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  • Utah lawmakers approve amended Bitcoin bill

    Utah lawmakers approve amended Bitcoin bill

    Utah lawmakers approve amended Bitcoin bill

    • The state of Utah has passed its Bitcoin bill but has dropped the Bitcoin reserve plan.
    • The approved bill protects mining, staking, and self-custody rights.
    • The bill now awaits Governor Cox’s signature, after which it will become effective starting May 2025.

    On March 7, 2025, Utah lawmakers took a significant step toward integrating cryptocurrency into the state’s legal framework by passing HB230, the “Blockchain and Digital Innovation Amendments” bill.

    However, the legislation, approved by the Senate in a 19-7-3 vote, no longer includes its original groundbreaking provision to establish a state Bitcoin reserve. Instead, it focuses on fostering a supportive environment for blockchain technology and protecting residents’ rights to engage with digital assets.

    The bill now awaits the signature of Governor Spencer Cox, who has not yet indicated his stance. If signed into law, it will take effect on May 7, 2025, making Utah a progressive player in the US cryptocurrency landscape, even without the reserve clause that once promised to make it a pioneer.

    The Bitcoin reserve contention

    Initially introduced by Representative Jordan Teuscher and sponsored in the Senate by Senator Kirk A. Cullimore, HB230 aimed to position Utah as the first US state to hold Bitcoin in its treasury.

    The original proposal allowed the state treasurer to invest up to 10% of certain public funds in Bitcoin (BTC), a move that could have involved millions from accounts like the General Fund and Budget Stabilization Fund. This clause survived earlier votes, raising hopes among crypto advocates.

    However, during the third and final Senate reading, lawmakers stripped the reserve provision from the bill. Senator Cullimore acknowledged the change on the Senate floor, citing concerns over Utah being an early adopter of such a bold financial policy.

    The House later concurred with the amendment in a 52-19-4 vote, reflecting a cautious retreat from the state-managed Bitcoin investment idea.

    Approved bill protects Utah crypto holders

    Despite removing the reserve clause, HB230 retains significant provisions that bolster Utah’s blockchain ecosystem.

    The approved legislation ensures residents can self-custody their digital assets without state interference, a key win for individual freedom in the crypto space. It also safeguards the right to mine Bitcoin, operate blockchain nodes, and participate in staking—activities central to the decentralized nature of cryptocurrencies.

    These measures aim to empower Utahns and attract blockchain innovators to the state. By clarifying legal terms related to digital assets and prohibiting restrictive regulations, the bill lays a foundation for growth in this emerging sector.

    Supporters argue that the bill balances innovation with safety, positioning Utah as a potential hub for crypto-related businesses.

    25 out of 31 Bitcoin reserve bills remain active in the US

    Utah’s legislative journey mirrors a nationwide push toward Bitcoin integration. While the state stepped back from its reserve ambitions, Arizona and Texas are advancing similar bills, having passed Senate committee votes.

    According to Bitcoin Laws data, 25 of 31 introduced Bitcoin reserve bills across the US remain active, with states like Illinois and New Hampshire also in the race.

    On the federal level, President Donald Trump signed an executive order on March 7, 2025, creating a Strategic Bitcoin Reserve using seized assets. This move, paired with plans for budget-neutral acquisitions, underscores a growing acceptance of Bitcoin (BTC) at both the state and national levels.

    Utah’s amended bill, while less ambitious, aligns with this trend by prioritizing citizen participation over direct state investment.

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  • Montana house representatives reject Bitcoin reserve bill

    Montana house representatives reject Bitcoin reserve bill

    Montana house representatives reject Bitcoin reserve bill

    • Montana House has rejected the Bitcoin reserve bill.
    • The Bitcoin reserve bill aimed for $50M in crypto.
    • The house cited risk to taxpayer funds.

    On February 22, 2025, Montana’s House of Representatives decisively voted down House Bill No. 429, a proposal that aimed to establish Bitcoin (BTC) as a state reserve asset.

    The 41-59 vote marked a significant setback for advocates of integrating cryptocurrency into Montana’s financial strategy, highlighting a deep divide over the role of digital assets in public finance.

    Introduced by Representative Curtis Schomer earlier in February, the bill sought to diversify the state’s investment portfolio by creating a special revenue account. This account would have allowed the state treasurer to allocate up to $50 million for investments in stablecoins, precious metals, and cryptocurrencies with a market capitalization exceeding $750 billion over the past year, a threshold currently met only by Bitcoin.

    Supporters argued that such a move could yield higher returns than traditional bond investments, positioning Montana as a forward-thinking player in the evolving financial landscape.

    Montana house representatives wary of risks involved

    Despite clearing the House Business and Labor Committee on February 19 with a 12-8 vote, backed by Republicans and opposed by Democrats, the bill faced stiff resistance during its second reading in the House.

    Fiscal conservatives, including many Republicans, voiced concerns over the speculative nature of Bitcoin, emphasizing the state’s duty to protect taxpayer money.

    Representative Steven Kelly captured this sentiment during the House Floor Session, stating, “It’s still taxpayer money, and we’re responsible for it. We need to protect it. These types of investments are way too risky.”

    Representative Jane Gillette echoed these doubts, pointing out that the bill lacked clear guidelines on how the funds would be managed, while Representative Bill Mercer warned that Bitcoin’s history of dramatic price swings made it an imprudent choice for public funds.

    On the other side, advocates like Representative Lee Demming argued that embracing digital assets could safeguard Montana’s reserves against inflation and bolster long-term financial growth, a perspective shared by Bitcoin proponents nationwide.

    The rejection of HB 429 effectively kills the proposal for now, requiring any future efforts to start anew in Montana’s legislature.

    US states push for Bitcoin reserves

    Montana’s decision stands in contrast to a growing trend among US states exploring Bitcoin as a reserve asset.

    Approximately 24 states, including Utah, Arizona, Oklahoma, Texas, and Ohio, have introduced similar legislation, with Utah’s HB230 making the most progress by allowing up to 5% of public funds to be invested in digital assets.

    Nationally and globally, the push for Bitcoin reserves is gaining traction, with countries like Switzerland, Brazil, Japan, and Russia also weighing the cryptocurrency’s potential as a strategic asset.

    Dennis Porter, CEO of the Satoshi Action Fund, which collaborated with Montana legislators like Schomer and Senator Daniel Zolnikov, expressed disappointment with Montana’s move but remained optimistic about the broader movement. He noted that Bitcoin’s decentralized structure and limited supply make it an attractive hedge against economic uncertainty.

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  • El Salvador approves new bill to comply with IMF deal

    El Salvador approves new bill to comply with IMF deal

    • The reform passed with 55 votes, with only two against
    • El Salvador became the first country to accept Bitcoin as legal tender in 2021
    • In December, El Salvador announced it was changing its Bitcoin law to secure a $1.3bn loan from the IMF

    El Salvador’s Congress has approved a bill to change its Bitcoin law to comply with a deal it struck with the International Monetary Fund (IMF).

    On January 29, Reuters reported that the bill was approved minutes after President Nayib Bukele sent it.

    The reform passed with 55 votes, with only two against. Under El Salvador’s Bitcoin law, it required businesses to accept Bitcoin if they were able to do so. Ruling party lawmaker Elisa Rosales said it was required to ensure Bitcoin’s “permanence as legal tender” while facilitating its “practical implementation.”

    Legal tender

    El Salvador became the first country to accept Bitcoin as legal tender in 2021. At the time, it was reported that all businesses must accept Bitcoin. The move soon attracted the attention of the IMF.

    Following El Salvador’s adoption of Bitcoin in 2021, the IMF sent a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

    This was again called for in January 2022, when the IMF advised El Salvador to reconsider its decision to make Bitcoin the country’s legal tender. More recently, the IMF recommended that El Salvador limit the public’s exposure to Bitcoin.

    New deal

    In December, El Salvador changed its Bitcoin plans to secure a $1.3 billion loan from the IMF.

    Under the plans, El Salvador would change a legal requirement making businesses accept Bitcoin as payment, making it optional instead. The government would also reduce the budget deficit by 3.5% of GDP over three years through spending cuts and tax rises while boosting reserves from $11 billion to $15 billion.

    The deal is also expected to unlock a further $1 billion in lending from the World Bank and $1 billion from the Inter-American Development Bank over the next few years.

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  • Bitcoin reserve bill introduced in Brazil

    Bitcoin reserve bill introduced in Brazil

    • Bitcoin adoption could get another boost from Brazil.
    • This is after a Brazilian Congressman introduced a bill proposing adoption of BTC as national reserve asset.
    • US lawmakers are also pushing for a Bitcoin strategic reserve.

    A Congressman in Brazil has introduced a Bitcoin reserve bill, adding the country to a growing list of nations looking to tap into the flagship cryptocurrency as a treasury reserve asset.

    On Nov. 25, Brazilian Congressman Eros Biondini introduced a new proposal aimed at the creation of a Bitcoin (BTC) reserve in Brazil.

    The proposal, titled ‘Bitcoin Sovereign Strategic Reserve (RESBit)’, outlines the benefits of adopting BTC as a national Treasury reserve asset. Diversification of the country’s assets and reduction of economic risk are part of the strategic plan. The bill also looks at the opportunity this would offer in terms of putting Brazil at the forefront of technological and financial innovation and development globally.

    According to Biondini, RESBit will be critical to bolstering Brazil’s economic sovereignty if approved.

    In this case, Biondini proposes a gradual addition of BTC to the strategic reserve coffers. The bill targets having Bitcoin form 5% of the country’s national reserves. The acquisition and management of this project will be under the Central Bank of Brazil, with purchased BTC stored in cold wallets.

    During his campaign, US president-elect Donald Trump vowed to support a strategic Bitcoin reserve for the country. Since his election to office, and ahead of his inauguration in January, a lot has happened with regard to a US national bitcoin reserve. US senator Cynthia Lummis has spearheaded these efforts, with multiple industry players backing it.

    This comes as other countries, including Argentina, Morocco, and Romania add to the overall bullishness around BTC adoption across the globe.

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  • Bitfinex Securities launches first tokenized US Treasury bill in El Salvador

    Bitfinex Securities launches first tokenized US Treasury bill in El Salvador

    • Bitfinex Securities is teaming up with NexBridge to bring a tokenized US Treasury bill to El Salvador.
    • USTBL leverages Bitcoin’s technology of Liquid Network and Blockstream AMP.
    • Proceeds of the $30 million initial raise are to be allocated in iShares Treasury Bond 0-1yr UCITS ETF, per the announcement.

    Bitfinex Securities and NexBridge, a digital asset issuer focused on tokenization of financial assets, have teamed up to launch the first tokenized US Treasury bill in El Salvador.

    The tokenized T-bill, USTBL, leverages Bitcoin technology. Specifically, the issuers are leveraging the flagship digital asset’s Liquid Network and Blockstream AMP, an asset management platform that allows users to issue and manage crypto assets on the Liquid Network.

    Subscriptions for the USTBL open on Nov. 19

    According to a press release, the product will have an initial offering soft capped at $30 million, and will offer investors access to US Treasury returns in USD. USTBL is backed by iShares Treasury Bond 0-1yr UCITS ETF, the short-term Treasury bond ETF of asset management giant BlackRock.

    Initial subscriptions open on November 19, 2024, and closes on November 29. However, investors will also get access via further subscription windows. Subscriptions are initially available in the stablecoin Tether (USDT), while the issuers have plans to add support for Bitcoin (BTC).

    “The inclusion of USTBL tokens in investment portfolios will enable investors to balance digital asset exposure with the stability of traditional finance, offering a new level of diversification that can help reduce overall portfolio risk,” Jesse Knutson, head of operations at Bitfinex Securities, said in a statement.

    Michele Crivelli, founder of NexBridge, added:

    “By leveraging Bitcoin’s technology and infrastructure, we’re laying the foundation for a globally accessible financial ecosystem, bringing tokenized U.S. Treasuries to investors worldwide while maintaining full regulatory compliance.”

    This launch comes amid massive traction across real-world assets tokenization. The RWA on-chain market has grown rapidly with products such as funds, bonds and credit.

    According to rwa.xyz, the global RWA market is currently over $13 billion, with tokenized US treasuries, bonds and cash equivalents at $2.4 billion.

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  • Pennsylvania House passes bipartisan Bitcoin bill

    Pennsylvania House passes bipartisan Bitcoin bill

    • Pennsylvania House of Representatives have passed “The Bitcoin Rights Bill”, with a bipartisan majority of 176 to 26.
    • The bill seeks regulatory clarity to the digital assets industry, including on self-custody, payments and taxation.

    Pennsylvania has passed “The Bitcoin Rights Bill”, a new legislation that seeks regulatory clarity to the crypto industry.

    While the US continues to lag other countries and regions in terms of regulatory clarity for digital assets, the state of Pennsylvania has taken a huge step towards this with the passage of House Bill 2481.

    Pennsylvania House passes major crypto bill

    According to FOX Business, the new bill received bipartisan support in the Pennsylvania House of Representatives and passed on Wednesday, October 23, 2024, with 176 votes to 26. The bill outlines protections for Bitcoin and crypto holders, including the right to self-custody and use for payments. ‘Bitcoin Rights’ also provides guidelines on the taxation of Bitcoin transactions.

    76 Democrats joined their Republican counterparts to pass the bill, FOX Business wrote.

    The next stage will see the new bill come up for debate and voting at the Pennsylvania Senate, which is Republican-led. If it passes, the final stage will be forwarded to Gov. Josh Shapiro. These two steps commence after the November 2024 US election.

    Crypto stands out as one of the topics candidates in the upcoming US election have sought votes on, including at the presidential level.

    With Donald Trump taking a crypto-friendly stance, it’s been up to Kamala Harris to win the crypto holder’s vote. Despite crypto roundtables and positive policy plans, Harris isn’t connecting with the crypto vote.

    That’s also despite her campaign receiving major donations from some wealthy crypto owners. The most recent is Ripple co-founder Chris Larsen’s $10 million XRP contribution. Larsen called for the Democrats to take a “new approach” to the issue of cryptocurrencies.

    Meanwhile, with less than two weeks to go, forecasts put the majority of crypto holders down as Trump votes. JD Vance, Trump’s VP pick, is also pro-crypto.

    Notably, Pennsylvania is a battleground state and one that could help decide the Trump vs. Harris race to the White House.

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  • North Carolina approves bill on state study of Bitcoin

    North Carolina approves bill on state study of Bitcoin

    • The “State Precious Metals Depository Study” bill received bipartisan support and passed 75-38.
    • North Carolina could look into adding Bitcoin to its State Treasury if the bill is passed.
    • In May, the house voted for another bill that seeks to ban CBDCs in the state. 

    North Carolina’s lower house has passed a bill that could see the state initiate a study into the potential benefits of the state’s Department of State Treasury adopting Bitcoin.

    North Carolina seeks to add BTC to treasury

    The “State Precious Metals Depository Study” bill outlines the custody, insurance and liquidation of crypto assets held by the state. It passed 75-38 with bipartisan support and will now be debated in the Senate.

    If passed, it will open the path for BTC and gold to be considered as assets that can be added to North Carolina’s funds. Specifically, the house’s approval puts North Carolina one step towards adding Bitcoin to the state’s holdings. 

    “This is a very important step to a more formal acknowledgement of #bitcoin in North Carolina. Lots of behind the scenes work,” said Dan Spuller, Head of Industry Affairs at Blockchain Association.

    Spuller noted that the passage of HB721 marks the second time a bill pushed by the North Carolina Blockchain Initiative has received bipartisan support in the General Assembly in 2023.

    In early May, the house unanimously passed HB690, a bill that banned the use of central bank digital currencies (CBDCs) in payments in the state. The bill also bans North Carolina from participating in any testing of CBDC.

    The state of CBDCs globally

    A recent survey showed that 130 countries around the world were in various stages of development towards a central bank issued digital currency. According to US-based think tank Atlantic Council these countries included all G20 members.

    As highlighted here, China’s CBDC pilot continues and has support from country’s major banks. Meanwhile, India and Brazil are set to launch their versions in 2024. 

    The European Central Bank is also looking to begin a pilot for the digital euro and the UK is exploring its “Britcoin” project. In the US, work on a CBDC is advancing only on its use at bank-to-bank level, with the retail digital dollar largely stuck.

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