Utah proposes a bill allowing the state to invest a portion of public funds into cryptocurrencies, moving to the House for further discussion.
Role of the State Treasurer
Under the proposed bill, Utah’s State Treasurer would have the authority to invest in digital assets, including activities such as staking and lending. To protect these investments, strict encryption measures are mandated, ensuring cryptographic private keys are stored in geographically diverse, secure data centers, accessible only through end-to-end encryption.
What Sets the Utah Bill Apart?
Utah’s bill includes provisions for crypto mining zoning restrictions and emphasizes the self-custody of digital assets. It ensures that no state or local government can restrict an individual's ability to maintain control over their digital assets with self-hosted or hardware wallets.
Utah Joins Other States
Utah's initiative comes as several states have introduced similar measures to allow treasuries to invest in cryptocurrencies. Currently, 12 states have proposed legislation to allow public funds to be allocated to digital assets, with neighboring Arizona and Wyoming leading similar efforts.
If the HB 230 bill passes through all legislative stages, Utah will become one of the first states to officially invest public funds into cryptocurrency.
