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Utah's Bitcoin bill has passed the state Senate, but removed key provisions

Internet reports that Utah's Bitcoin bill has been passed in the state Senate, but the core provisions of the bill have been removed. The clause would have made Utah the first U.S. state to have its own Bitcoin reserves. The HB230 Blockchain and Digital Innovation Amendment bill now provides only basic custody protection to Utah citizens, giving them the rights to mine Bitcoin, run nodes, and participate in pledges. On March 7, the bill was passed with 19 votes in favor, 7 against, and 3 abstentions, and will then be sent to Utah Governor Spencer Cox for signature into law. The reserve clause would have authorized the Utah Treasury Secretary to invest digital assets with a market value of more than $500 billion (Bitcoin is currently the only digital asset that meets this criterion) in five state accounts, with an investment cap of 5% of the asset's market value. The reserve clause was adopted during the second review, but was deleted during the third and final review. Subsequently, the Utah House of Representatives agreed to the amendment by a vote of 52 to 19, with 4 abstentions.

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