Utah's Economic Development Committee passed a bill allowing the state to invest a portion of public funds into cryptocurrency.
Role of the State Treasurer
Under the new legislation, Utah's State Treasurer is authorized to invest in digital assets, which may include staking and lending activities, provided specified conditions are met. To safeguard these investments, the bill mandates strict encryption measures and storage of cryptographic keys in secure data centers.
Features of the Utah Bill
Utah's bill includes crypto mining zoning restrictions in its new draft. Self-custody of digital assets is also emphasized, ensuring citizens can use personal wallets without restrictions from government entities.
Utah Joins Other States
This legislation aligns with similar bills in other states like Arizona and Wyoming, reflecting a national trend towards incorporating cryptocurrencies into state financial strategies.
Following committee approval, the bill will proceed to a full House vote, marking a potential milestone in public fund investments in cryptocurrency nationwide.
