The Utah Bitcoin Reserve Bill has passed the Senate Tax Committee's review

According to Cointelegraph, Utah's HB230 "Blockchain and Digital Innovation Amendment" has passed the state's Senate Tax Committee with a 4-2-1 vote on February 20, and the bill will enter the second and third readings of the Senate.
According to the bill, to become a reserve asset, a digital asset must have an average market value of $500 billion or more in the previous calendar year. Currently, only Bitcoin meets this requirement. The bill also authorizes state treasurers to participate in cryptocurrency pledging operations, and state treasurers can invest no more than 5% of digital assets in each of five state accounts, including general budget funds, income tax fund budgets, and state disaster recovery accounts.
Previously, it was reported that the Utah Bitcoin Reserve Bill was passed by the House of Representatives and entered the Senate Tax Committee for consideration.