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Utah Senate passes Bitcoin bill but removes Bitcoin reserve clause

On March 10, Cointelegraph reported that the Utah Senate had passed the HB230 Blockchain and Digital Innovation Amendment bill, but deleted the clause that originally allowed the state Treasury Department to invest in Bitcoin. The bill passed on a 19-7-3 vote and will be submitted to Gov. Spencer Cox to sign into law. The current version only guarantees the basic cryptocurrency rights of Utah residents, such as Bitcoin custody, mining, running nodes, and participating in pledges. The original reserve clause allowed the Treasury to invest up to 5% of its funds in digital assets with a market value of more than $500 billion, and currently only Bitcoin meets this criterion. However, the provision was removed during final review, and the House subsequently accepted the change on a 52-19-4 vote.

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