In a rather theatrical turn of events, the illustrious State Senate of Utah has gracefully exited the grand stage of the Strategic Bitcoin Reserve (SBR) race, having made a rather curious amendment to the proposed bill that would have allowed the state treasury to frolic in the digital asset playground. The amended legislation, now a mere shadow of its former self, is en route to the desk of Governor Spencer Cox, who will presumably sign it into law with a flourish.
Utah Passes Bitcoin Bill Without Key Clause
On the fateful day of March 7, the Senate, in a display of legislative acrobatics, passed House Bill 230 (HB230), whimsically dubbed the “Blockchain and Digital Innovation Amendments.” However, in a plot twist that would make even the most seasoned soap opera writer blush, the lawmakers decided to excise the clause that would have permitted the state to invest in digital assets. Oh, the irony!
Originally, this legislation had the audacity to authorize the state treasurer to invest a modest 5% of certain public reserve funds in “qualifying digital assets,” while also establishing a set of requirements for their custody and management—because who doesn’t love a good set of rules?
To qualify for this illustrious investment opportunity, a digital asset had to boast a market capitalization exceeding $500 billion over the past year and, curiously, could not be a stablecoin. Alas, Bitcoin, the lone wolf of the cryptocurrency world, was the only contender that met these lofty criteria.
Utah Representative Jordan Teuscher, in a moment of legislative inspiration, introduced HB230 on January 21, and it gallantly passed the House of Representatives with a score of 8-1 before making its way to the Senate’s first reading. The bill then waltzed through the Senate Revenue and Taxation Committee on February 20, with a 4-2-1 vote, before moving on to the second and third readings in the full Senate.
However, after a spirited second reading, the Senate, in a fit of concern over the implications of the Reserve clause, decided to drop it during the third reading. Senator Kirk A. Cullimore, in a moment of candor, remarked on the March 7 floor session that there was “a lot of concern with those provisions and the early adoption of these types of policies.” How very prudent!
With the Bitcoin reserve clause now a distant memory, the bill merely establishes basic custody protections for the good people of Utah. It also grants them the right to mine Bitcoin, run a node, develop software, and engage in staking without the looming specter of regulatory overreach. A veritable buffet of digital freedom!
According to Bitcoin Laws, this bill, now a mere shell of its former ambition, establishes a “comprehensive framework for digital asset regulation and blockchain technology in Utah,” providing clear definitions and protections for individuals and businesses engaging with digital assets. It even prohibits state and local governmental entities from restricting a person’s ability to accept digital assets as payment or use self-hosted or hardware wallets. How generous!
Now, the bill is poised to land on Governor Spencer Cox’s desk, having passed the Senate with a 19-7-3 vote. One can only imagine the governor’s thoughts as he prepares to sign this curious piece of legislation into law.
US Strategic BTC Reserve Race Continues
Despite Utah’s rather anticlimactic Bitcoin Reserve outcome, other states in the grand United States remain in a heated race to become the first to establish an SBR. Data from Bitcoin Laws reveals that Arizona has two BTC reserve bills eagerly awaiting their final floor vote in the Senate. The suspense is palpable!
Meanwhile, Texas, not to be outdone, has its own Strategic Bitcoin Reserve legislation, introduced in January, which has passed the Senate committee and is now awaiting its final vote. New Hampshire and Oklahoma are also strutting their stuff with proposals for an SBR at the state level. The competition is fierce!
In the meantime, bills from Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, Massachusetts, New Mexico, North Dakota, Ohio, and a host of other states remain alive, albeit at the early stages of the legislative process. It’s a veritable smorgasbord of legislative activity!
And let us not forget the recent executive order signed by US President Donald Trump, which officially establishes a Strategic Bitcoin Reserve and a “Digital Asset Stockpile.” Last Thursday, White House AI & Crypto Czar David Sacks announced that this reserve will be “capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.” A twist worthy of a Hollywood blockbuster!
Following this, President Trump made a Mach 2 announcement of a “US Crypto Reserve” to elevate the industry “after years of corrupt attacks by the Biden Administration.” The drama unfolds!
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2025-03-11 05:45