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Utah Senate Passes Bitcoin Bill but Removes Bitcoin Reserve Plan
March 10, 2025 – The Utah Senate has passed the HB230 Blockchain and Digital Innovation Amendments bill after removing a key provision that would have allowed the state to invest in Bitcoin. Lawmakers voted 19-7-3 on March 7, sending the bill to Governor Spencer Cox for final approval.
The removed Bitcoin reserve clause was initially proposed to allow Utah’s state treasurer to invest up to 5% of certain funds in digital assets with a market cap exceeding $500 billion over the past year. This would have effectively enabled the state to hold its own Bitcoin reserves. However, this provision did not pass through the legislature and has been removed from the bill.
The remaining provisions of the HB230 Blockchain and Digital Innovation Amendments bill will still protect Utah residents’ rights to mine Bitcoin, run nodes, stake cryptocurrencies, and hold digital assets. The new law aims to promote innovation in the blockchain sector within the state and provide a favorable environment for cryptocurrency-related businesses to operate.
Senator Kirk A. Cullimore, one of the bill’s sponsors, explained the removal of the Bitcoin reserve clause during a Senate meeting on March 7. “There was a lot of concern with those provisions and the early adoption of these types of policies,” he stated.
The Utah Senate’s decision comes as other states are pushing forward with their own Bitcoin reserve plans. Arizona and Texas have already introduced Bitcoin reserve bills that have passed committee votes and are now awaiting final Senate approval. The news highlights the growing interest in government-backed cryptocurrencies across various US states.
As a result, 31 Bitcoin reserve bills have been introduced across multiple states, with 25 remaining active proposals. Some of these states include Illinois, Iowa, Kentucky, Maryland, Massachusetts, New Hampshire, New Mexico, North Dakota, Ohio, and Oklahoma.
On the other hand, not all states are welcoming to government-backed cryptocurrencies. Pennsylvania, Montana, Kentucky, and North Dakota have already rejected similar measures.
