' provisions. https://t.co/BrFzdQQJ6q pic.twitter.com/5csvFBK1eL
Originally, the bill included a clause permitting Utah to invest up to 5% of certain state funds in digital assets with a market cap above $500 billion, effectively allowing Bitcoin investments.
However, this provision was removed before the final vote due to concerns about early adoption risks.
The Utah House later approved the revised bill 52-19-4.
Despite losing the investment clause, the bill still grants Utah residents key cryptocurrency rights, including the ability to custody their own Bitcoin, mine, run nodes, and participate in staking.
Utah was initially poised to become the first U.S. state with a Bitcoin reserve.
Now, similar bills in Arizona and Texas are moving forward.
Meanwhile, President Donald Trump signed an executive order on March 7 establishing a federal Strategic Bitcoin Reserve, funded by Bitcoin seized from criminal cases.
About The Author
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