The State Senate Utah left the Bitcoin (SBR) strategic race after the change of the proposed bill, enabling you to invest in digital assets. The changed regulations now change to the Governor’s desk Utah Spencer Cox to be signed.
Utah transfers a bitcoin invoice without a key clause
March 7 Senate Utah passed House Bill 230 (HB230), also known as “blockchain and digital changes in innovation.” However, the legislators have changed the provisions regarding the scrapping of the clause, enabling you to invest in digital assets.
Legislation initially authorized the State Treasurer to invest up to 5% of some public reserve funds in “qualifying digital assets” and established requirements for their care and management.
To consider investments, digital assets had to maintain market capitalization of over $ 500 billion in the last 12 months and not be Stablecoin. Bitcoin was the only cryptocurrency that met these requirements.
The representative of Utah, Jordan Teuscher, presented HB230 on January 21 and adopted the House of Representatives to vote 8-1 before moving to the first reading of the Senate. The bill adopted the reading of the Senate and Tax Committee on February 20 in voting 4-2-1 and moved to the second and third reading in the full senate.
After the release of the second reading, the Senate abandoned the reserve clause in the third reading of “a lot of concern for these provisions and early adoption of such principles”,, It was found Senator Kirk A. Cullrimore during a stable session on March 7.
Without the Bitcoin reserve clause, the Act only establishes basic protection for Utahns. It also ensures the right to mining bitcoins, start the node, develop software and participate in standing without regulatory supremacy.
Amended HB230 scraps SBR clause. Source: Utah State Legislature
According to Bitcoin rights“This account sets a comprehensive framework for regulating digital assets and blockchain technology in Utah, providing clear definitions and protection for people and companies involved in digital assets. (…) prohibits state and local government entities to limit the ability of a person to accept digital assets as payments or using their own wallets or equipment. “
The bill is now heading to the Governor’s desk Utah Spencer Cox, which is to be signed after the Senate was adopted in voting 19-7-3.
US Strategic BTC Reserve Race continues
Despite the Bitcoin reserve in Utah, other US states remain in the race to become the first state established by the SBR. Data on Bitcoin regulations can be seen Arizona has two BTC reserve accounts waiting for voting on the top floor in the Senate.
Similarly, the Strategic Bitcoin Reserve legislation, introduced in January in January, adopted the Senate Commission at the end of February and is waiting for its final vote. Recent Hampshire and Oklahoma also proposed their SBR suggestions at the state level.
Meanwhile, bills from Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, Massachusetts, Recent Mexico, North Dakota, Ohio and other states remain at the beginning of the legislative process.
It is worth noting that US President Donald Trump recently signed the executive order of the official establishment of the Bitcoin reserve and “digital actions”. Last Thursday, AI and the cryptographic spell David Sacks announced that the reserve would be “capitalized with bitcoins belonging to the federal government, which was forfeited as part of criminal or civil forfeiture.”
The executive order took place after the announcement of President Trump “American cryptographic reserve” in order to raise the industry “after years of corrupt Biden administration attacks”.
Bitcoin's performance in the one-week chart. Source: BTCUSDT on TradingView
A distinguished painting with unmplash.com, chart from tradingview.com
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