Utah Passes Bitcoin Bill

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Late Friday, Utah lawmakers passed legislation aimed at providing regulatory clarity, but they removed a key provision that would have allowed the state to invest public funds in cryptocurrency.

H.B. 230—Blockchain and Digital Innovation Amendments passed the Utah Senate with a 19-7 vote after amendments were made to remove language authorizing the state treasurer to allocate state-managed funds for a Bitcoin reserve.

Later that evening, the House agreed with the Senate’s revisions and approved the bill with a 52-19 vote, with four members abstaining.

Initially introduced by Rep. Jordan Teuscher (R-Utah) and sponsored in the Senate by Sen. Kirk Cullimore (R-Utah), the amended legislation still includes significant provisions that are favorable to blockchain technology.