A U.S. First! Utah Passes Bitcoin Bill to Establish State-Level Bitcoin Reserve!
TradingKey - Utah's Bitcoin bill has passed, but key provisions have been removed.
March 7, Utah's Bitcoin bill passed the state Senate with 19 votes in favor, 7 against, and 3 abstentions. It will now be sent to Governor Spencer Cox for signing into law.
Previously, the bill would have authorized the Utah State Treasurer to invest in Bitcoin, with a cap of 5% of its market value. However, this core provision has been removed. The current version only provides basic custody protections for Utah citizens, granting them the right to mine Bitcoin, run nodes, and participate in staking.
The changes to Utah's Bitcoin bill align closely with the approach announced by Trump's federal government—avoiding the use of taxpayer funds to purchase cryptocurrencies and instead relying on other methods, such as forfeitures. Future reserve methods may include donations, effectively resulting in zero cost.
This approach serves a dual purpose: Trump fulfills his promise without facing taxpayer opposition, and it is expected to become a model for other U.S. states.
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