Utah Passes Blockchain Law Without Bitcoin Reserve
The Essentials at a Glance
Utah has passed a new blockchain law but removed a clause for establishing a Bitcoin reserve. Despite this change, the law strengthens the rights of digital asset users and allows activities such as Bitcoin mining and running nodes. While Utah remains cautious, other states continue to advance their crypto legislation.
Utah Embraces Blockchain but Without a Bitcoin Reserve
The “Blockchain and Digital Innovation Amendments” (HB230) law was passed by the Utah Senate. However, a key provision was removed: the establishment of a state Bitcoin reserve. This decision was made due to concerns about the risks of state-backed crypto investments. Despite this change, the law still permits self-custody of cryptocurrencies as well as mining and staking within the state.
Why Was the Bitcoin Reserve Removed?
Senator Kirk A. Cullimore explained during a session on March 7 that the original Bitcoin reserve clause had raised significant concerns. Lawmakers therefore decided to remove this section. The final vote in the House of Representatives resulted in 52 to 19 in favor of the revised version of the law. Had the original version been passed, Utah would have been the first state to establish a Bitcoin reserve.
Other States Push Forward with Bitcoin Reserves
While Utah opted against a Bitcoin reserve, the topic remains relevant in other states. A total of 31 states have introduced legislative initiatives, with 25 still actively being discussed. Arizona and Texas are leading the way, as their legislative proposals have already passed Senate committees and are awaiting final votes. Meanwhile, initiatives in states like Pennsylvania, Montana, and North Dakota have stalled.
Nationwide Developments: Bitcoin as a Strategic Reserve
There is also movement at the federal level. President Donald Trump signed an order to establish a “Strategic Bitcoin Reserve.” This measure highlights Bitcoin’s growing importance in the U.S. financial system. Despite a decline in prediction probability on Polymarket—from 45% on March 7 to 30%—confidence in a national Bitcoin reserve remains high. Matt Hougan, Chief Investment Officer at Bitwise, predicts that Bitcoin will play a central role as a reserve asset in the long term.
Our Assessment
Utah’s decision shows that regulating digital assets remains a sensitive issue. While the state supports blockchain technologies, it remains cautious about Bitcoin as a state reserve. Other states are taking a more aggressive approach, leading to inconsistent crypto regulation across the U.S. However, federal developments could pave the way for a more unified strategy in the long run.
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| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $79,884.00 |
| 24h % | -4.48 % |
| 7d % | -11.32 % |
| 30d % | -16.65 % |
| 60d % | -15.52 % |
| 1y % | 15.17 % |
| Market Cap | $1,584,412,994,544.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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