$ETH Utah has taken a step closer to potentially allowing the state treasurer to invest public funds in bitcoin, as its “Blockchain and Digital Innovation Amendments” bill has been formally introduced to the Senate Revenue and Taxation Committee.

The bill, titled “HB 230,” had passed the House of Representatives by a margin of 8 to 1 in January, and moved to the Senate on February 7 for a first reading. The initiative seeks to allow up to 5% of the state’s funds to be invested in “qualified digital assets,” which includes crypto assets that have had an average market capitalization of more than $500 billion over the past 12 months. The only crypto asset that surpasses this mark today is bitcoin (BTC).