Lawmakers in Utah Approve Bitcoin Bill, Drop Reserve Plan
by aria-crypto.com
March 10, 2025 at 09:41
Lawmakers in Utah Approve Bitcoin Bill, Drop Reserve Plan
Utah lawmakers have passed the "Blockchain and Digital Innovation Amendments" bill, which no longer includes an initial plan to establish a state Bitcoin reserve. This bill, HB230, was approved by the Senate and is designed to foster a supportive environment for blockchain technology while ensuring the rights of residents to utilize digital assets. It specifically protects the mining and staking of cryptocurrencies, as well as the self-custody of digital tokens without state interference. Governor Spencer Cox is yet to sign the bill, which would take effect on May 7, 2025. The removal of the Bitcoin reserve clause, which had initially proposed allocating up to 10% of certain state funds to Bitcoin investments, reflects a cautious approach by the state to cryptocurrency integration. Despite this step back, the bill continues to support key elements of the decentralized nature of cryptocurrency and aims to boost Utah's role as a potential hub for blockchain innovation. Nationwide, the broader trend towards integrating Bitcoin into state financial strategies is evident, as several other states and the federal government are also moving in this direction.
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