Legislation that would allow Utah to invest in Bitcoin has been passed by a state Senate subcommittee and has already made it through the House.
Utah has passed its Bitcoin reserve bill through the Senate Revenue and Taxation Committee, putting Bitcoin one step closer to becoming one of the state’s reserve assets.
The HB230 “Blockchain and Digital Innovation Amendments” bill passed Utah’s revenue and taxation subcommittee in a 4-2-1 vote on Feb. 20 and is now headed to a second and third reading before a final Senate vote is made.
The Bitcoin reserve bill has already passed through the House, so if it clears the Senate, Utah’s Republican Governor Spencer Cox would simply then need to sign the bill into law for Bitcoin (BTC) to become a state reserve asset.
