Utah Introduces Bill Allowing Investment of Public Funds in Digital Assets
Utah's proposed Blockchain and Digital Innovation Amendments (H.B. 230) could enable the state treasurer to invest public funds in digital assets, including cryptocurrencies, stablecoins, and NFTs. Key points of the bill include:
- Up to 10% of public funds may be allocated to qualifying digital assets.
- Qualifying assets must have a market capitalization over $500 billion or meet stablecoin regulatory standards.
- The legislation aims to establish a framework for digital asset investments with regulatory oversight.
- Protections are included to prevent local governments from limiting digital asset acceptance for payments.
- Self-custody wallets will not face restrictions under this proposal.
- The initiative aligns with similar efforts in states like Wyoming, Texas, and Massachusetts exploring digital asset legislation.
Teuscher emphasized Utah's commitment to blockchain technology and fiscal sovereignty. If passed, the law will take effect on May 7, 2025, potentially positioning Utah as a leader in the U.S. crypto industry.
Broader federal adoption remains uncertain, highlighted by declining odds of a Bitcoin reserve being established under former President Trump.