Utah Bitcoin Bill Passes State Senate, But Key Provisions Are Deleted

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ODAILY
03-10
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Odaily reports that the Bitcoin bill in the state of Utah has been passed in the state Senate, but the core provisions of the bill have been deleted. The original provision would have made Utah the first state in the US to have its own Bitcoin reserve. The "HB230 Blockchain and Digital Innovation Amendments" bill now only provides basic custodial protection to Utah citizens, granting them the right to mine Bitcoin, run nodes, and participate in staking. On March 7, the bill was passed with 19 votes in favor, 7 against, and 3 abstentions, and will now be sent to Utah Governor Spencer Cox to be signed into law. The reserve provision would have authorized the Utah State Treasurer to invest digital assets (Bitcoin is currently the only digital asset that meets this standard) worth more than $500 billion into five state accounts, with an investment cap of 5% of the asset's market value. The reserve provision was passed in the second reading but was deleted in the third and final reading. Subsequently, the Utah House of Representatives approved this amendment with 52 votes in favor, 19 against, and 4 abstentions.

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