EddieJayonCrypto
7 Feb 25
The Utah House of Representatives has passed HB 230, also known as the Blockchain and Digital Innovation Amendments. This bill allows the state to allocate up to 5% of public funds to qualifying digital assets. It passed with a narrow 38-34 vote, with three abstentions. The bill, sponsored by State ...
The Utah House of Representatives has passed HB 230, also known as the Blockchain and Digital Innovation Amendments. This bill allows the state to allocate up to 5% of public funds to qualifying digital assets. It passed with a narrow 38-34 vote, with three abstentions. The bill, sponsored by State Representative Jordan Teuscher, is now moving to the Senate for further consideration. Dennis Porter, CEO of Satoshi Action Fund, expressed enthusiasm for the bill's potential impact, while some critics argue that it does not explicitly favor Bitcoin. The next stage will determine whether Utah's digital asset strategy will lean toward Bitcoin or stablecoins. State Representative Jordan Teuscher presented HB 230 on January 21. The bill quickly passed the House Economic Development and Workforce Services Committee with an 8-1-1 vote before gaining approval in the House. It now moves to the Senate for further consideration. Apart from Utah, Arizona is the only other state with a similar bill nearing approval. The Strategic Bitcoin Reserve Act (SB1025) has passed the Senate Finance Committee and is now awaiting a vote in the House. Despite the enthusiasm, some skeptics argue that HB 230 does not explicitly favor Bitcoin. Justin Bechler criticized the bill's language, stating that it is structured to favor stablecoins over Bitcoin. He emphasized the bill's impact on Bitcoin adoption and its language, which seemingly includes stablecoins alongside Bitcoin. Amid criticism, Dennis Porter pushed back, asserting that only Bitcoin qualifies and that the bill was purposely structured to maximize its likelihood of passing into law. He encouraged Bitcoin supporters to examine the bill carefully and firmly rejected the notion that the legislation would restrict Bitcoin ownership. The bill's next hurdle is the Senate, where further debates will determine whether Utah’s digital asset strategy will favor Bitcoin or lean toward stablecoins.