According to Cointelegraph, Utah's Bitcoin bill, known as the HB230 “Blockchain and Digital Innovation Amendments,” has successfully passed the state Senate. However, it did so without its key component—a clause that would have established Utah as the first U.S. state to maintain its own Bitcoin reserve. The bill, which passed with a 19-7-3 vote on March 7, now awaits the signature of Utah Governor Spencer Cox to become law.
The original reserve clause would have permitted Utah’s treasurer to invest up to 5% of digital assets with a market cap exceeding $500 billion in five state accounts, with Bitcoin being the sole digital asset meeting this criterion. Although the clause passed the second reading, it was removed during the third and final reading. The Utah House agreed with this amendment in a 52-19-4 vote. Senator Kirk A. Cullimore, one of the bill's sponsors, noted that concerns about the early adoption of such policies led to the removal of these provisions.
Prior to March 7, Utah was poised to become the first U.S. state to adopt a Bitcoin reserve, as predicted by Satoshi Action Fund’s CEO Dennis Porter on February 2. Meanwhile, similar Bitcoin reserve bills in Arizona and Texas are nearing passage, having successfully cleared their respective Senate committees and now awaiting a final floor vote. Of the 31 Bitcoin reserve state bills introduced, 25 remain active, including those from Illinois, Iowa, Kentucky, Maryland, Massachusetts, New Hampshire, New Mexico, North Dakota, Ohio, and Oklahoma. However, bills from states like Pennsylvania, Montana, Kentucky, and North Dakota have failed.
In a related development, U.S. President Donald Trump signed an executive order on March 7 to establish a federal Strategic Bitcoin Reserve. This reserve will be initially funded with Bitcoin obtained through criminal forfeitures, and the Treasury and Commerce secretaries have been tasked with developing budget-neutral strategies to acquire additional Bitcoin.
