{"id":468911,"date":"2025-03-10T13:10:59","date_gmt":"2025-03-10T13:10:59","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=468911"},"modified":"2025-03-10T12:11:45","modified_gmt":"2025-03-10T12:11:45","slug":"utah-pivots-away-from-state-bitcoin-reserve-in-landmark-crypto-legislation","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/utah-pivots-away-from-state-bitcoin-reserve-in-landmark-crypto-legislation\/","title":{"rendered":"Utah pivots away from state Bitcoin reserve in landmark crypto legislation"},"content":{"rendered":"<p data-start=\"0\" data-end=\"121\">Utah's State Senate has stripped a provision for a state-backed <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> reserve from its recently passed crypto bill.<\/p>\n<p data-start=\"123\" data-end=\"442\">The Blockchain and Digital Innovation Amendments bill (<a href=\"https:\/\/le.utah.gov\/Session\/2025\/bills\/introduced\/CP%20HB0230S02%20To%20HB0230S03.pdf\">HB230<\/a>) aims to establish clear guidelines for crypto use within the state.<\/p>\n<p data-start=\"123\" data-end=\"442\">The original draft included a provision allowing Utah to allocate up to 5% of public funds toward digital assets with a market capitalization exceeding $500 billion.<\/p>\n<p data-start=\"444\" data-end=\"728\">However, lawmakers removed the Bitcoin investment clause before final approval, altering Utah's trajectory in the race to establish a state-owned Bitcoin reserve.<\/p>\n<p data-start=\"444\" data-end=\"728\">Despite this adjustment, HB230 remains a pro-crypto bill. It affirms Utah residents' rights to self-custody digital assets, mine Bitcoin, run blockchain nodes, and engage in crypto staking\u2014all key elements of the emerging industry.<\/p>\n<p data-start=\"444\" data-end=\"728\">According to the bill:<\/p>\n<blockquote>\n<p data-start=\"444\" data-end=\"728\">&#8220;[This bill] prohibits state and local governmental entities from restricting the acceptance or custody {and management} of digital assets&#8230; [It also] establishes the right to operate nodes, develop software, transfer digital assets, and participate in staking on blockchain protocols.&#8221;<\/p>\n<\/blockquote>\n<p data-start=\"977\" data-end=\"1086\">The bill now awaits Governor Spencer Cox's signature. If approved, it will become law on May 7, 2025.<\/p>\n<p data-start=\"1088\" data-end=\"1243\">Utah's <a href=\"https:\/\/cryptoslate.com\/arizona-and-utah-make-legislative-strides-towards-bitcoin-reserves\/\">initial push for a Bitcoin reserve<\/a> began in January amid a growing trend among US states exploring crypto as a financial asset.<\/p>\n<p data-start=\"1088\" data-end=\"1243\">Bitcoin reserve efforts went a step higher recently at the national level, as President Donald Trump <a href=\"https:\/\/cryptoslate.com\/trumps-signs-bitcoin-reserve-order-but-wont-buy-more-for-now\/\">signed\u00a0an executive order <\/a>to create a National Strategic Bitcoin Reserve and a Digital Asset Stockpile. The <a href=\"https:\/\/cryptoslate.com\/congressman-french-hill-backs-trumps-bitcoin-reserve-order-calls-for-federal-crypto-legislation\/\">Bitcoin reserve<\/a> will hold only BTC, while the stockpile will include various seized or forfeited digital assets.<\/p>\n<p data-start=\"1548\" data-end=\"1840\" data-is-last-node=\"\" data-is-only-node=\"\">Under this directive, the government plans to acquire Bitcoin through budget-neutral strategies, while the digital asset stockpile will grow through enforcement actions. The Bitcoin reserve is expected to serve as a long-term store of value, much like the gold vault at Fort Knox.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Utah&#8217;s State Senate has stripped a provision for a state-backed Bitcoin reserve from its recently passed crypto bill. The Blockchain and Digital Innovation Amendments bill (HB230) aims to establish clear guidelines for crypto use within the state. The original draft included a provision allowing Utah to allocate up to 5% of public funds toward digital [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":468942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,1,77968],"tags":[80014],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Utah pivots away from state Bitcoin reserve in landmark crypto legislation<\/title>\n<meta name=\"description\" content=\"Utah amends crypto bill, removing state-backed Bitcoin reserve provision while affirming residents&#039; digital rights.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/utah-pivots-away-from-state-bitcoin-reserve-in-landmark-crypto-legislation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Utah pivots away from state Bitcoin reserve in landmark crypto legislation\" \/>\n<meta property=\"og:description\" content=\"Utah amends crypto bill, removing state-backed Bitcoin reserve provision while affirming residents&#039; digital rights.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/utah-pivots-away-from-state-bitcoin-reserve-in-landmark-crypto-legislation\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-10T13:10:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-10T12:11:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/03\/utah-bitcoin-bill.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/utah-pivots-away-from-state-bitcoin-reserve-in-landmark-crypto-legislation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/utah-pivots-away-from-state-bitcoin-reserve-in-landmark-crypto-legislation\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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