Utah’s Senate has passed the Blockchain and Digital Innovation Amendments (HB230) bill, but lawmakers removed a key provision that would have allowed the state to hold Bitcoin in its treasury. Concerns over volatility, fiscal risks, and lack of precedent led to the decision.
The bill, which now awaits Governor Spencer Cox’s approval, still protects digital asset rights, including self-custody, Bitcoin mining, and staking.
Initially, it proposed allowing the state treasurer to invest up to 5% of certain state funds into cryptocurrencies with a market cap exceeding $500 billion—a threshold only met by Bitcoin. However, the clause was scrapped in the final Senate reading and later approved by the House.
Despite Utah stepping back, Bitcoin reserve bills are still advancing in states like Arizona and Texas, while 25 other states are actively considering similar measures.
Meanwhile, at the federal level, President Donald Trump’s executive order on March 7 established a Strategic Bitcoin Reserve, seeded with confiscated Bitcoin, signaling a shift in Washington’s approach to digital assets.
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