A bill aimed at shaping Utah’s approach to digital assets has cleared the state Senate, though a major provision allowing the state to hold Bitcoin
$82,680.94
was removed before final approval.
HB230, known as the “Blockchain and Digital Innovation Amendments”, was initially designed to let Utah invest in Bitcoin as part of its state funds. However, after revisions, the bill now focuses only on protecting individual rights related to cryptocurrency use.
The original version proposed that Utah’s treasurer could allocate up to 5% of digital assets—limited to those with a market cap exceeding $500 billion in the past year—across five state accounts. At present, Bitcoin is the only asset that qualifies under this requirement.
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The proposal gained traction and successfully passed a second reading, but during the final Senate review, the reserve clause was removed. The House later agreed to this amendment with a 52-19-4 vote.
Senator Kirk A. Cullimore, one of the bill’s sponsors, explained the decision, saying:
There was a lot of concern with those provisions and the early adoption of these types of policies. All of that has been stripped out of the bill.
In its revised form, the bill guarantees Utah residents certain rights in the cryptocurrency industry. This includes the ability to mine Bitcoin, run nodes, stake assets, and hold digital assets with legal protection.
Meanwhile, a group of House Democrats recently introduced a bill called the Modern Emoluments and Malfeasance Enforcement (MEME) Act. What does it propose? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
