One step forward, two steps back? While President Trump has just announced the creation of federal bitcoin strategic reserves and we find that his world freedom has bought $ 20 million for cryptocurrencies, US states continue to work on their own laws to support local adoption.
But if some are like Texas or Arizona rather in front of the object, others like Utah seem to have a little more difficulty with agreement. Evidence with this law, which was just adopted by the Senate, but which, by the way, was emptied from its substance. Direction Salt Lake City to inventory.
- President Trump announced the creation of a federal bitcoin strategic reserve and an investment of $ 20 million in cryptocurrency of his world freedom.
- The Senate in Utah has adopted the law, but removed the clause that allowed the state to have its own bitcoin reserve and aroused disappointment among supporters.
Utah adopts a professional bitcoin law …
Account HB230 name Blockchain and digital innovation changes was received by the Senate of Utah 7 March 19 votes against 7 And now he must be signed by Governor Spencer Cox to come into effect. In particular, this text provides Basic protection For the citizens of the state regarding the care of their cryptocurrencies, the right to undermine bitcoins, operate a node and participate in betting. Until then everything is all right.
But the problem comes from another provision that was tight from the final text and that would allow Utah to become the first US state to have its own Bitcoin reserve. Indeed, this clause was justified to the treasurer of the state to invest up to 5% of certain digital assets in five different accounts and only bitcoins met the selection criteria.
But what happened between the beginning and the end of the debate? Why was this clause downloaded?
… but download a clause from strategic reserves
According to the Senator Kirk A. Cullimoreone of the sponsors of the law, there was Too much worries Around these provisions and early acceptance of these types of policies. Therefore, he preferred to remove them to get a wider consensus in the Senate.
“There were many concerns about these provisions and timely acceptance of these types of politicians. All this has been removed from the account. »»
Kirk A. Cullimore, Senator Utah – Source: State Legislation in Utah
This decision clearly disappointed the supporters of Bitcoins who hoped Utah would join the very closed club of states that accepted the strategic reserve of bitcoins. According to Dennis Porter, CEO of the Action Fund Satoshi, Utah was even closest to achieve this among all US states.
But all hope is not lost from D ‘Other similar accounts are being examined in other states such as Arizona or Texas. In total, 31 Bitcoin Reserve Bills They have been introduced in 25 different countries and some can succeed well in the coming months.
Despite this small stop in Utah, the acceptance of Bitcoins continues in the United States, both at the federal and local level. And with President Trump, who multiplies a statement of Pro-Cockin, we can expect the movement in the coming years to speed up.