Unexpected Bitcoin Move in the US: Crypto Approved, But Critical Item Removed! - Coin Newsletter

The Utah Senate approved cryptocurrency regulation, but the critical clause allowing the state to create Bitcoin reserves was removed from the bill.

In Utah, which is shown as one of the leading states in the US on crypto money, the Senate passed the bill called HB230. This bill guarantees the fundamental rights of state citizens regarding **Bitcoin (BTC) and other cryptocurrencies.

Accordingly, Utah residents will be able to mine Bitcoin, run node (düğüm), participate in staking activities, and store their crypto assets in their own wallets at (self-custody)**. However, the most important change to the bill was the removal of the clause that would allow the state treasury to create a reserve by investing in Bitcoin.

The bill had the potential to make Utah the first U.S. state to establish Bitcoin reserves. However, as a result of the negotiations in the Senate, the most notable article, which allowed the state treasury to invest directly in Bitcoin, was removed from the bill. Still, Utah's decision shows that the state continues its innovative approach to cryptocurrencies and maintains its claim to play a leading role in the industry.

Why didn't Utah set up reserves?

With the removal of the reserve clause in the bill, Utah has lost its advantage in the race to create Bitcoin reserves in the United States. This move by Utah, which was initially seen as being in a position to establish the first Bitcoin reserve among the states, caused consternation in the industry**. However, according to experts, the state government is not yet ready to fully assume the risks that Bitcoin investments may bring.

Now all eyes are on Gov. Spencer Cox, who is expected to sign the bill into law. If signed into law, it will officially strengthen Utah as one of the crypto-friendly states.

Texas could take the lead

On the other hand, after Utah's step back, eyes turned to Texas. The Texas Senate passed a similar bill and took the necessary legal step to allow the state to create Bitcoin reserves. With this move, the possibility of Texas becoming a pioneer in the cryptocurrency industry has strengthened. However, the law has not yet officially entered into force. The bill must be approved by the House of Representatives and then by the governor. If that happens, Texas could become the first U.S. state to establish Bitcoin reserves.