Utah is expected to reach 12 American states to obtain crypto as an investment. A new bill presented by Jordan Teuscher could allow the State to buy the crypto as an investment.
The Utah House Economic Development Committee adopted HB 230, known as Blockchain and Digital Innovation Amendments, January 28 with a vote of 8-1.
Utah considers that Bill is investing 5% of public funds in the crypto
If it is approved, the state treasure will allocate around 5% of public funds to buy a crypto. Some of the targeted assets are bitcoins and stablecoins. Utah governor Spencer Cox should sign the bill if it was adopted in the full chamber and the Senate.
Delighted to join @Dennis_Porte_ To announce HB230 which will allow the State to invest in digital assets. While UTAH is the 11th state to introduce similar legislation, we will be the first to adopt it. Utah continues to direct the nation in blockchain and digital innovation!
– Jordan Teuscher (@jordanteuscher) January 21, 2025
In addition, the bill stipulates that the Treasury can only buy cryptographic assets that meet certain criteria. Some of the considerations include the purchase of parts with a market capitalization of more than $ 500 billion and the stable -coated government.
Part of the provisions of the new bill includes the authorization of the State to use qualified guards to store its digital investments. In addition, the bill supports the markup and cryptographic loans. The objective, according to the authorities, is to create opportunities that allow UTAH to take advantage of its digital investments. The legislation also prohibits restrictions on the use of crypto to buy legal goods and services.
12 States have now introduced the Bitcoin reserve legislation!
Soon this whole card will be covered in $ BTC orange
– cryptosrus (@Cryptosr_us) January 22, 2025
12 States have now introduced the Bitcoin reserve legislation!
Alabama
Growing crypto support in the United States
Utah is not alone in this decision. Twelve American states, including Arizona and Wyoming Neighbors, have presented similar invoices allowing their treasury bills to buy crypto.
Meanwhile, support for crypto reserves held by the State increased in other parts of the United States, a southern Dakota legislator recently announced its intention to propose a bill to create a bitcoin reserve.
I am proud to say that I will provide a bill in the southern Dakota house which would create a strategic bitcoin reserve.
Is now one of the rare chances that the government has to be proactive.
Let’s have this conversation!
– Logan Manhart (@manhartlogan) January 28, 2025
With Donald Trump to return to the White House, several states are considering a Bitcoin reserve as a means of covering themselves against inflation and diversifying their assets.
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