tl;dr
The Utah House Economic Development and Workforce Services Committee approved a bill allowing the state to allocate public funds for digital asset investment, set to take effect on May 7, 2025. The bill, Blockchain and Digital Innovation Amendments (2nd Sub. H.B. 230), was introduced by Representati...
The Utah House Economic Development and Workforce Services Committee has approved a bill that permits the state to allocate public funds for investment in digital assets. If the bill completes the legislative process and receives the Governor’s approval, it will take effect on May 7, 2025.
The bill, Blockchain and Digital Innovation Amendments (2nd Sub. H.B. 230), was introduced by Representative Jordan Teuscher and has undergone revisions to reduce the state's exposure to digital asset volatility. If approved, Utah will be the second state to pass such legislation.
Utah is not alone in its push for digital asset adoption. Other states, including Kentucky and South Dakota, are also advancing bills related to digital asset adoption, joining other states in similar initiatives.
In Kentucky, State Representative T.J. Roberts vowed to continue his efforts to establish the state as the “Crypto Capital of the World” and emphasized the need for a Bitcoin Strategic Reserve Act. Meanwhile, in South Dakota, State Representative Logan Manhart voiced support for creating a strategic Bitcoin reserve.
Additionally, the bill significantly reduces the state’s exposure to digital asset volatility by halving the allocation of public funds to digital assets from 10% to 5%. This bill aims to enhance regulatory clarity and refine zoning regulations and sound restrictions for digital asset mining.
Overall, states are actively joining the strategic Bitcoin reserve race, with more states introducing similar legislation to embrace digital assets.