On January 28, Utah's House Economic Development Committee passed HB 230, allowing the state to invest a portion of public funds into cryptocurrency. Introduced by Representative Jordan Teuscher, the bill received overwhelming support and now moves to the full House for approval.
Treasurer's Roles and Responsibilities
The bill authorizes Utah's Treasurer to invest up to 5% of certain public funds in 'qualifying digital assets,' including cryptocurrencies like Bitcoin and approved stablecoins. The Treasurer is empowered to engage in staking and lending activities under stringent encryption requirements designed to safeguard public funds.
What Sets the Utah Bill Apart?
The bill is notable for its provisions on crypto mining zoning, reflecting Utah's approach to the broader impact of blockchain on state infrastructure. It also ensures the right to self-custody digital assets, preventing any state or local government from restricting the use of personal crypto wallets.
Utah Joins Other States
Utah is among 12 states proposing similar measures to allow public funds to be invested in digital assets. Nearby Arizona and Wyoming are also making strides in this direction. The bill is set for further review and potential passage in the Utah State Senate.
By legislating crypto investment, Utah steps towards financial innovation and bolstering economic sovereignty, aligning with a national trend of blockchain integration.
