Utah is taking a significant step towards embracing digital assets with the introduction of a new bill that would authorize the state treasurer to invest public funds in cryptocurrencies.
The “Blockchain and Digital Innovation Amendments” (H.B. 230) aims to establish a framework for investing in digital assets, including provisions for staking, lending, and self-custody rights.
Key Provisions:
- Investment Scope: Allows up to 10% investment from various state accounts, including the State Disaster Recovery Restricted Account and the General Fund Budget Reserve Account.
- Eligibility Criteria:
- Digital assets must have a market cap exceeding $500 billion.
- Stablecoins must be backed by dollars or high-quality liquid assets and approved by U.S. authorities.
- Security Measures:
- Strict encryption requirements for private keys.
- Secure storage in geographically diverse data centers.
- Self-Custody Rights: Protects individuals’ rights to self-custody digital assets using self-hosted or hardware wallets.
Joining a National Trend:
Utah’s proposal follows similar initiatives across the U.S., reflecting growing interest in digital assets at the state level.
- Other State Initiatives:
- Oklahoma and New Hampshire have similar proposals with a $500 billion market cap requirement.
- Texas has introduced bills allowing for investments and accepting Bitcoin donations.
- Some states, like Pennsylvania and Ohio, have seen their proposals stall.
If passed, the Utah legislation would take effect in May 2025, potentially making Utah a leader in state-level digital asset investment.
January 2025, Cryptoniteuae
📧 The Gulf reads Cryptonite first
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