Utah Drops Bitcoin Reserve Clause from Blockchain Bill Before Final Senate Vote
Utah’s Blockchain and Digital Innovation Amendments bill, also known as House Bill 230, recently underwent a crucial change before its final Senate vote. The proposed clause to establish a Bitcoin reserve was dropped, shifting the focus of the bill.
The bill, which was passed by the State Senate with a 19-7-3 vote on March 7, initially included a provision that would allow Utah’s state treasurer to invest up to 5% of certain public funds into Bitcoin and other qualifying digital assets. However, during the final Senate reading, the clause was removed, and the House later concurred with the amendment.
With the Bitcoin reserve clause no longer part of HB230, the bill now primarily focuses on protecting the rights of Utah residents to mine Bitcoin, run a node, and participate in staking activities. It also includes provisions for basic custody protections, ensuring clearer rights for individuals holding digital assets.
Bitcoin Reserve Race Shifts to Texas and Arizona
Following Utah’s decision to drop the Bitcoin reserve clause, the race to establish a state-backed Bitcoin reserve has now shifted to Texas and Arizona. Both states are actively pursuing legislative efforts to implement similar measures.
Arizona has two Senate bills awaiting final floor votes, while Texas has moved its proposal to the House for consideration. Other states, including Kentucky, New Hampshire, Illinois, and Iowa, also have live Bitcoin reserve bills in progress, although they are at earlier stages in the legislative process.
In a related development, U.S. President Donald Trump signed an executive order on March 7 that establishes a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. However, the funding for this reserve would come from assets seized by the federal government, rather than direct investments.