The post Utah Senate Passes Bitcoin Legislation, but Drops Key Reserve Provision – CryptoNinjas appeared on BitcoinEthereumNews.com.

Key Takeaways: Utah passes HB230, securing Bitcoin mining rights but removing state treasurer’s authority to invest in crypto. Lawmakers exercise caution, avoiding premature adoption of potentially risky crypto investment policies. Meanwhile, states like Arizona and Texas push forward with their own Bitcoin reserve initiatives. With the recent passage of HB230, the “Blockchain and Digital Innovation Amendments” bill, the Utah Senate has made a major move in the national debate regarding cryptocurrency regulation in both the progressive and conservative political corridors that define the landscape across the country. The passage of the bill initially led to optimism, but it came with a vital caveat: the legislation was stripped from its original version of a provision that would have granted the state treasurer the power to invest in Bitcoin. The move raises questions regarding Utah’s ambition to be at the forefront of crypto innovation — and what other states should make of proposed legislation to follow suit. HB230: A Weakened Win for Bitcoin Supporters HB230 was originally designed to make Utah the first state in the US to establish its own Bitcoin reserve — a groundbreaking piece of legislation. Under this ambitious scheme, the state treasurer would have been permitted to invest in cryptocurrencies with a total market cap of more than $500 billion in the immediately preceding financial year — up to 5% of the crypto-assets in state accounts. At present, the only digital asset that fits this bill is bitcoin. The bill’s early momentum had given hope to many within the crypto community who felt Utah could blaze a trail for other states to follow. However, as the legislation moved through the legislative process, there were concerns, which led to the investment provision being dropped. Why the Change of Heart? Handling Legislative Challenges Senator Kirk A. Cullimore, a sponsor of…

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Filed under: News - @ March 10, 2025 4:27 pm