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. 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 w...