Utah Bitcoin Bill Passes Senate Reading, 2 Votes Away from Law

Published at: March 9, 2015

A bill aimed at getting the state of Utah to accept bitcoin for states services passes its first reading in the Senate.

The bill has now passed its first Senate reading having already passed through the House of Representatives with a slim majority of 38 Yes votes against 36 No's.

Utah state representative Marc K. Roberts introduced the proposal, Bill H.C.R 6, to the Clerk of the House of Representatives on February 10.

The bill states in its general description that its aim is to look into how the state could accept bitcoin, specifically:

“This concurrent resolution of the Legislature and the Governor proposes the creation of the Council on Payment Options for State Services to study whether and how the state could accept bitcoin as a valid form of payment.”

The wording of the bill, however means that even if the senate approves the motion on its second and third readings, then the question of whether it is feasible for the state to accept bitcoin for payment of state services remains in the hands of an investigating “Council on Payment Options.”

Following the proposed legislation's arrival at the state's senate though, the Senate  Revenue and Taxation Committee have already given the bill their nod of approval by three votes in favor to one opposed. The outcome of the legislated Council on Payment Options could therefore be equally favorable.

Roberts though appears to believe the benefit of Bitcoin extends beyond the idea of the state saving money on payment processing fees. The representative explains that the bill's text aim to lay out a greater vision for how the cryptocurrency could help Utah.

“THEREFORE, BE IT RESOLVED that the Legislature of the state of Utah, and the Governor concurring therein, recognizes the potential benefits that could come from the expanded use of bitcoin in the state and recognizes that the state could be a key player in promoting the use of bitcoin.”

Salt Lake City based Overstock.com gets a name check in the text of the bill as an example of a bitcoin accepting business thriving in the state. The electronics distributor would be in line to save on its payment processing fees were it able to  directly convert BTC sales on its website into payments for state services.

Utah is one of three US states where politicians are currently fielding legislation aimed at getting the local government to accept Bitcoin payments, alongside New Hampshire, and New York.

Cointelegraph recently reported on the efforts by New Hampshire Representative Eric Schleien to pass bill HR552. Schleien's version of the proposal takes a stronger stance by avoiding the investigative council step, and heading straight to an implementation plan. Bill HR552 is worded that its focus is:

“Requiring the state treasurer to develop an implementation plan for the state to accept bitcoin as payment for taxes and fees.”

Cointelegraph spoke to CEO of Galactic Systems, Mike Lorrey, who ran in for a seat in the New Hampshire House of Representatives in 2014 on a similar pro-cryptocurrency platform.

“I would say it's very useful as far as popular acceptance of bitcoin goes. Once the states have to accept it then the banks will be right behind. It's then that we'll see the price of bitcoin start rising again on a long-term trend.”

With the Utah bill now nearing the completion of its journey through the senate, Bitcoin could receive a legitimizing vote of confidence from the state. 

Did you enjoy this article? You may also be interested in reading these ones:

California Governor Approves Bitcoin for Transactions Bank Supervisory Group Unveils BitLicense-esque National Regulation Why Coin Loft Customers Won’t Pay Australia’s 10% Bitcoin Tax
Tags
Blockchain
Bitcoin Regulation
Bills
Utah
Overstock
Related Posts
Rep Tom Emmer introduces bill to provide certainty for digital assets
U.S. congressional representatives introduced a bipartisan bill on July 15 with the goal of providing a clear definition of assets, such as digital tokens and other emerging technologies, under current securities law. Known as the Security Clarity Act, the bill was introduced by Rep Tom Emmer (R-MN), Rep Darren Soto (D-FL), and Rep Ro Khanna (D-CA). This legislation seeks to change the definition of a term that has been used for more than 75 years. The status of any asset sold as an “investment contract” would become an “investment contract asset.” According to the release, this bill would provide a …
Blockchain / July 15, 2021
Class Action Complaint Filed Against Patrick Byrne and Overstock.com
A new complaint filed in Utah accuses Overstock.com, former CEO Patrick Byrne and former CFO Greg Iverson of securities fraud. The complaint Filed on Friday, Sept. 27, the complaint requests a trial by jury, alleging that Byrne designed Overstock.com’s digital asset-based dividend as a means of punishing short sellers, which other outlets have alleged previously. On the subject, and in language more dramatic than many legal filings, the complaint reads: “While defendant Byrne had previously, at different times, launched into public tirades over short selling and naked short selling, the tZERO Dividend was his secret plot to finally obtain hegemony …
Blockchain / Sept. 28, 2019
Utah Senate to Debate Blockchain Task Force Creation and Business Incentives
Utah became the latest United States state to consider special treatment for blockchain in a bill set to be heard today, March 4, concerning the definition of the technology. First presented by Republican senator Daniel Hemmert on Feb. 25, the “Blockchain Technology Act,” also known as Bill 0213, aims to exclude blockchain businesses from money transmitter compliance obligations. “This bill […] defines and clarifies terms related to blockchain technology [and] exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act,” the text of the bill …
Blockchain / March 4, 2019
India misinterpreted private crypto ban, says crypto bill creator
The creator of India’s crypto bill, former Finance Minister Subhash Garg, dismissed the notion of banning “private cryptocurrencies” as a misinterpretation while highlighting the enormous potential of cryptocurrencies and blockchain technology. The Parliamentary discussions around a controversial crypto bill sparked fears around the ban on cryptocurrencies, with no clear indication about the ban's scope. As Cointelegraph reported, an episode of panic selling among Indian investors followed the announcement. In an interview with local news channel News 18, Garg clarified: “[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned …
Adoption / Nov. 30, 2021
Belgium says BTC, ETH and other decentralized coins are not securities
Belgium’s financial regulatory body has confirmed its position that Bitcoin (BTC), Ether (ETH) and other cryptocurrencies that are issued solely by computer code do not constitute securities. The explanation came from Belgium's Financial Services and Markets Authority (FSMA) in a Nov. 22 report, a draft of which was opened for comment in Jul. 2022. The clarification comes following an increase in demands for answers as to how Belgium’s existing financial laws and regulations apply to digital assets, according to the FSMA. While not legally binding under Belgium or European Union law, the FSMA stated that under its “stepwise plan,” cryptocurrencies …
Adoption / Nov. 25, 2022