Utah passes bitcoin-related bill, but key reserve provisions are deleted

Lawmakers in the U.S. state of Utah have approved a bitcoin-related bill, but removed a core provision allowing state finances to invest in bitcoin. The Blockchain and Digital Innovation Amendment Act, numbered HB230, currently awaits the signature of Governor Spencer Cox to take effect. The bill gives Utah residents rights related to bitcoin custody, mining, node operations, and staking, but a provision that would have made Utah the first state in the U.S. to hold bitcoin in its reserves was removed in the final stages. The original proposal proposed allowing up to 5 percent of the state's digital asset investments to be allocated to bitcoin. Although this provision was passed in an earlier vote, it was later removed. Arizona and Texas are still pushing ahead with bitcoin reserve bills, and both state legislatures are advancing legislation. Of the 31 similar state-level proposals, 25 are still under consideration.