Key Points
- Utah’s Blockchain and Digital Innovation Amendments bill, House Bill 230, passed without the Bitcoin reserve clause.
- Now, Texas and Arizona are leading the race to establish a state-backed Bitcoin reserve.
Utah’s state Senate recently approved the Blockchain and Digital Innovation Amendments bill, also known as House Bill 230. The bill, however, no longer includes a clause that would have established a Bitcoin reserve. This version of the bill is now awaiting Governor Spencer Cox’s approval.
Originally, the bill included a provision that would allow the state treasurer to invest up to 5% of certain public funds into Bitcoin and other qualifying digital assets. This made Utah a frontrunner in the race to establish a Bitcoin reserve. However, the clause was removed during the final Senate reading, and the House later agreed with the amendment, thus finalizing its removal from the bill.
Remaining Provisions and Future Possibilities
Without the reserve clause, HB230 only includes provisions that safeguard the right to mine Bitcoin, run a node, and participate in staking. It also establishes basic custody protections, providing clearer rights for Utah residents holding digital assets.
With Utah out of the Bitcoin reserve race, Texas and Arizona are now leading the way with their own legislative efforts. According to Bitcoin Laws, two Arizona Senate bills and the Texas Senate bill are in line to establish a state-backed Bitcoin reserve. While Arizona’s bills have already cleared committee stages and are awaiting final floor votes, Texas’ proposal has moved to the House.
Other states, including Kentucky, New Hampshire, Illinois, and Iowa, also have live Bitcoin reserve bills in progress, but they are further behind in the legislative process.
In related developments, on March 7, U.S. President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. However, the reserve would be funded via assets seized by the federal government rather than direct investments.