- Utah Senate passed a Bitcoin bill but removed state investment authorization.
- The bill protects Bitcoin custody, mining, and staking rights.
- It now awaits Governor Spencer Cox’s signature to become law.
The Utah Senate has passed a Bitcoin -related bill, but not without a crucial amendment. Initially, the bill included a provision that would have allowed the state treasurer to invest in Bitcoin. However, this clause was removed before the final approval. The bill will now be sent to Governor Spencer Cox for his signature to become law.
Key Provisions of the Bill
While the state government will not invest in Bitcoin, the bill still includes several provisions beneficial to Utah residents. It ensures basic custody protection, allowing individuals to securely hold their Bitcoin without interference. Additionally, it upholds the rights of Bitcoin miners, node operators, and staking participants, reinforcing Utah’s stance on supporting Blockchain innovation.
Why the Amendment?
The decision to remove the state investment clause may have been influenced by concerns over financial risk and regulatory uncertainty. Many states remain cautious about direct involvement with Bitcoin due to its price volatility and evolving legal landscape. By focusing the bill on individual rights rather than state investments, Utah lawmakers aim to promote blockchain adoption without committing public funds.
What’s Next?
Governor Spencer Cox will now review the bill and decide whether to sign it into law. If approved, Utah will join a growing number of states that recognize and protect Bitcoin-related activities. While some crypto advocates may be disappointed by the removal of the investment clause, the bill still represents progress in Bitcoin-friendly legislation.
