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Category: CRYPTO NEWS
The post Utah’s Senate Passes Bitcoin Bill, But Makes Key Amendment appeared on BitcoinEthereumNews.com. Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Utah’s State Senate has exited the Strategic Bitcoin Reserve (SBR) race after amending the proposed bill allowing the state treasury to invest in digital assets. The amended legislation is now headed to Utah Governor Spencer Cox’s desk to be signed into law. Utah Passes Bitcoin Bill Without Key Clause On March 7, Utah’s senate passed House Bill 230 (HB230), also known as the “Blockchain and Digital Innovation Amendments.” However, the state lawmakers amended the legislation to scrap the clause allowing the state to invest in digital assets. The legislation initially authorized the state treasurer to invest up to 5% of certain public reserve funds in “qualifying digital assets” and established requirements for their custody and management. To be considered for investment, a digital asset must have maintained a market capitalization of more than $500 billion over the past 12 months and not be a stablecoin. Bitcoin was the only cryptocurrency that met these requirements. Utah Representative Jordan Teuscher introduced HB230 on January 21 and passed the House of Representatives vote 8-1 before proceeding to the Senate’s first reading. The bill passed the Senate Revenue and Taxation Committee reading on February 20 in a 4-2-1 vote and moved to the second and third reading in the full Senate. After passing the second reading, the Senate dropped the Reserve clause on its third reading over “a lot of concern with those provisions and the early adoption of these types of policies,” stated Senator Kirk A. Cullimore on the March 7 floor session. Without the Bitcoin reserve clause, the bill only establishes basic custody protections for Utahns. It also provides the right to mine Bitcoin, run a node, develop software, and participate in staking without regulatory overreach. Amended HB230 scraps…
2025-03-11T02:41:10+00:00