Utah Passes a Bill Offering Regulatory Clarity for Cryptocurrencies, but Removes Provision to Invest Public Funds in BTC

On Friday, Utah policymakers passed a crypto-related bill aimed at offering regulatory clarity for industry players. However, a provision that would have permitted

On Friday, Utah lawmakers passed a crypto-related bill that will offer regulatory clarity for industry players but remove a provision that would have permitted the state to use a portion of public funds to buy BTC.

The Blockchain and Digital Innovation bill received the support of 19 Utah legislators, while 7 rejected it. Notably, 52 House representatives voted for the proposal, which was initially tabled by Republican policymaker Jordan Teuscher.

Key Details in the Utah Bitcoin Bill

The bill includes several provisions, such as prohibiting the local government from limiting the acceptance of digital assets and protecting the rights of those who wish to run blockchain nodes. It also highlights guidelines for individuals participating in crypto staking.

The bill’s approval comes 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.

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

While Utah will not be investing 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 the proposal will now be passed to the House for 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 yet to vote on Bitcoin proposals, according to data from the Bitcoin Reserve Monitor.

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