Utah Cryptocurrency Investment Bill Advances

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by Giorgi Kostiuk

2 years ago

The Utah House Economic Development Committee has passed HB 230, a bill that allows the state to invest part of its funds in cryptocurrency. The bill was overwhelmingly approved on January 28 and now proceeds to the full House for further review.

The Role of the State Treasurer

The bill grants the Utah State Treasurer the authority to allocate up to 5% of certain public funds into qualifying digital assets. These include cryptocurrencies like Bitcoin and approved stablecoins. The bill enforces strict encryption requirements for storing cryptographic keys in geographically diversified, secure data centers to protect public funds.

What Sets the Utah Bill Apart?

Unique to Utah's bill are provisions for crypto mining zoning restrictions, reflecting the state's consideration of blockchain's impact on its infrastructure. Additionally, the legislation ensures self-custody of digital assets, prohibiting any government entity from restricting the use of self-hosted or hardware wallets.

Utah Joins Other States

Currently, 12 states have proposed similar legislation. Arizona, for example, introduced SB 1025 to invest up to 10% of public funds in Bitcoin and other digital assets. While former President Donald Trump proposed creating a national Bitcoin stockpile, some states like Pennsylvania and Ohio face challenges in passing such legislation.

Following approval by the House Economic Development Committee, HB 230 will move to the full House for a vote, then to the Senate, and finally to the governor for final approval. Utah could become one of the first states to officially invest public funds in cryptocurrency if all stages are successful.

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