UTAH legislators approved the legislation on Friday evening, aimed at providing regulatory clarity but deleted a pivotal provision which would have enabled the State to invest in public funds directly in the crypto.
HB 230—The modifications of the innovation of Blockchain and Digital adopted the Utah Senate by a vote of 19 to 7 years after the legislators modified it to eliminate the language which would have authorized the treasurer of the State of UTAH to allocate funds managed by the State to a Bitcoin reserve.
Later in the evening, the room agreed with the Senate revisions, approving Bill 52-19, with four abstentions.
Initially presented by the representative Jordan Teuscher (Rutah) and sponsored in the Senate by Senator Kirk Cullimore (R-Utah), modified legislation still contains important arrangements adapted to blockchain.
The bill explicitly prohibits the governments of states and premises to restrict acceptance or custody of digital assets, protects the rights of individuals to manage blockchain nodes, to participate in presentations and to exempt these activities against the requirements of license from the state monetary issuer.
In addition, legislation prevents local governments from imposing zoning and noise regulations that unjustly target digital asset extraction companies operating in industrial areas.
This decision comes shortly after the executive decree of the president of the president Trump establishing a Strategic bitcoin reserve And stocks of American digital assets at the federal level, reflecting a broader government interest in the adoption of cryptography.
Governor Spencer Cox did not publicly indicate if he intended to sign the bill. If it is approved, the measure will officially take effect on May 7, 2025.
Push bitcoin 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 advantages of the same thing.
Last Thursday, the Senate of Texas approved the bill with a 25-5 vote After Senator Charles Schwertner, the bill of the bill, said that the shortage of Bitcoin and its potential as a coverage against inflation made it a precious asset for the financial future of the State.
“We have no stacks of dollar tickets and safes as we did in medieval times,” said Schwertner. “What we have is digital currency.”
Not far behind, Arizona is also advance His own Bitcoin reserve proposal.
The SB 1025 of Arizona, which has already made 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.
After the advance of Arizona and Texas, Oklahoma HB 1203The Bitcoin Strategic Reserve Act, pass The government’s surveillance committee of the House by a vote of 12-2.
However, Not all states are impatient To embrace the reserves supported by Bitcoin.
States like Montana,, South Dakota,, Pennsylvania,, North DakotaAnd Wyoming Have he rejected similar invoices due to concerns about Bitcoin volatility.
About 18 state proposals are still pending, according to the Bitcoin reserve instructor dataWith Kansas, Iowa, Missouri, Illinois, Florida, Massachusetts, Michigan, among others, all exploring the possibility of incorporating Bitcoin into their financial reserves.
Edited by Sebastian Sinclair
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