The Utah Senate approved the HB230 law on crypto currency and blockchain technology. The law provides citizens fundamental rights to participate in crypto currency mining, node starting and stake transactions. Controversial bitcoin $84,933.38 The reserve plan was removed from the law text. The signature of the State Governor also reveals the differences between the states and federal approaches in the crypto currency market.
The main objectives of Utah’s crypto currency arrangements
The HB230 law includes protection measures to safely manage the crypto currencies of UTAH residents. With the law, it is aimed to support the development of blockchain technology and increase transparency in financial transactions. The arrangement, which prepares the legal ground for users to run their own nodes or for mining, aims to pave the way for technological innovations.
The law passed through the Senate with 19-7-3 votes. If the Governor Spencer enters into force with the approval of Cox, the Utah will be one of the pioneering states in the crypto currency market. Compared to similar initiatives in other states, the HB230 focuses on user rights. In particular, the legal status of stake transactions can create an atmosphere of trust for investors.
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Why was the Bitcoin reserve plan removed from the law?
The most controversial substance of the HB230 was Utah’s proposal to create a Bitcoin reserve for the state treasury. According to this article, Bitcoin investments would be made with crypto currency assets above a particular market value. However, during the third reading in the Senate, the matter was removed from the text due to concerns about taking risks of the state administration.
Senator Kirk A. Cullimore, the reserve plan can open the state to financial risks stressed. Although it is known that similar initiatives are also discussed in Arizona and Texas, the problems of adaptation with Federal Bitcoin reserve plans cannot be ignored. The decision of the US President to form strategic reserves makes it difficult for the states to move alone.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
