Utah Pushes Digital Asset Reserve Bill to Senate Approval
The Utah House of Representatives has passed HB 230, also known as the Blockchain and Digital Innovation Amendment. This marks an important step in the state’s approach to investing in digital assets.
The bill allows Utah to allocate up to 5% of public funds to qualify for digital assets. It passed by a narrow 38-34 vote and made three abstentions.
Utah takes a bold step towards digital asset investment
State Representative Jordan Teuscher attended HB 230 January 21. The bill quickly passed the House Economic Development and Labor Services Committee Vote 8-1-1 Before the House of Representatives gets approval. Now, it is handed over to the Senate for further consideration.
“The ‘Strategic Bitcoin Reserve’ bill has officially passed the Utah House of Representatives,” Satoshi Action Fund Dennis Porter shared On X (formerly Twitter).
Porter had previously predicted Utah’s potential Create the first one Bitcoin (BTC) Book. He cited the state’s short-term 45-day legislative calendar and the role of its Digital Assets Task Force in moving relevant programs forward.
Except for Utah, Arizona is the only other state and obtained similar bills close to approval. The Strategic Bitcoin Reserves Act (SB1025) passed the Senate Finance Committee and is now awaiting a vote in the House.
Despite the enthusiasm, some skeptics argue that HB 230 does not explicitly support Bitcoin. X user Justin Bechler criticized the language of the bill.
“Utah HB 230 is not a strategic Bitcoin reserve. It won’t refer to Bitcoin once. Posted.
Beckler believes that the structure of the bill is conducive to stability. He pointed out that it includes Digital assets with market capitalization More than $500 billion.
Although the threshold appears to include Bitcoin, legislation separately Stable assets as qualified assets. He further noted that the bill authorizes asset custody through banks, trust companies or exchange-traded products. This is consistent with centralized Stablecoin Management rather than Bitcoin’s decentralized spirit.
“Bitcoin is just bait, Stablecoins is the real goal,” postal read.
In addition, Beckler highlighted the currency transmitter exemption in the bill. According to him, although it facilitates digital asset exchange, it cannot help Utah’s Bitcoin adoption.
He further explained: “Not only is this legislation not a “strategic Bitcoin reserve,” but in fact, it usually prohibits states from owning Bitcoin.”
Still, Porter opposes criticism.
“Only Bitcoin is eligible.” assertion.
Porter clarified that the bill was intentional to maximize its chances of entering the law. He explained that the bill is running a node or Operate blockchain protocolfor example Bitcoin.
He encouraged Bitcoin supporters to double-check the bill. Furthermore, he firmly rejected the notion that legislation would limit Bitcoin ownership.
The next obstacle to the bill is the Senate. Further debate will determine whether Utah’s digital asset strategy will benefit Bitcoin or Positive to be stable.
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