Utah Bill Advances for State to Purchase Crypto

Utah is set to join 12 US states in getting crypto as an investment. A new bill presented by Jordan Teuscher could allow the state to purchase crypto as an investment. 

The Utah House Economic Development Committee passed HB 230, known as the Blockchain and Digital Innovation Amendments, on January 28 with an 8-1 vote .

Utah Considers Bill to Invest 5% of Public Funds in Crypto

If approved, the state treasury will allocate around 5% of public funds to purchase crypto. Some of the targeted assets are Bitcoins and stablecoins. Utah Governor Spencer Cox would have to sign the bill if it passed in the full House and Senate.

Thrilled to join with @Dennis_Porter_ to announce HB230 which will allow the state to invest in digital assets. 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! https://t.co/mBTt12UaQw

— Jordan Teuscher (@jordanteuscher) January 21, 2025

Furthermore, the bill states that the treasury can only purchase crypto assets that meet certain criteria. Some of the considerations include purchasing coins with a market cap of over $500 billion and government-backed stablecoins.

Part of the provisions of the new bill includes allowing the state to use qualified custodians to store its digital investments. Additionally, the bill supports crypto staking and lending. The goal, according to authorities, is to create opportunities that enable Utah to profit from its digital investments. The legislation also prohibits restrictions on using crypto to purchase legal goods and services.

🇺🇸12 states have now introduced Strategic Bitcoin Reserve legislation!

🔸Alabama
🔸Arizona
🔸Florida
🔸Massachusetts
🔸New Hampshire
🔸North Dakota
🔸Ohio
🔸Oklahoma
🔸Pennsylvania
🔸Texas
🔸Utah
🔸Wyoming

Soon this whole map will be covered in $BTC orange 🔥 pic.twitter.com/yVzUcfsWWB

— CryptosRus (@CryptosR_Us) January 22, 2025

Growing Support for Crypto in the U.S.

Utah is not alone in this move. Twelve U.S. states, including neighboring Arizona and Wyoming, have introduced similar bills allowing their treasuries to purchase crypto.

Meanwhile, support for state-held crypto reserves is growing in other parts of the U.S. A lawmaker in South Dakota recently announced plans to propose a bill to create a Bitcoin reserve.

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

Now is one of the few chances government has at being proactive.

Let’s have this conversation!

— Logan Manhart (@ManhartLogan) January 28, 2025

With Donald Trump back at the White House, several states are considering a Bitcoin reserve as a means to hedge against inflation and diversify their holdings.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.