Utah state may start investing in cryptocurrency in the near future
Utah advances HB 230, paving the way for state crypto investments.
A Utah House committee has passed HB 230, the Blockchain and Digital Innovation Amendments, which would allow the state to allocate up to 5% of certain public funds into digital assets.
The bill, proposed by Representative Jordan Teuscher, received an 8-1 vote from the Utah House Economic Development Committee on Jan. 28 and will now move to the full House for a vote, reports Cointelegraph.
If approved by both legislative chambers and signed by Governor Spencer Cox, the bill would take effect on May 7, 2025. The measure includes provisions for crypto custody, staking, and lending, as well as zoning restrictions for crypto mining operations.
Teuscher emphasized Utah’s leadership in digital asset adoption, stating:
“While Utah is the 11th state to introduce similar legislation, we will be the first to pass it.”
Growing State-Level Adoption of Crypto
Utah joins a growing number of U.S. states pursuing crypto investment strategies. Neighboring states Arizona and Wyoming have introduced similar bills, and South Dakota Representative Logan Manhart recently proposed a state Bitcoin reserve.
“Now is one of the few chances government has at being proactive,” Manhart wrote on X.
The bill mandates that Utah’s digital assets be held through qualified custodians, secure custody solutions, or exchange-traded products. It also prohibits state and local governments from restricting the use of cryptocurrencies for legal transactions.
Governor Spencer Cox, known for his pro-crypto stance, previously signed legislation creating a Blockchain and Digital Innovation Task Force in 2022, signaling potential support for HB 230.
If Utah’s full House and Senate approve the bill, the state will become one of the first in the U.S. to directly invest public funds into crypto, further solidifying the role of digital assets in state-level financial strategies.
Recently we wrote, that on Jan. 27, Arizona’s Senate Finance Committee approved a bill that would allow public funds to be invested in Bitcoin.
