Utah has proposed a new bill, the Blockchain and Digital Innovation Amendments (H.B. 230), which could allow the state treasurer to invest public funds in digital assets such as cryptocurrencies, stablecoins, and NFTs. Introduced by State Representative Jordan Teuscher, the bill aims to create a clear framework for these investments while ensuring regulatory oversight and financial responsibility.
The proposal allows for up to 10% of public funds to be invested in qualifying digital assets. These assets must have a market capitalization of over $500 billion in the past year or meet specific regulatory criteria for stablecoins. This initiative shows Utah’s ambition to be a leader in blockchain and digital finance.
Teuscher expressed enthusiasm for the bill, highlighting Utah’s commitment to adopting new technologies. He stated that the bill reflects the state’s dedication to preparing for the future of finance while maintaining fiscal independence.
In addition to investment provisions, the bill includes protections for the use of digital assets in Utah. It prevents state or local governments from limiting the acceptance of digital assets for payments and protects the use of self-custody wallets. These measures aim to support individual rights and promote the growth of the crypto economy in the state.
This proposal aligns with a broader trend in the U.S., where states like Wyoming, Texas, Massachusetts, and Oklahoma are considering similar legislation. Some states are even exploring the establishment of Strategic Bitcoin Reserves. Dennis Porter, CEO of the Satoshi Action Fund, noted the rising interest in this movement.
However, while state-level initiatives are gaining traction, federal adoption remains uncertain. Recent data showed a decline in the likelihood of former President Donald Trump establishing a Bitcoin reserve soon after taking office.
If passed, Utah’s legislation is set to take effect on May 7, 2025. This could position Utah as a leader in the U.S. crypto industry and set a precedent for other states, marking a significant step in integrating blockchain technology into public finance.
