Well, folks, grab your popcorn! Utah’s Bitcoin bill has passed the state Senate, but wait for it… it’s missing its cornerstone! That’s right, no Bitcoin reserve for you, Utah! 🎭
The HB230 “Blockchain and Digital Innovation Amendments” bill now only offers Utah citizens the bare minimum: basic custody protections, the right to mine Bitcoin (BTC), run a node, and participate in staking. You know, just the essentials! 🙄
In a nail-biting 19-7-3 vote on March 7, the bill is now headed to Utah Governor Spencer Cox’s desk. Will he sign it? Or will he use it as a coaster? Only time will tell! 🥴
Now, the reserve clause would have let Utah’s treasurer invest up to 5% of digital assets with a market cap above $500 billion. But alas, it was scrapped faster than a bad joke at a comedy club! 🎤
It passed the second reading but got the boot in the third and final reading. Utah’s House then gave a thumbs up to the amendment with a 52-19-4 vote. Talk about a plot twist! 📉
“There was a lot of concern with those provisions and the early adoption of these types of policies,” said one of the bill’s sponsors, Senator Kirk A. Cullimore, during Utah’s March 7 floor session. Sounds like someone’s been watching too many political thrillers! 🎬
“All of that has been stripped out of the bill.” Well, that’s one way to keep it light! 🏋️♂️
Up until March 7, Utah was on track to become the first US state to adopt a Bitcoin reserve. But now? Not so much! Satoshi Action Fund’s CEO Dennis Porter had high hopes on Feb. 2. Sorry, Dennis! 😅
Meanwhile, two Arizona Bitcoin reserve bills and a Texas bill are now the closest to being passed into law. They’ve got the votes and are just waiting for the final floor vote. Will they make it? Stay tuned! 📺
Of the 31 Bitcoin reserve state bills introduced, 25 are still alive and kicking! Bills from Illinois, Iowa, Kentucky, and more are still in the race. It’s like a reality show, but with less drama and more numbers! 📊
Unfortunately, bills from Pennsylvania, Montana, Kentucky, and North Dakota have flopped harder than a bad stand-up routine. Better luck next time! 🤷♂️
And just when you thought it couldn’t get any crazier, US President Donald Trump signed an executive order establishing a federal Strategic Bitcoin Reserve on March 7. Because why not? 🤔
The Bitcoin reserve will be filled with Bitcoin obtained through forfeitures in criminal cases. Talk about a twist of fate! The Treasury and Commerce secretaries have been told to come up with budget-neutral strategies to buy more Bitcoin. Sounds like a plan! 💸
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2025-03-10 03:30