The Senate in Utah State came out of the Bitcoin Reserve (SBR) strategic race after amending the proposed law to allow the Ministry of Foreign Affairs to invest in digital assets. The amended legislation is now heading to the office of the governor of Utah Spencer Cox to be signed in the law.
Uta Tamr Bill Bitcoin without a major condition
On March 7, the Senate in Utah Pass Bill 230 (HB230), also known as “digital innovation and innovation modifications”. However, the state lawmakers amended the legislation to cancel the item that allows the state to invest in digital assets.
The legislation initially allowed the Secretary of the State Fund to invest up to 5 % of some general reserve funds in “qualified digital assets” and the requirements for custody and management.
In order to consider investment, digital assets must have maintained the market value of more than $ 500 billion over the past 12 months and not be Stablecoin. Bitcoin was the only cryptocurrency to meet these requirements.
Utah Jordan representatives presented HB230 on January 21 and ordered the House of Representatives to vote 8-1 before moving to the first reading of the Senate. The draft law approved the Senate Revenue and Tax Committee on February 20 in a vote 4-2-1 and moved to the second and third reading of the full Senate.
After passing the second reading, the Senate dropped the condition of reserve on its third reading on “a lot of anxiety with those provisions and early adoption of these types of policies”, ” I mentioned Senator Kirk A. Collimore at the March 7th floor session.
Without Bitcoin reserve condition, the draft law only determines the protection of the basic custody of UTahns. It also provides the right to obtain bitcoin, operate a knot, develop programs, and participate in Stokeing without organizational exception.
Amended HB230 scraps SBR clause. Source: Utah State Legislature
according to Bitcoin laws“This draft law creates a comprehensive framework for regulating digital assets and Blockchain technology in Utah, which provides clear definitions and protection for individuals and companies that participate with digital assets. (
The draft law is now heading to the office of the governor of Utah Spencer Coxs to be registered in a law after the Senate passed by 7-3-3.
The American strategic BTC reserve race continues
Despite the results of Bitcoin reserves in Utah, other American states remain in the race to become the first country to create SBR. Bitcoin law data He appears Arizona has a BTC budget bill awaiting the last floor vote in the Senate.
Likewise, Bitcoin’s strategic legislation in Texas, which was presented in January, issued the Senate at the end of February and is awaiting its final vote. New Hampsheer and Oklahoma have also developed their SBR proposals at the state level.
Meanwhile, the draft laws from Florida, Georgia, Ilinoi, Iowa, Kentucky, Maryland, Massachusetts, New Mexico, Northern Dakota, Ouhayu and other living states are still in the early stages of the legislative process.
It should be noted that US President Donald Trump recently signed an executive order to hold a strategic bitcoin reserve and “Digital Asset stock”. Last Thursday, the White House AI & Crypto CZAR DAVID SACKS announced that the reserve “will benefit from the federal government -owned bitcoin as part of the procedures for confiscating criminal or civil assets.”
The executive order followed President Trump Mach 2 announced a “American encoding reserve” to raise the industry “after years of corrupt attacks by the Biden administration.
Bitcoin's performance in the one-week chart. Source: BTCUSDT on TradingView
Distinctive photo of Unsplash.com, Chart from Tradingview.com
Editing process For Bitcoinist, it is focused on providing accurate, accurate and non -biased content. We support strict resource standards, and each page is subject to a diligent review by our team of senior technology experts and experienced editors. This process guarantees the integrity of our content, importance and value of our readers.
