#Utah HB 230 bill

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Utah Crypto Bill Sparks New Era for Digital Assets in Government

Utah's new crypto bill marks a significant step in integrating digital assets into government operations. The legislation establishes a framework for blockchain technology, enabling state agencies to explore cryptocurrency payments and smart contracts. By embracing digital finance, Utah aims to attract blockchain innovators and enhance financial efficiency. The bill also sets regulatory guidelines to protect users while fostering growth in the crypto sector. This move positions Utah as a leader in government-backed crypto adoption, paving the way for broader acceptance nationwide. To know more- Utah crypto tax

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Unprecedented: North Carolina Reveals Plan to Hold 10% Bitcoin Reserve

Key Points

North Carolina is considering a 10% Bitcoin reserve as part of its state funds.

The proposal, HB 92, would also use Bitcoin in state-managed funds such as pensions and insurance.

North Carolina has revealed plans to potentially include Bitcoin in its state reserves, making it the 19th state in the US to consider such a move.

The proposed legislation, known as House Bill 92 (HB 92), was put forward by House Speaker Rep. Destin Hall, alongside Representatives Mark Brody and Steve Ross, both of whom are supporters of Bitcoin.

North Carolina’s Bitcoin Investment Strategy

According to HB 92, North Carolina could allocate up to 10% of its state funds into exchange-traded products linked to digital assets with a market capitalization above $750 billion. Currently, only Bitcoin fits this description, with a market cap of approximately $1.93 trillion.

The legislation also suggests utilizing Bitcoin in state-managed funds such as teachers’ and state employees’ pensions, insurance funds, and veterans’ home trust funds.

Rep. Hall is optimistic about the potential economic impact of the proposed bill. He stated, “Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption and innovation.”

Industry Reactions and Other State Initiatives

Dan Spuller, Head of Industry Affairs at the Blockchain Association, shared the news on social media, highlighting that North Carolina’s proposal is being taken very seriously. He noted that many similar bills in other states have not made it to the state house.

In contrast to other jurisdictions where proposals have stalled, Utah has recently made significant progress in this area. Last week, the Utah House of Representatives passed the “Strategic Bitcoin Reserve” bill (HB 230), introduced by State Representative Jordan Teuscher. The bill, which proposes dedicating up to 5% of the state’s reserves to Bitcoin and other cryptocurrencies, now awaits a Senate vote and the governor’s approval to become law.

The push to incorporate Bitcoin into strategic reserves aligns with national discussions on digital assets. During his campaign, US President Donald Trump announced plans to add Bitcoin to national reserves and issued an executive order post-inauguration encouraging his administration to explore the idea of stockpiling crypto assets.

Outside of the United States, the Czech Republic is also considering allocating a significant part of its national reserve to Bitcoin investment. If successful, the country’s central bank would become the first in the world to integrate Bitcoin into its portfolio.

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Utah’s House of Representatives on February 6 passed House Bill 230 (HB 230), informally referred to as the “Strategic Bitcoin Reserve” bill, by a narrow margin of 38 votes in favor, 34 against, and 3 not voting. HB 230 will now advance to the Senate, where its fate hinges on another vote before ultimately reaching the governor’s desk. Utah Leads The Bitcoin Reserve Race Officially titled the “Blockchain and Digital Innovation Amendments,” HB 230 permits the Utah state treasurer to invest up to 5% of designated public funds in qualifying digital assets. These assets, as the bill stipulates, must either possess a market capitalization exceeding $500 billion or be approved stablecoins. Security requirements are embedded in the legislation, mandating that any digital assets acquired be custodied through qualified custodians, exchange-traded products, or other regulated entities. Additionally, the bill allows for staking and lending of these assets under defined guidelines to ensure risk management and legal compliance. A noteworthy section of the bill protects Utah residents’ rights to hold and control their own digital assets, effectively shielding lawful cryptocurrency usage from state or local government restrictions. The close margin of the House vote—38 “Yes” to 34 “No”—signals both robust support and significant opposition. Representative Jordan Teuscher, who introduced the bill on January 21, secured initial backing in the Utah House Economic Development Committee, where the measure passed 8-1 on January 28. With House approval now secured, HB 230 moves to the Senate. Should it pass that chamber, the bill will await consideration from Governor Spencer Cox, who has historically shown support for blockchain-based initiatives. Dennis Porter, founder and CEO of Satoshi Action Fund, has been a crucial figure of US states introducing strategic Bitcoin reserve bills. Announcing the news on January 6 via X, Porter said, “MASSIVE BREAKING: The ‘Strategic Bitcoin Reserve’ bill has officially PASSED the House in the state of Utah – The bill now moves onto the Senate!” He emphasized the significance of Utah’s position, noting that this is the first time an SBR (Strategic Bitcoin Reserve) measure has successfully cleared a full chamber vote. In a video statement on X, Porter elaborated: “The Strategic Bitcoin reserve bill has just passed the House in the state of Utah. This is a huge movement that we’ve been waiting for for a long time. At Satoshi Action, we’ve been working overtime to make sure that these bills actually make it across the finish line. We don’t just work on the model policy. We don’t just work on getting it introduced. We also work hand in hand with those lawmakers to make sure that they are able to get this across the finish line.” Porter further praised Utah as “a clear leader on financial policy” and highlighted the state’s strong track record in various economic sectors: “This is a huge moment for Bitcoin, as Utah is a clear leader on financial policy. They rank on all types of different metrics. They are the best at so many different things. And now they are the first to get it across the finish line.” Although the bill’s language encompasses digital assets over $500 billion in market cap, Porter addressed why Bitcoin itself is not named outright. In response to a user on X, he said: “Please read the bill. Only bitcoin qualifies. See the bill text below. We intentionally draft it this way because it DRAMATICALLY increases the odds the bill will become law. Do you want states to buy bitcoin? Our approach is the most effective path.” Utah’s progress marks a pivotal moment in the broader national dialogue on state-level Bitcoin reserves. According to bitcoinlaws.io, 17 US states have introduced similar SBR measures. Arizona is closest on Utah’s heels. The “Strategic Bitcoin Reserve Act” (SB1025), co-sponsored by Arizona’s Senator Wendy Rogers and Representative Jeff Weninger, cleared the Senate Finance Committee on January 27 and awaits a House vote. Meanwhile, on February 4, New Mexico joined the fray with Senator Ant Thornton’s SB57, underscoring an intensifying race among states to adopt Bitcoin-friendly policies. At press time, BTC traded at $97,248. Bitcoin price, 1-week chart | Source: BTCUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com

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Utah Leads: Bitcoin Reserve Bill Passes House, Heads To Senate

Utah’s House of Representatives on February 6 passed House Bill 230 (HB 230), informally referred to as the “Strategic Bitcoin Reserve” bill, by a narrow margin of 38 votes in favor, 34 against, and 3 not voting. HB 230 will now advance to the Senate, where its fate hinges on another vote before ultimately reaching the governor’s desk. Utah Leads The Bitcoin Reserve Race Officially titled the…

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Center for Medical Cannabis Research To Open at University of Utah Nicole Potter

The University of Utah recently confirmed that it’s starting the early planning phases to build a Center for Medical Cannabis Research. House Bill 230, which was passed by the House and the Senate, was signed by Utah Gov. Spencer Cox on March 15. According to bill sponsor Rep. Jennifer Dailey-Provost, HB-230 will expand the state’s ability to conduct research and offer up scientific-backed…