Utah lawmakers have passed a bill aimed at providing regulatory clarity for blockchain technology, but a key provision that would have allowed the state to invest public funds in Bitcoin didn’t make the cut.
Late Friday, the Utah Senate approved H.B. 230 – Blockchain and Digital Innovation Amendments in a 19-7 vote after amending the bill to remove language that would have let the state treasurer allocate funds toward a Bitcoin reserve.
Hours later, the House agreed to the changes, passing it 52-19.
What’s in the Bill?
Originally introduced by Rep. Jordan Teuscher (R-Utah) and backed in the Senate by Sen. Kirk Cullimore (R-Utah), the bill still introduces several blockchain-friendly measures.
It prevents state and local governments from restricting the acceptance or custody of digital assets, protects the right to run blockchain nodes and participate in staking, and exempts these activities from state money transmitter laws.
It also limits local governments from unfairly regulating crypto mining operations in industrial areas.
A Different Approach from Other States
Utah’s move comes just days after President Trump’s March 6 executive order establishing a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile at the federal level. While Utah opted out of holding Bitcoin, other states are heading in the opposite direction.
Texas and Arizona are leading the charge. Last Thursday, Texas lawmakers approved a bill to add Bitcoin to state reserves in a 25-5 Senate vote. Arizona is also advancing a proposal to invest up to 10% of state funds in Bitcoin, while Oklahoma recently passed a similar measure through committee.
Not every state is on board, though. Montana, South Dakota, Pennsylvania, North Dakota, and Wyoming have rejected Bitcoin reserve bills, citing volatility concerns. Meanwhile, 18 other states, including Florida, Michigan, and Missouri, are still debating the idea.
Governor Spencer Cox has yet to say if he will sign Utah’s bill. If he does, it will take effect May 7, 2025
Read also: Trump’s Bold Move: US Bitcoin Reserve Signals a New Era for Crypto
