The Utah Senate passes a Bitcoin bill, but cancels the Bitcoin reserve provision

On March 10th, according to Cointelegraph, the Utah Senate has passed the HB230 "Blockchain and Digital Innovation Amendment" bill, but removed the provision that originally allowed the state treasury to invest in Bitcoin. The bill was passed with a vote of 19-7-3 and will be submitted to Governor Spencer Cox for signature into law.

The current version only protects basic cryptocurrency rights of Utah residents, such as Bitcoin custody, mining, running nodes and participating in staking etc. The original reserve clause allowed the Treasury Department to invest up to 5% of funds in digital assets with a market value exceeding $500 billion; currently only Bitcoin meets this standard. However, this clause was removed during final review and subsequently accepted by House with a voting result of 52-19-4.