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Utah Senate passes Bitcoin bill but cancels Bitcoin reserve clause
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4 hours ago 642
March 10th news, according to Cointelegraph, the Utah Senate has passed the HB230 Blockchain and Digital Innovation Amendment Act, but has removed the clause that originally allowed the state Treasury Department to invest in Bitcoin. The bill passed on a 19-7-3 vote and will be submitted to Governor SpencerCox for signature into law. The current version only protects 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 of more than $500 billion, and currently only Bitcoin meets that standard. However, the clause was removed at final consideration and the House then accepted the amendment by a 52-19-4 vote.
Keywords: Bitcoin
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