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Utah Senate Passes Bitcoin Bill, Removes BTC Reserve Clause
The bill provides residents with basic custody protections and establishes the right to mine BTC, operate notes and participate in staking
Updated Mar 10, 2025, 1:51 p.m. Published Mar 10, 2025, 10:01 a.m.
What to know:
- The Utah Senate passed a Bitcoin bill but with one key clause missing as far as the crypto community is concerned - it does not include provision for the state treasurer to invest in bitcoin.
- Utah was seen by some observers as being the frontrunner to establish a bitcoin reserve among U.S. states.
The Senate of Utah, seen by some observers as being the frontrunner to establish a bitcoin reserve, passed a Bitcoin bill that excluded provision for the state treasurer to invest in the largest cryptocurrency.
Instead it provides the state's residents with basic custody protections and establishes the right to mine bitcoin (BTC), operate nodes and participate in staking, along with other various other provisions.
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The senate's passing of the bill on March 7 means it now passes to Governor Spencer Gox to be signed into law.
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CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing "clear guardrails" for firms.
What to know:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.
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