The blockchain and Digital Innovation Amendment Bill of Utah, which would establish a bitcoin reserve, was dropped just before the last Senate vote.
referred to as House Bill 230The state Senate of Utah passed the bill with 19-7-3 votes on 7 March. However, this version no longer includes Bitcoin Reserve Claus. The bill is now near the Governor Spencer Cox for approval.
Initially, the bill allowed the treasurer of the state of Utah to invest up to 5% in bitcoin and other qualifying digital assets.
The Utah Bitcoin was leading the reserve race and was expected to be the first American state to pass such a law due to its youngest 45-day legislative window and strong political speed. However, the clause was scraped while reading the last Senate on 7 March, and later the House Agreed With the amendment of 52–19-4 votes, its expulsion from the bill was sealed.
With the departure of the reserve clause, the HB230 only includes provisions that protect the rights of bitcoin, run a node, and participate in stacking, making sure that the residents may engage in blockchain activities without regulatory overrech. It gives clear rights to Utons while holding digital assets, also establishing basic custody protection.
Now, the bitcoin reserve race has reached Texas and Arizona, both states are moving forward with their own legislative efforts.
According to bitcoin laws, two Arizona Senate Bill and Texas Senate Bill (TX S) are now in the next queue to establish a state-supported bitcoin reserve. Arizona’s bills have already approved the feet of the committee and are waiting for the final floor votes, while Texas’s proposal has gone to the House.
Meanwhile, other states, including Kentki, New Hampshire, Illinois and Iowa, still have a bitcoin reserve bill, but they are ahead in the legislative process.
In the relevant news, US President Donald Trump signed an executive order on 7 March that establishes a strategic bitcoin reserve and an American digital asset stockpile. However, the reserve will be funded through the property seized by the federal government rather than direct investment.
