Utah House Committee Passes Bill To Allocate Up To 5% Of Public Funds To Crypto

A Utah House committee has passed a bill that would give the state permission to allocate up to 5% of its public funds to crypto, with the new measure heading to the House for a vote.

In an 8 to 1 vote on Jan. 28,  the Utah House Economic Development Committee passed HB 230, the Blockchain and Digital Innovation Amendments.

Revolutionizing Utah Industries With the Blockchain Registry - Governor's Office of Economic Opportunity

Utah Could Allocate Up To 5% Of Public Funds To Digital Assets

The bill was proposed on Jan. 21 by Utah Representative Jordan Teuscher. If approved, it will give the state the authority to allocate up to 5% of public funds to “qualifying digital assets.” This includes cryptos with market capitalizations greater than $500 billion or certain stablecoins.

The second substitute of the original bill was updated yesterday to include rules for zoning restrictions on crypto mining. Now, the bill will head to the full House. It will need to receive majority approval in both the full House and in the Senate before it will be passed on to a governor who will either sign or veto the bill.

Other US States Introduce Similar Bills

Utah is not the first US state to introduce a bill that will allow for the allocation of public funds towards crypto. Twelve other states, including Arizona and Wyoming, have also put forward proposals that will give their local treasuries permission to buy crypto, data from Bitcoin Reserve Monitor shows.

Satoshi Action Fund CEO and co-founder Dennis Porter noted in a Jan. 29 X post that Utah is, however, the second US state to pass a crypto bill out of committee. 

If passed, Utah’s bill will require that digital assets belonging to the state be held through secure custody solutions, qualified custodians or crypto exchange-traded products. The treasurer will also be able to participate in staking and lending of the assets under specific conditions.

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