Utah approved the new draft law on the state, block chain and digital assets. However, the initially recommended Bitcoin reserve plan was removed from the bill. It is guaranteed by new regulation, mining, stinging and self -saving.
Utah passed the Bitcoin law
The Utah State Assembly approved the draft HB230 on March 7, 2025. This law aims to open more space for the state’s block chain technologies.
The bill, which was adopted by 19 to 7 votes in the Senate, initially envisaged the state treasury to form a Bitcoin reserve. However, in the last vote, this article was issued and the draft was mostly focused on protecting the individual use of digital assets.
Why was the Bitcoin reserve plan extracted?
The bill was first presented by representative Jordan Teuscher and supported by Senator Kirk A. Cullimore. Initially, Utah contained a substance that allowed 10 %of certain funds to deposit Bitcoin.
However, in the last Senate session, this article was removed on the grounds that it may be risky to adopt such an investment of the state early. Senator Cullimore, said that this change was made to maintain financial stability.
New editing that protects crypto users
Despite the cancellation of the reserve plan, the HB230 bill contains important provisions aimed at protecting crypto users in Utah.
The new law guarantees the right to keep the digital assets of Utah in their wallets. In addition, the rights such as Bitcoin mining, starting block chain nodes and participating in stinging activities are protected.
Interest in Bitcoin reserve laws in the USA is increasing
Although Utah has given up the Bitcoin reserve plan, many states continue to advance similar arrangements. Especially Arizona and Texas are working on new laws on Bitcoin reserve.
According to Bitcoin Laws data, 25 out of the 31 Bitcoin reserve bill offered throughout the US are still active. In addition, President Donald Trump signed a decree to create a national reserve for Bitcoin on March 7, 2025. Although Utah does not invest directly Bitcoin, it continues to be a block -friendly state by supporting the individual use of crypto currencies.
