Utah’s Bitcoin bill, designated as HB230 “Blockchain and Digital Innovation Amendments,” has successfully passed the state Senate. However, it did so without a pivotal component—a clause that would have made Utah the first US state to establish its own Bitcoin reserve.
The bill was approved with a 19-7-3 vote on March 7 and now awaits Governor Spencer Cox’s signature to become law.
The original clause would have allowed Utah’s treasurer to invest up to 5% of digital assets with a market cap over $500 billion into five state accounts, with Bitcoin being the only asset currently meeting that criterion. While the clause passed the second reading, it was removed in the third and final reading.
The Utah House concurred with this amendment in a 52-19-4 vote. Senator Kirk A. Cullimore, a sponsor of the bill, mentioned that concerns over adopting such policies too early led to the removal of these provisions.
