Utah Passes Cryptocurrency Bill Without Bitcoin Reserve
Date: 2025-03-10 Author: Gabriel Deangelo Categories: IN WORLD
The new law, the Blockchain and Digital Innovation Amendments, aims to legalize the use of cryptocurrencies and integrate them into the state legal system. Initially, it allowed local governments to invest up to 5% of public funds in digital assets whose market capitalization exceeded $500 billion over the past year. However, of all cryptocurrencies, only Bitcoin currently meets these criteria.
While the Bitcoin reserve idea did not make it into the final version, the law still guarantees Utahns the right to mine, run blockchain nodes, participate in staking, and independently store digital assets without interference from government agencies.
19 senators voted in favor of the bill, seven voted against, and three abstained. The bill now awaits approval by Governor Spencer Cox.
If the original version of HB230 had passed, Utah would have become the first state in the U.S. to implement a Bitcoin reserve. Attention is now turning to Arizona and Texas, which are considering similar initiatives.
Similar SBR bills were rejected in several states earlier this year, including Montana, Pennsylvania, North and South Dakota, and Wyoming.
