Utah Senate Passes Bitcoin Bill, Strengthening Crypto Rights

The Utah Senate has passed a Bitcoin bill, advancing the state's stance on cryptocurrency rights while omitting provisions for a state-run Bitcoin reserve. Initially expected to authorize the state treasurer to invest in Bitcoin (BTC), the bill instead focuses on protecting residents' digital asset rights.

Under the new legislation, Utah residents gain clear legal protections for cryptocurrency custody. The bill also secures the right to mine Bitcoin, operate nodes, and participate in staking without unnecessary restrictions. These measures aim to foster innovation and strengthen Utah’s position as a crypto-friendly state.

Despite speculation that Utah might be the first U.S. state to hold Bitcoin on its balance sheet, the final bill did not include such provisions. Still, the legislation marks a significant step in legitimizing crypto activities at the state level.

The bill now moves to Governor Spencer Cox’s desk for approval. If signed into law, Utah could set a precedent for other states looking to integrate digital assets into their economies while safeguarding individual rights.