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Utah Introduces Cryptocurrency Investment Bill

Wed, 22 Jan 2025, 02:08 am UTC

Utah House of Representatives

Utah is moving forward with legislation to authorize state-level cryptocurrency investments as part of a strategic reserve plan.

According to Decrypt on January 21, Utah State Representative Jordan Teuscher introduced the "Blockchain and Digital Innovation Amendments" (H.B. 230), which would allow state public funds to invest up to 10% in digital assets. Eligible funds include disaster recovery accounts, general fund reserves, and income tax fund reserves.

The bill stipulates strict eligibility criteria for investments, limiting them to assets with a 12-month average market capitalization exceeding $500 billion or stablecoins meeting high standards of collateralization, dollar backing, or U.S. regulatory approval.

It also includes provisions for staking and lending specific digital assets at the discretion of the state treasurer. Security measures require encrypted private keys to be accessible only via end-to-end encrypted channels and stored across geographically dispersed secure data centers.

Additionally, the legislation guarantees individuals the right to self-custody their digital assets, barring any state or local government agency from interfering with self-hosted wallets or hardware wallets.

Teuscher expressed pride in Utah's leadership in blockchain and financial innovation, noting the state’s readiness to embrace cutting-edge technology and financial sovereignty.

The proposed legislation follows national momentum sparked by President Donald Trump’s mention of a possible federal Bitcoin reserve. Utah joins Oklahoma, New Hampshire, Texas, and eight other states pursuing similar cryptocurrency reserve initiatives.

If passed, the law will take effect on May 7, 2025.

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Great article. Requesting a follow-up. Excellent analysis.

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Great article. Requesting a follow-up. Excellent analysis.
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