TechFlow news, on March 10, according to Cointelegraph, the Utah State Senate has passed Bitcoin bill HB230, "Blockchain and Digital Innovation Amendments," but removed the core provision that would have allowed the state treasury to invest in Bitcoin. The bill passed with a vote of 19-7-3 and has now been sent to Governor Spencer Cox for signature. The amended bill only provides basic custodial protections, mining rights, node operation, and staking participation rights for Utah citizens.
The deleted reserve provision originally authorized the state treasury to invest up to 5% of funds from five state accounts in digital assets with a market capitalization exceeding $50 billion, a threshold currently met only by Bitcoin. Bill sponsor Senator Kirk A. Cullimore stated, "These provisions raised many concerns, and all related content has been removed from the bill." Currently, 31 U.S. states have introduced Bitcoin reserve bills, with 25 still under consideration, and legislation in Arizona and Texas being closest to passage.
