Utah Senate passes Bitcoin bill, but cancels Bitcoin reserve clause

On March 10th, according to Cointelegraph, the Utah Senate has passed the HB230 "Blockchain and Digital Innovation Amendment" bill, but removed the provision 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 for signature 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 clause allowed the Ministry of Finance to invest up to 5% of its funds in digital assets with a market value exceeding $500 billion, and currently only Bitcoin meets this standard. However, the clause was removed during the final review, and the House of Representatives subsequently accepted the amendment with a vote of 52-19-4.