A clause in the blockchain and digital innovation changes from Utah, which would establish a Bitcoin reserve, was dropped just before the last vote of the Senate.
Referred to as House account 230The Senate of Utah approved the bill with a 19-7-3 votes on March 7. However, this version no longer contains the Bitcoin Reserve clause. The bill now goes to Gouverneur Spencer Cox for approval.
Initially, the bill proposed to invest the State Penningmeester of Utah up to 5% of certain public funds in Bitcoin and other qualifying digital assets.
Utah led the Bitcoin reserve race and was generally expected to be the first US state to adopt such a law because of the short 45-day legislative window and the strong political momentum. However, the clause was canceled during the last Senate reading on March 7 and the house later to agree With the amendment in a 52-19-4 votes, so that the removal of the bill has been removed.
With the reserve clause disappeared, HB230 only contains provisions that protect the right to reclaim Bitcoin, run a node and participate in setting, ensuring that residents can undertake blockchain activities without regulatory scope. It also establishes fundamental guardianship protection, giving Utahn’s clearer rights in keeping digital assets.
Now the Bitcoin Reserve race is limited to Texas and Arizona, with both states that are making progress with their own legislative efforts.
According to Bitcoin Laws, two accounts from the Senate of Arizona and the Texas Senate Bill (TXs) are now in line to set up a Bitcoin reserve supported by the state. Arizona’s accounts have already erased the phases of the committee and are waiting for voting for the last floor, while the proposal from Texas has moved to the house.
In the meantime, other states, including Kentucky, New Hampshire, Illinois and Iowa, still have live Bitcoin -Reserve accounts in progress, but they remain further in the legislative process.
In Related News, US President Donald Trump signed an executive order on 7 March that a strategic Bitcoin reserve and an American digital assets stock set up. However, the reserve would be financed through assets that are seized by the federal government instead of direct investments.
