Utah Drops Bitcoin Reserve Plan as Other States Push Forward
Utah was on track to become the first U.S. state with a Bitcoin reserve, but that plan was scrapped at the last minute.
Lawmakers approved the HB230 bill, which focuses on protecting digital asset custody, mining, and staking rights but removed the provision that would have allowed the state treasurer to invest in Bitcoin.
The proposal initially included a clause permitting up to 5% of state funds to be allocated to digital assets with a market cap exceeding $500 billion—effectively limiting investments to Bitcoin. However, after concerns over government involvement in crypto, the provision was dropped in the final vote. The revised bill passed the Senate 19-7-3 and now awaits Governor Spencer Cox’s signature.
READ MORE: Trump Vows to Make America the Bitcoin Superpower, Ends Crypto Crackdown
Although Utah stepped back, other states are still moving forward. Arizona and Texas are advancing similar Bitcoin reserve bills, while at least 25 other states, including Illinois, Kentucky, and New Mexico, continue to explore legislative efforts. Meanwhile, Pennsylvania and Montana have already seen their proposals fail.
On a federal level, President Trump has taken a different approach, signing an executive order to establish a Strategic Bitcoin Reserve. Unlike Utah’s abandoned plan, this initiative will be funded through Bitcoin seized in criminal cases, with government agencies tasked with expanding holdings without impacting the budget. While Utah’s hesitation reflects ongoing uncertainty, the broader trend suggests increasing interest in Bitcoin at both state and federal levels.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
