Utah’s lawmakers recently gave a nod to a Bitcoin-related bill, though not without first making some important changes. One significant tweak was the removal of a clause that would have permitted the state treasurer to invest in Bitcoin.
The bill, known as HB230 or “Blockchain and Digital Innovation Amendments,” is now in the hands of Governor Spencer Cox, waiting for his signature. This legislation is quite progressive, granting Utah residents rights when it comes to Bitcoin activities like custody, mining, operating nodes, and staking. Interestingly, the bill originally contained a groundbreaking provision that would have allowed Utah to become the first state in the U.S. to include Bitcoin in its financial reserves. However, this part was dropped just before final approval.
At the outset, the bill suggested that up to 5% of the state’s digital asset portfolio could be invested in Bitcoin. This proposal initially passed but was subsequently removed in later discussions.
While Utah opted to sidestep this Bitcoin reserve approach, other states like Arizona and Texas are forging ahead. Bills regarding Bitcoin reserves in these states are moving through their respective legislative channels. As part of a larger trend, there are 31 state-level proposals of this nature, with 25 still actively being considered.
In broader market news, Bitcoin has managed a recovery from recent lows dipping below the $81K mark.
