Utah Moves Closer to Investing Public Funds in Bitcoin and Digital Assets
A proposed bill allowing public funds to be invested in eligible digital assets has gained approval from the Utah House Committee on Economic Development.
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The committee voted 8-1 on Jan. 28 to advance H.B. 230 – Blockchain and Digital Innovation Amendments, which outlines regulations for asset custody, management, and compliance. If enacted, state treasurers would be authorized to allocate up to 5% of public funds from each account into digital assets with a market valuation exceeding $50 billion.
The bill now moves to the Senate for further consideration. If passed, Utah could officially invest in Bitcoin and other digital assets, further cementing its role as a leader in blockchain innovation. Governor Spencer Cox, who previously supported blockchain legislation, is expected to approve the measure if it clears the Senate.
Utah Representative Jordan Teuscher, who introduced the bill, expressed his excitement on social media, stating:
“Thrilled 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!”
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