Utah Senate Passes Bitcoin Bill; Key Provisions Removed

# Utah Senate Passes Bitcoin Legislation, Excludes Reserve Provision The Utah Senate has passed a bill related to Bitcoin (BTC), though the provision for Bitcoin reserves was omitted in the final version, Cointelegraph reported on October 9. On October 7, the Utah Senate approved the 'HB230 Blockchain and Digital Innovation Amendments.' The legislation is designed to guarantee Utah citizens' fundamental rights to participate in digital asset activities such as Bitcoin mining, node operation, and staking. However, a key component, the Bitcoin reserve provision, was excluded from the final review. This provision would have permitted the Utah Treasury to invest up to 5% in digital assets with a market capitalization exceeding $500 billion (approximately 723.75 trillion KRW). Currently, Bitcoin is the only digital asset meeting this criterion. Senator Kirk A. Cullimore, a co-sponsor of the bill, explained, "There were many concerns about the Bitcoin reserve provision. A cautious approach was necessary in the early stages of policy implementation." This decision means Utah missed the opportunity to become the first state in the U.S. to hold Bitcoin reserves. Currently, Bitcoin reserve legislation has been proposed in 31 states, with reviews underway in 25. In related news, U.S. President Donald Trump signed an executive order on October 7 for a strategic Bitcoin reserve. This reserve will be based on Bitcoin assets seized from criminal cases. The U.S. Treasury and Department of Commerce have been directed to develop additional Bitcoin purchase strategies.