The US state of Utah has introduced a bill allowing the state treasurer to invest public funds in crypto assets alongside provisions regulating digital asset usage and mining.
Introduced by State Representative Jordan Teuscher, the Blockchain and Digital Innovation Amendments bill (H.B. 230) aims to create a comprehensive framework for digital asset investment while maintaining regulatory oversight and fiscal responsibility.
Utah Proposes Groundbreaking Crypto Bill for Public Fund Investment
The bill would allow the state treasurer to invest in digital assets such as cryptocurrencies, stablecoins, and NFTs as long as they meet certain criteria, including market capitalization thresholds and regulatory approvals.
Furthermore, it allows the state to invest up to 10% of public funds in qualifying digital assets. It defines a “qualifying digital asset” as any digital asset with a market cap exceeding $500 billion over the previous 12 months or any stablecoin.
Teuscher expressed his enthusiasm about the bill on X (formerly Twitter).
“Utah is proud to lead the way in blockchain and digital innovation. This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance, while ensuring fiscal sovereignty,” the post read.
Beyond investment, the bill includes provisions to safeguard the use of digital assets within the state. It prohibits state or local governments from restricting the acceptance of digital assets as payment. It also bans governments from restricting the use of self-hosted and hardware wallets for custody.
A Growing Trend Across the US
Utah’s proposal follows a growing trend across the US, with states seeking to establish Strategic Bitcoin Reserves. Other states like Wyoming, Massachusetts, Oklahoma, and Texas have already introduced similar bills to invest state funds in Bitcoin.
Dennis Porter, CEO and Co-Founder of the Satoshi Action Fund pointed out that many state lawmakers have already expressed interest in passing Strategic Bitcoin Reserve legislation.
“The FOMO for SBR is at an all-time high!” Porter said on X.
Despite the optimism, Polymarket revealed that the odds of President Donald Trump creating a Bitcoin reserve in his first 100 days of office dropped after his inauguration.
Moreover, the odds were 48% on inauguration day, but they had fallen to 30% at press time.
If passed, the legislation would go into effect on May 7, 2025, solidifying the state’s position in the US crypto space.
Wirex
YouHodler
eToro
eToro
eToro
eToro
Phemex
Zoomex
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
