The post Utah Lawmakers Pass Bitcoin Bill, Removing Reserve Clause Amid Concerns Over Early Adoption appeared on BitcoinEthereumNews.com.

Utah lawmakers have recently navigated a significant change in the realm of cryptocurrency legislation, specifically regarding Bitcoin. The Bitcoin bill, known as HB230, initially aimed to empower the state treasurer to create a Bitcoin reserve but was amended to focus solely on providing custodial protections for residents. Senator Kirk A. Cullimore stated, “There was a lot of concern with those provisions and the early adoption of these types of policies,” highlighting the cautious approach taken by lawmakers. Utah lawmakers have amended a Bitcoin bill, removing the provision for a state Bitcoin reserve, focusing instead on citizen protections and participation rights. Utah’s HB230 Bill: A Step Forward, Yet a Cautious Retreat on Bitcoin Reserves The HB230 “Blockchain and Digital Innovation Amendments” bill marks a milestone in Utah’s legislative handling of cryptocurrency despite its scaled-back provisions. The bill successfully passed through the state Senate with a 19-7-3 vote on March 7, heading to Governor Spencer Cox for final approval. While it may lack the bold aspiration to create a Bitcoin reserve—the first for any US state—it does establish foundational rights for Utahns, including the right to mine Bitcoin, operate nodes, and engage in staking activities. The Initial Ambition: Establishing a Bitcoin Reserve The original draft of HB230 aimed to authorize state treasurer investments in Bitcoin, targeting up to 5% of digital assets with substantial market capitalizations. This ambitious plan was designed to position Utah as a trailblazer in cryptocurrency adaptation. However, due to mounting concerns from legislators regarding the potential risks and implications, this reserve provision was ultimately removed following the second reading of the bill. The National Landscape: Other States Progressing Towards Bitcoin Reserves While Utah’s Bitcoin aspirations have been curtailed, the broader landscape reflects ongoing interest within the United States. The Satoshi Action Fund’s CEO, Dennis Porter, previously predicted a…

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Filed under: News - @ March 10, 2025 12:23 am