Source: Cointelegraph Original: "{title}"
The Utah Senate recently passed a Bitcoin bill but removed its core provision—authorizing the state to establish a Bitcoin reserve—thus squashing the possibility of Utah becoming the first state in the U.S. to hold a Bitcoin reserve.
The bill, numbered HB230 "Blockchain and Digital Innovation Amendments," currently only provides basic cryptocurrency custody protections for Utah residents while affirming their rights to mine, run Bitcoin nodes, and participate in staking.
On March 7, the bill was passed in the Utah Senate with a vote of 19 in favor, 7 against, and 3 abstentions. The bill has now been submitted to Utah Governor Spencer Cox's office, awaiting his signature to become law.
The originally deleted provision aimed to authorize the Utah State Treasurer to invest up to 5% of funds from five different state accounts to purchase digital assets with a market capitalization exceeding $500 billion for a continuous year. Currently, only Bitcoin (BTC) meets this standard, so the actual target asset of this provision is Bitcoin.
The provision was approved during the second reading of the bill but was removed during the third reading. Subsequently, the Utah House of Representatives agreed to the Senate's revised version on March 7 with a vote of 52 in favor, 19 against, and 4 abstentions.
One of the bill's sponsors, Senator Kirk A. Cullimore, stated during the Utah legislative session on March 7, "These provisions and the early adoption of such policies raised many concerns."
"Therefore, all related provisions have been removed from the bill."
Utah Senator Kirk A. Cullimore confirmed the HB230 amendment, which abolished the reserve provision. Source: Utah State Legislature
In fact, prior to March 7, Utah was likely to become the first state in the U.S. to establish a Bitcoin reserve. Dennis Porter, CEO of the Satoshi Action Fund, had predicted on February 2 that Utah might be the first to pass the bill and hold a Bitcoin reserve.
According to Bitcoin Laws data, Arizona and Texas currently have the most promising Bitcoin reserve bills that may be legislated first. Both bills have passed in their respective state Senate committees and are now awaiting a full Senate vote.
U.S. states are competing to establish Bitcoin reserves. Source: Bitcoin Laws
Among the 31 Bitcoin reserve state bills proposed in the U.S., 25 are still active, including those from Illinois, Iowa, Kentucky, Maryland, Massachusetts, New Hampshire, New Mexico, North Dakota, Ohio, and Oklahoma.
However, bills from Pennsylvania, Montana, Kentucky, and North Dakota have been rejected.
Meanwhile, U.S. President Trump signed an executive order on March 7 to establish a strategic Bitcoin reserve at the federal level.
This Bitcoin reserve will be funded initially through Bitcoin seized in criminal cases, while the Treasury Secretary and Commerce Secretary have been instructed to develop "budget-neutral strategies" to further increase the size of the Bitcoin reserve.
Related: The U.S. officially establishes a cryptocurrency reserve; why is the crypto community not buying it?
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