The laws in Utah approved legislation on Friday, aimed at providing regulatory clarity, but removed a crucial provision that would enable the State to invest public resources directly in crypto.
HB 230—Blockchain and digital innovation changes, the Senate of Utah adopted with a vote of 19-7 after the legislators have changed it to eliminate language that the state treasurer of UTAH is authorized to allocate funds managed to one Bitcoin Reserve.
Later that night the house was agreed with the revisions of the Senate and approved the bill 52-19, with four abstentions.
Initially introduced by Rep. Jordan Teuscher (R-Utah) and sponsored in the Senate by Senator Kirk Cullimore (R-Utah), the amended legislation still contains important blockchain-friendly provisions.
The bill explicitly prohibits national and local authorities to limit the acceptance or custody of digital assets, protects the rights of individuals to carry out blockchain nodes, to participate in deportation and to release such activities of permit permit requirements of the state.
In addition, the legislation limits local authorities to impose zoning plans and noise regulations that focus unfairly on digital activa companies that are active in industrial zones.
The move comes shortly after performing 6 March from President Trump that a Strategic Bitcoin -Reserve And US Digital Asset Stockpile at the federal level, which reflects a broader government interest for the acceptance of crypto.
Governor Spencer Cox has not publicly indicated whether he intends to sign the bill in the law. If approved, the measure will officially take effect on 7 May 2025.
Bitcoin -Push of American States
While Utah takes a step back, several Other States Now accelerate their push to integrate Bitcoin In public finances.
Texas and Arizona remain the front runners of the same.
Last Thursday, the Senate of Texas approved the bill with a 25-5 votes After senator Charles Schwertner, the sponsor of the bill, said that the scarcity of Bitcoin and its potential as a cover against inflation make it a valuable possession for the financial future of the state.
“We have no piles of dollar bills and safes as we did in the Middle Ages,” said Schwertner. “What we have is digital currency.”
Not far behind, Arizona is too progress His own bitcoin reserve proposal.
SB 1025 from Arizona, who has already completed the third reading of the Senate Finance Committee, proposes that the state invests up to 10% of public funds in Bitcoin and other digital assets.
Following the lead of Arizona and Texas, Oklahoma HB 1203The Strategic Bitcoin Reserve Act, passed The Government Oversight Committee with 12-2 votes.
However, Not all states are so enthusiastic To embrace reserves supported by Bitcoin.
States as Montana” South Dakota” Pennsylvania” North DakotaAnd Wyoming have rejected downright similar accounts for concerns about the volatility of Bitcoin.
About 18 state proposals are still being processed, according to Bitcoin Reserve Monitor factsWith Kansas, Iowa, Missouri, Illinois, Florida, Massachusetts, Michigan, among other things, all the opportunity to include Bitcoin in their financial reserves.
Published by Sebastian Sinclair
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