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Coinpaprika 2025-01-22 09:53:00

Utah Proposes Law to Invest Public Funds in Crypto

Utah Proposes Law to Invest Public Funds in Crypto

Utah has introduced a new bill that could allow the state treasurer to invest public funds in digital assets like cryptocurrencies, stablecoins, and NFTs . The proposal, called the Blockchain and Digital Innovation Amendments (H.B. 230), was put forward by State Representative Jordan Teuscher and aims to establish a clear framework for digital asset investments while ensuring regulatory oversight and financial responsibility. The bill outlines that up to 10% of public funds could be invested in qualifying digital assets. These include assets with a market capitalization exceeding $500 billion over the past year or any stablecoin meeting regulatory criteria. This groundbreaking proposal reflects Utah’s ambition to lead in blockchain and digital finance innovation . Teuscher expressed excitement about the initiative on X (formerly Twitter), emphasizing the state’s commitment to adopting cutting-edge technologies. “Utah is proud to lead the way in blockchain and digital innovation. This bill reflects our dedication to preparing for the future of finance while maintaining fiscal sovereignty,” he stated. In addition to investments, the bill includes protections for digital asset use within Utah. It prevents state or local governments from limiting the acceptance of digital assets for payments or restricting the use of self-custody wallets like hardware wallets. These provisions aim to safeguard individual rights and encourage the growth of the crypto economy in the state. The proposal is part of a larger trend in the U.S., where states like Wyoming, Texas, Massachusetts, and Oklahoma are exploring similar legislation. These efforts include establishing Strategic Bitcoin Reserves, a concept gaining popularity among state lawmakers. Dennis Porter, CEO and Co-Founder of the Satoshi Action Fund, highlighted the growing interest in this movement, stating on X, “The FOMO for Strategic Bitcoin Reserves is at an all-time high!” Despite the enthusiasm surrounding state-level initiatives, broader adoption at the federal level remains uncertain. Polymarket data recently showed that the odds of former President Donald Trump establishing a Bitcoin reserve within his first 100 days in office dropped significantly—from 48% on inauguration day to 30% at the time of reporting. While optimism remains strong in certain circles, challenges persist in achieving widespread acceptance. If passed, Utah’s legislation is set to take effect on May 7, 2025. This move could cement the state’s role as a leader in the U.S. crypto industry, setting a precedent for other regions to follow. It marks a significant step forward in integrating blockchain technology into public finance while balancing innovation with accountability.

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