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In Utah, the Bitcoin law is moving to the next round, but without the cornerstone of the proposal – the creation of a reserve.
The US state of Utah is still on track with its own regulatory framework for Bitcoin. On Friday, a majority of senators voted in favor of the law.
However, one cornerstone is missing from the bill: the creation of a strategic crypto reserve.
The draft originally stipulated that Utah could use public funds up to a limit of 5 percent to purchase “qualified digital assets” if they had a market capitalization of at least 500 billion US dollars.
According to these criteria, only the purchase of Bitcoin would have been possible. The corresponding paragraph has been deleted in the current version.
The amended version now grants investors rights with regard to the custody of crypto assets, legalizes mining and the operation of a node, and allows participation in staking processes.
The bill is now with Governor Spencer Cox. His signature is still missing to complete the process. Theoretically, however, he could return the bill to both chambers (House of Representatives and Senate) with the demand that improvements be made to the reserve.
The establishment of a crypto or Bitcoin reserve is also causing controversy in other US states. A corresponding proposal was passed in Texas. However, it was not in other Republican-controlled regions.
And at the federal level, there are also divided opinions on the establishment of a crypto reserve. President Donald Trump announced possible plans last week. Instead of buying cryptocurrencies, however, a crypto reserve is to be created from confiscated assets.
Image by WorldSpectrum from Pixabay
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