#cryptonews
Utah has introduced landmark legislation aimed at modernizing state investments by permitting the state treasurer to allocate public funds into digital assets.
The proposed “Blockchain and Digital Innovation Amendments” bill (H.B. 230), introduced by State Representative Jordan Teuscher, seeks to position Utah at the forefront of blockchain adoption while maintaining stringent fiscal oversight.
“This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance while ensuring fiscal sovereignty,” Teuscher stated on X.
The bill establishes a framework for investments in digital assets, incorporating provisions for staking, lending, and safeguarding self-custody rights.
Eligible assets must meet rigorous criteria, such as a market capitalization exceeding $500 billion over 12 months or strict stablecoin requirements, including backing by high-quality liquid assets and regulatory approval.
Under the legislation, up to 10% of funds from several state accounts, including the State Disaster Recovery Restricted Account and the General Fund Budget Reserve Account, could be invested in digital assets.
Previously, Ohio proposed adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin.
New Hampshire and North Dakota have introduced legislation to establish strategic Bitcoin reserves, marking a growing trend among U.S. states to diversify their treasuries with cryptocurrency.
Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.
Likewise, on 12 December 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years.