The Utah Legislature approved a blockchain bill that aims to provide regulatory clarity for digital assets, but it removed a key provision allowing the state treasurer to invest public funds in cryptocurrency, including Bitcoin. The bill passed with a Senate vote of 19-7 and later received House approval by a vote of 52-19. Despite removing the investment provision, the legislation includes provisions protecting rights related to blockchain technology, such as the acceptance of digital assets and the operations of blockchain nodes. It also restricts local governments from imposing unnecessary regulations on digital asset mining businesses. This legislative move follows recent federal interest in cryptocurrency, highlighted by President Trump’s executive order establishing a Digital Asset Stockpile. While Utah steps back from investing in digital assets, states like Texas and Arizona are pursuing similar initiatives to integrate Bitcoin into their public finances. Arizona’s proposal could allow for a 10% investment in Bitcoin, reflecting a growing trend among a number of states considering cryptocurrency reserves, while others remain cautious due to Bitcoin's volatility.

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