Utah Passes Bill to Invest State Funds in Digital Assets

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The Utah House Economic Development and Workforce Services Committee has approved a bill that allows the state to invest public funds in digital assets.

This development follows Arizona’s advancement of a similar bill to establish a Strategic Bitcoin Reserve, making Utah the second state to pursue such an initiative.

Representative Jordan Teuscher, who introduced the original bill (H.B. 230), expressed enthusiasm about Utah’s leadership in blockchain innovation.

The bill, now in its second substitute version, has undergone significant changes to mitigate the state’s exposure to digital asset volatility. The investment allocation in digital assets has been reduced from 10% to 5%, and the bill now includes refined zoning regulations and sound restrictions for digital asset mining.

If the bill successfully completes the legislative process and receives the Governor’s approval, it will take effect on May 7, 2025.

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