#USReserves

Utah has taken another step towards the possible authorization for the state treasurer to invest public funds in bitcoin, as its bill "Amendments to Digital Innovation and Blockchain" has been formally submitted to the Senate Revenue and Taxation Committee.

The bill, titled "HB 230", had been approved by the House of Representatives with 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 state funds to be invested in "qualified digital assets", which include crypto assets that have had an average market capitalization exceeding 500 billion dollars over the last 12 months. The only crypto asset that surpasses this mark today is bitcoin (BTC).