Utah is taking a significant step toward integrating cryptocurrency into its public funds with the progress of the Blockchain and Digital Innovation Amendments bill, known as H.B. 230. The bill, which passed the House in an 8-1 vote last month, was moved to the Senate on February 7 and has now been referred to the Senate Revenue and Taxation Committee for its first reading.
Key Provisions of H.B. 230
Proposed by Representative Jordan Teuscher on January 21, the bill would authorize the state treasurer to allocate up to 5% of public funds for investments in “qualifying digital assets.” These include cryptocurrencies with an average market cap of over $500 billion over the preceding 12 months and stablecoins. With Bitcoin currently valued at approximately $1.9 trillion and Ethereum at about $322 billion, the proposal targets well-established digital assets.
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