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US Senate in Utah Approves Bitcoin Law
In a significant development, the US Senate in Utah has approved a Bitcoin law, paving the way for the state to take a major step forward in terms of regulating cryptocurrency. The bill, which was passed on Friday, grants investors certain rights related to the custody of crypto assets, legalizes mining and the operation of a node, and allows participation in staking processes.
While the initial draft of the proposal included the establishment of a strategic reserve for Bitcoin, this crucial component has been omitted from the final version. The deleted paragraph had specified that Utah could use public funds up to 5% to purchase “qualified digital assets” with a market capitalization of at least $500 billion. This would have effectively limited the scope of eligible assets to only Bitcoin.
Despite the omission of the reserve clause, the approval of this bill marks an important milestone for the state’s regulatory landscape around cryptocurrency. The legislation will now be sent to Governor Spencer Cox for his signature, which is required to complete the process.
The development has been met with mixed reactions in the crypto community. While some have expressed relief that the proposal did not include overly restrictive measures, others have expressed disappointment at the lack of a strategic reserve. This controversy is not unique to Utah, as similar debates are currently underway in other US states and at the federal level.
In related news, it has been reported that a proposal for a crypto reserve was recently passed in Texas, although it did not gain traction in other Republican-controlled regions. At the federal level, there are also divided opinions on the establishment of such a reserve, with some advocates pushing for its creation from confiscated assets.
It is unclear what Governor Cox’s stance on the bill will be, but one thing is certain – the approval of this law sends a strong signal that Utah is committed to fostering a supportive environment for cryptocurrency and blockchain innovation.
Source: https://thebitcoinnews.com/us-senate-in-utah-approves-bitcoin-law/
