US state Utah has dropped its plan for a Bitcoin reserve

Utah lawmakers have approved a Bitcoin-related bill, but only after removing a key provision that would have allowed the state treasurer to invest in Bitcoin.

The bill, HB230 “Blockchain and Digital Innovation Amendments,” now awaits Governor Spencer Cox’s approval.

It grants Utah residents rights related to Bitcoin custody, mining, node operation, and staking. However, a provision that would have made Utah the first U.S. state to hold Bitcoin in its reserves was removed in the final stage.

Initially, the bill proposed allowing up to 5% of the state’s digital asset investments to be allocated to Bitcoin. While this provision passed an earlier vote, it was later removed.

Despite Utah’s decision, Arizona and Texas are continuing with Bitcoin reserve bills, both progressing through their legislatures. Out of 31 similar state-level proposals, 25 remain under consideration.

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Bitcoin has bounced from its sub-81K lows:

This article was written by Eamonn Sheridan at www.forexlive.com.