Utah lawmakers approve amended Bitcoin bill
- The state of Utah has passed its Bitcoin bill, but has dropped the Bitcoin reserve plan
- The approved bill protects mining, staking, and self-custody rights
- The bill now awaits Governor Coxs signature, after which it will become effective starting May 2025
On March 7, 2025, Utah lawmakers took a significant step toward integrating cryptocurrency into the states legal framework by passing its amended Bitcoin bill.
Notably, though, HB230, the Blockchain and Digital Innovation Amendments bill, no longer includes its original groundbreaking provision to establish a state Bitcoin reserve. Approved by the Senate in a 19-7-3 vote, it focuses on fostering a supportive environment for blockchain technology and protecting residents rights to engage with digital assets.
The bill now awaits the signature of Governor Spencer Cox, who has not yet indicated his stance. If signed into law, it will take effect on May 7, 2025. This will make Utah a progressive player in the US cryptocurrency landscape, even without the reserve clause that once promised to make it a pioneer.
The Bitcoin reserve contention
Initially introduced by Representative Jordan Teuscher and sponsored in the Senate by Senator Kirk A. Cullimore, HB230 aimed to position Utah as the first US state to hold Bitcoin in its treasury.
The original proposal allowed the state treasurer to invest up to 10% of certain public funds in Bitcoin (BTC), a move that could have involved millions from accounts like the General Fund and Budget Stabilization Fund. This clause survived earlier votes, raising hopes among crypto advocates, but it failed to pass the third reading.
During the third and final Senate reading, lawmakers stripped the reserve provision from the bill, and Senator Cullimore acknowledged the change on the Senate floor, citing concerns over Utah being an early adopter of such a bold financial policy.
The House later concurred with the amendment in a 52-19-4 vote, reflecting a cautious retreat from the state-managed Bitcoin investment idea.
Approved bill protects Utah crypto holders
Despite removing the reserve clause, HB230 retains significant provisions that bolster Utahs blockchain ecosystem.
The approved legislation ensures residents can self-custody their digital assets without state interference, a key win for individual freedom in the crypto space. It also safeguards the right to mine Bitcoin, operate blockchain nodes, and participate in stakingactivities central to the decentralized nature of cryptocurrencies.
These measures aim to empower Utahns and attract blockchain innovators to the state. By clarifying legal terms related to digital assets and prohibiting restrictive regulations, the bill lays a foundation for growth in this emerging sector.
Supporters argue that the bill balances innovation with safety, positioning Utah as a potential hub for crypto-related businesses.
25 out of 31 Bitcoin reserve bills remain active in the US
Utahs legislative journey mirrors a nationwide push toward Bitcoin integration. While the state stepped back from its reserve ambitions, Arizona and Texas are advancing similar bills, having passed Senate committee votes.
According to Bitcoin Laws data, 25 of 31 introduced Bitcoin reserve bills across the US remain active, with states like Illinois and New Hampshire also in the race.
On the federal level, President Donald Trump signed an executive order on March 7, 2025, creating a Strategic Bitcoin Reserve using seized assets. This move, paired with plans for budget-neutral acquisitions, underscores a growing acceptance of Bitcoin (BTC) at both the state and national levels.
Utahs amended bill, while less ambitious, aligns with this trend by prioritizing citizen participation over direct state investment.
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