The Utah House committee took a significant step forward by passing legislation that permits public funds to put their money into digital assets for financial operations.
H.B. 230 Blockchain and Digital Innovation Amendments won the support of 8 representatives from the House Committee on Economic Development by a vote of 8-1. The legislation permits state Treasury managers to place 5% of public money from each fund into digital assets whose market capital exceeds $50 billion.
The passing legislation is advancing to Utah’s Senate and provides rules about asset management as well as custody requirements and regulatory requirements for accountable investment activities. Passage of this legislation would enable Utah to begin investing public funds in Bitcoin and eligible cryptocurrencies, eventually becoming a pioneer among U.S. states for incorporating digital financial reserves.
Utah Pushes for Digital Asset Adoption
Before this initiative, Governor Spencer Cox demonstrated his backing for blockchain policies when he signed the law creating a blockchain and digital innovation task force. The bill H.B. 230 will become law after the Senate gives its green light since Governor Spencer Cox plans to sign it.
Representative Jordan Teuscher, the bill’s sponsor, celebrated the committee’s approval, posting on X (formerly Twitter): The upcoming adoption of blockchain technology and digital assets by Utah fills the representative with enthusiasm.
Thrilled to announce HB230 which will allow the state to invest in digital assets. While Utah is the 11th state to introduce similar legislation, we will be the first to pass it. Utah continues to lead the nation in blockchain and digital innovation!
The public awareness of digital assets prompts Utah’s legislative efforts to signify broader government acceptance of cryptocurrency for financial planning. How the Utah Senate handles H.B. 230 will decide if the state becomes one of many that utilizes digital assets as public investment instruments.
