Catenaa, Sunday, March 16, 2025- Utah Senate has passed a landmark Bitcoin bill, but lawmakers removed a provision that would have allowed the state treasury to invest in Bitcoin.
The “Blockchain and Digital Innovation Amendments” (HB230) cleared the Senate on March 7 in a 19-7-3 vote, and now awaits Governor Spencer Cox’s signature.
While the bill affirms Utah residents’ rights to self-custody crypto, mine Bitcoin, and operate blockchain nodes, it no longer includes a clause permitting the state to allocate up to 5% of certain funds into Bitcoin.
The original proposal, which would have made Utah the first U.S. state to hold Bitcoin as a reserve asset, faced pushback over concerns about volatility and the fiscal risks of government-held digital assets. The Utah House approved the amendment removing the investment provision with a 52-19-4 vote.
Despite Utah’s retreat from a state-backed Bitcoin reserve, similar efforts are progressing in Arizona and Texas, where reserve bills are moving through legislative hurdles. According to Bitcoin Laws data, 31 states have introduced Bitcoin reserve legislation, with 25 measures still active.
At the federal level, President Donald Trump signed an executive order on March 7 establishing a Strategic Bitcoin Reserve. The plan, which involves accumulating Bitcoin through criminal forfeitures, marks a significant shift in Washington’s approach to digital assets.
