TechFlow reported on February 21 that, according to Cointelegraph, Utah's HB230 "Blockchain and Digital Innovation Amendments" passed the state Senate Tax Committee review on February 20 by a vote of 4-2-1. The bill will now proceed to second and third readings in the Senate.
Under the bill, for a digital asset to qualify as a reserve asset, it must have an average market capitalization of $500 billion or more during the previous calendar year. Currently, only Bitcoin meets this criterion. The bill also authorizes the state treasurer to participate in cryptocurrency staking activities, allowing the State Treasury to invest up to 5% of digital assets across five state accounts, including the General Fund, Income Tax Fund Budget, and State Disaster Recovery Account.
Previous report: Utah’s Bitcoin reserve bill passed the House and moved to the Senate Tax Committee for review.
