A committee of the Chamber of Representatives of Utah has approved the legislation that would allow it The State to assign a part of public funds to cryptocurrency investments.
The bill, known as HB 230, or the amendments of Blockchain and Digital Innovation, approved the Economic Development Committee of the House of Representatives of January 28 with an 8-1 vote. Now he moves to the whole house for greater consideration.
Proposed by representative Jordan Teuscher on January 21, the bill would grant the state treasurer the authority to invest up to 5% of public funds selected in “qualified digital assets.”
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Cryptographic investments are limited to the main digital assets and approved stablcoins
Eligible investments include cryptocurrencies with a market capitalization exceeding $ 500 billion, as well as certain stables approved by the legislation.
A revised version of the bill, presented on January 28, also includes provisions for zoning restrictions related to mining cryptocurrency operations.
If both the Chamber and the Senate are approved, the bill will require the approval of Governor Spencer Cox before becoming law. If signed, it is established on May 7. Cox has previously indicated support for Blockchain related initiatives, having established A digital innovation and blockchain task force in 2022.
Utah is among a growing list of US states that consider cryptocurrency investment policies. According to Bitcoin to reserve monitor, at least 12 states, including the residents of Arizona and Wyoming, have introduced similar invoices that allow their treasure bonds to have cryptographic assets.
The co -founder and CEO of the Sato Action Fund, Dennis Porter, said that Utah is the second state to advance the committee. Teuscher echoed this feeling, declaring in X that, although Utah is the 11th state to introduce such legislation, it is on the way to being the first to promulgate it.
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Thanks to the leadership of @jordanteuscher, @TreasureroaksAnd Senator Cullimore, as well as Utah’s thought approach. pic.twitter.com/cbswthcdxw
– Dennis Porter (@dennis_Porter_) January 28, 2025
According to the provisions of the bill, state cryptography holdings must be administered through safe custody solutions, qualified custodians or stock -listed products. The legislation also allows the treasurer to participate in rethinking and loan activities in specific conditions.
In addition, it prohibits state and local state governments to restrict the use of cryptographic assets for legal transactions.
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The impulse for state -level crypto reserves grows
Utah’s movement occurs when other states explore similar initiatives. On January 28, the South Dakota representative, Logan Manhart, announced plans to present a bill that would Establish a strategic Bitcoin reserve for your state.
In December, the Texas Giovanni Capriglione representative introduced the Bitcoin Strategic Reserve Law of Texaswhich proposes that the comptroller of the State have Bitcoin as a reserve asset for at least five years.
Pennsylvania took a similar step in November, with representative Mike Cabell proposing a bill to allow her treasure to assign up to 10% of her balance in Bitcoin, citing the potential of the asset to protect against each other against economic uncertainty.
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The bill of the Committee of the Chamber of Post Utah representatives to allow investments of public funds in cryptography first appeared in 99bitcoins.
