The Utah Bitcoin Reserve Bill passes the Senate Tax Committee review

According to a ChainCatcher message, as reported by Cointelegraph, the Utah HB230 "Blockchain and Digital Innovation Amendment" was passed by the state Senate Tax Committee on February 20th with a vote of 4-2-1. The bill will now proceed to second and third readings in the Senate.

Under this bill, for digital assets to become reserve assets, their average market value within the previous calendar year must reach or exceed $500 billion. Currently, only Bitcoin meets this requirement.

The bill also authorizes the State Treasurer to participate in cryptocurrency collateral business. The State Treasury can invest no more than 5% of digital assets in each of five state-level accounts including general budget funds, income tax fund budgets and state disaster recovery accounts etc.