A legislative committee in Utah has approved a proposal that could allow the state to invest part of its public funds in cryptocurrency.
The bill, known as HB 230 (Blockchain and Digital Innovation Amendments), has moved to the House for a full vote.
On January 28, the Utah House Economic Development Committee voted 8-1 to advance the bill.
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Rep. Jordan Teuscher introduced the measure on January 21, which aims to give the state treasurer the ability to allocate up to 5% of certain public funds into approved digital assets.
Eligible investments would include cryptocurrencies with a market value exceeding $500 billion and stablecoins that meet state-approved criteria.
According to Teuscher's post on X, "While Utah is the 11th state to introduce similar legislation, we will be the first to pass it".
The HB 230 would require the state’s crypto holdings to be stored through qualified custodians, exchange-traded products, or other approved methods. It also allows for staking and lending of digital assets under specific conditions.
Furthermore, the bill prevents state and local governments from restricting the use of cryptocurrency for legal transactions.
The HB 230 was updated before the committee vote to include regulations on zoning for cryptocurrency mining operations. If approved by both the House and Senate, it will then be sent to the governor for final approval or rejection.
Meanwhile, North Dakota legislators proposed House Bill 1447 regarding cryptocurrency automated teller machines (ATMs). What was it about? Read the full story.
