Utah advances bill to invest public funds in Bitcoin

Utah’s House Committee on Economic Development has approved H.B. 230, a bill that would allow the state to invest public funds in digital assets such as Bitcoin (CRYPTO:BTC).

The committee passed the bill on January 28 with an 8-1 vote, moving it closer to becoming law.

If enacted, the legislation would permit state treasurers to allocate up to 5% of funds from certain accounts into eligible digital assets with a market capitalisation exceeding $50 billion.

The bill also outlines guidelines for asset custody, management, and compliance to ensure the investments are secure and transparent.

Utah Governor Spencer Cox, who previously supported blockchain initiatives by signing legislation to create a blockchain task force, is expected to approve the bill if it passes through the Senate.

“Thrilled to announce HB230 which will allow the state to invest in digital assets. Utah continues to lead the nation in blockchain and digital innovation,” stated Representative Jordan Teuscher, the bill’s sponsor, expressing optimism about its progress.

The legislation positions Utah among states like Arizona and Wyoming that are exploring similar measures to integrate digital assets into their financial strategies.

State Treasurer Marlo Oaks emphasised that any investments would be carefully evaluated to prioritise safety and maintain public trust amid concerns about cryptocurrency volatility.

If successful, Utah would become the first state to pass such legislation, signaling its commitment to advancing blockchain and digital asset innovation.

At the time of reporting, the Bitcoin (BTC) price was $105,524.