Bitcoin Reserve Bill Fails in Utah, But Arizona and Texas Press On

Utah recently advanced its "Blockchain and Digital Innovation Amendments" bill, HB230, to include Bitcoin in the state’s legal framework, yet a pivotal section was revised before its final passage.

Initially, the bill aimed to establish Utah as the first state in the U.S. to create a state-backed Bitcoin reserve by allowing the Treasury to invest a portion of funds into digital assets, provided their market value exceeded $500 billion.

This provision was ultimately removed during the legislative process.

The current version of the bill instead focuses on safeguarding essential cryptocurrency rights for Utah residents, such as the ability to store, mine, stake, and run nodes for Bitcoin.

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While Utah’s effort to create a Bitcoin reserve has been halted, other states, such as Arizona and Texas, are making progress with similar bills, with 25 out of 31 proposed Bitcoin reserve bills still active across the country, including those from Illinois, New Hampshire, and Ohio.

Alexander Stefanov