The Utah House Economic Development Committee has approved HB 230, a bill proposing to invest a portion of public funds into cryptocurrency. The bill allows for up to 5% of certain public funds to be allocated to digital assets like Bitcoin and approved stablecoins.
Role of Utah State Treasurer
Under the bill, the Utah State Treasurer would be empowered to invest in digital assets, including staking and lending them, provided the conditions are met. The bill mandates strict encryption requirements to safeguard these investments.
What Sets the Utah Bill Apart
Utah's bill differs from others proposed in the United States by including provisions for crypto mining zoning restrictions. Additionally, the bill emphasizes the right to self-custody of digital assets. No state or local government entity can restrict individuals from taking custody of their digital assets using self-hosted or hardware wallets.
Utah Joins Other States
Utah's bill comes amid similar proposals in other states, such as Arizona and Wyoming. In total, 12 states have considered allowing public funds to be invested in digital assets. Arizona's bill allows up to 10% of public funds to be invested in Bitcoin and other digital assets. The movement of this bill through legislative bodies varies across states.
Following the committee's approval, HB 230 moves to a full House vote. If approved, the bill will proceed to the Senate and ultimately to the governor for final approval. Successful passage would make Utah one of the first states to officially invest public funds in cryptocurrency.