Utah Advances Bill for Public Investment in Crypto Assets
Utah has become the first state to pass a bill allowing public investment in crypto assets, with Kentucky and Maryland following suit. Key points include:
- Utah's bill allows state treasurer investment in digital assets, advancing through the House by a narrow margin. It targets stablecoins and cryptocurrencies with a market cap over $500 billion.
- Maryland's bill proposes a bitcoin strategic reserve funded by gambling violation revenues.
- Kentucky introduced two bills permitting state retirement funds to invest in digital asset exchange-traded funds while limiting central bank digital currencies.
- No new taxpayer funding is required for these state initiatives.
- Fifteen other states are considering similar legislation, with Michigan and Wisconsin already investing portions of their retirement funds in crypto ETFs.
The interest from states has increased following former President Trump's administration focus on a potential U.S. crypto stockpile.