PANews reported on March 10 that according to Cointelegraph, the Utah Senate has passed HB230, the Blockchain and Digital Innovation Amendment Act, but deleted the clause that originally allowed the state treasury to invest in Bitcoin. The bill was passed by a vote of 19-7-3 and will be submitted to Governor Spencer Cox to be signed into law. The current version only guarantees the basic cryptocurrency rights of Utah residents, such as Bitcoin custody, mining, running nodes, and participating in staking.
The original reserve provision allowed the Treasury to invest up to 5% of its funds in digital assets with a market value of more than $500 billion, and currently only Bitcoin meets this standard. However, the provision was removed during the final review, and the House of Representatives subsequently accepted the amendment by a vote of 52-19-4.
