Utah Follows Arizona’s Lead with Bill to Invest State Funds in Digital Assets

The Utah House Economic Development and Workforce Services Committee has approved a bill that permits the state to allocate public funds for investment in digital assets.

If the bill completes the legislative process and receives the Governor’s approval, it will take effect on May 7, 2025.

Utah Greenlights Digital Asset Investments

The Blockchain and Digital Innovation Amendments (2nd Sub. H.B. 230) bill has moved forward in Utah’s legislative process. This development comes after Arizona advanced a bill to establish a Strategic Bitcoin Reserve. Utah is now the second state to push a similar initiative.

Representative Jordan Teuscher introduced the original bill, H.B. 230. He expressed enthusiasm about Utah’s leadership in blockchain innovation. 

“While Utah is the 11th state to introduce similar legislation, we will be the first to pass it. Utah continues to lead the nation in blockchain and digital innovation!,” Teuscher posted on X (formerly Twitter).

Notably, on January 28, a second substitute version of the bill was introduced. This bill significantly reduces the state’s exposure to digital asset volatility. It halves the allocation of public funds to digital assets from 10% to 5%.

Besides lowering investment exposure, the new version refines zoning regulations and sound restrictions for digital asset mining. While the core regulations and definitions remain largely unchanged, these adjustments aim to enhance regulatory clarity.

The committee voted 8-1-1 in favor of the revised bill. It is set to move forward to the full House for a vote. If approved, it will proceed to the Senate for further review and voting. Should both chambers pass the legislation, it will then be sent to the Governor for final approval.

Kentucky and South Dakota join the Strategic Bitcoin Reserve Race

Utah is not alone in its push for digital asset adoption. Other states, including Oklahoma, Texas, Massachusetts, and Wyoming, have introduced similar legislation. Now, more states are joining the race.

In Kentucky, State Representative T.J. Roberts took to X, vowing to continue his efforts to establish the state as the “Crypto Capital of the World.”

He emphasized that it was time to complete the fight as he prepares to introduce a Bitcoin Strategic Reserve Act in the coming days.

“I will introduce a Bitcoin Strategic Reserve Act in Kentucky next week!  I believe in honest money and free markets.  Kentucky needs crypto,” the post read.

South Dakota is also joining the movement. State Representative Logan Manhart voiced support in his latest post on X.

“I am proud to say I will be bringing a bill in the South Dakota House that would create a strategic bitcoin reserve,” Manhart wrote.