Utah Senate Approves Crypto Bill, Drops Bitcoin Reserve

HB230, known as the "Blockchain and Digital Innovation Amendments", was initially designed to let Utah invest in Bitcoin as part of its state funds. However, after revisions, the bill now focuses only on protecting individual rights related to cryptocurrency use.

The original version proposed that Utah’s treasurer could allocate up to 5% of digital assets—limited to those with a market cap exceeding $500 billion in the past year—across five state accounts. At present, Bitcoin is the only asset that qualifies under this requirement.

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The proposal gained traction and successfully passed a second reading, but during the final Senate review, the reserve clause was removed. The House later agreed to this amendment with a 52-19-4 vote.

Senator Kirk A. Cullimore, one of the bill’s sponsors, explained the decision, saying:

There was a lot of concern with those provisions and the early adoption of these types of policies. All of that has been stripped out of the bill.

In its revised form, the bill guarantees Utah residents certain rights in the cryptocurrency industry. This includes the ability to mine Bitcoin, run nodes, stake assets, and hold digital assets with legal protection.

Meanwhile, a group of House Democrats recently introduced a bill called the Modern Emoluments and Malfeasance Enforcement (MEME) Act. What does it propose? Read the full story.