On Friday, Utah policymakers passed a crypto-related bill aimed at offering regulatory clarity for industry players. However, a provision that would have permitted the state to use a portion of public funds to buy BTC was removed.
The Blockchain and Digital Innovation bill received the support of 19 Utah legislators, with 7 rejecting it. Notably, 52 House representatives voted for the proposal, initially tabled by Republican policymaker Jordan Teuscher.
Key Details in the Utah Bitcoin Bill
Several key provisions have been included in the bill. For instance, it prohibits the local government from limiting the acceptance of digital assets. The bill also protects the rights of those who wish to run blockchain nodes. Furthermore, it highlights guidelines for individuals participating in crypto staking.
The bill’s approval came a few days after American President Donald Trump signed an executive order to create a Strategic Crypto Reserve, signaling the growing interest in digital asset adoption in the United States.
Also read:It’s noteworthy that Utah Governor Spencer Cox hasn’t publicly announced whether he plans to sign the bill. If he does, the proposed rules will take effect officially on May 7th, 2025.
More States Show Interest in Crypto
Although Utah will not invest in Bitcoin, numerous other US states are pushing to add the coin to their balance sheets, with Arizona and Texas leading the charge. Last week, Texas lawmakers passed a Bitcoin-related bill, arguing that the asset’s scarcity makes it valuable and could serve as a hedge against rising inflation.
Similarly, Arizona Senators approved a Bitcoin bill with 17 votes in late February and now await the House’s approval. If the proposal becomes law, Arizona will use 10% of public funds to acquire BTC.
5 States Reject Bitcoin Bills
Although several Bitcoin bills have been introduced in various US states, not all have proceeded to the next stage. States like Wyoming, North Dakota, South Dakota, Montana, and Pennsylvania have rejected such proposals due to concerns about BTC’s price volatility.
As of this writing, 18 states have yet to vote on Bitcoin proposals, according to data from the Bitcoin Reserve Monitor.
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