Utah’s House Economic Development Committee has passed HB 230, a bill that permits the state to invest in cryptocurrencies.
The measure was approved with an 8-1 vote on January 28 and will now be sent to the full House for consideration. If it gains approval from the House and the Senate, it will be forwarded to Governor Spencer Cox, who has expressed support for crypto initiatives.
Dennis Porter, CEO and co-founder of SatoshiActFund announced on X that Utah’s House Committee has approved the “Blockchain and Digital Innovation Bill,” which includes a provision to adopt Bitcoin as a strategic reserve asset. Porter emphasized the bill’s overwhelming support, reflecting strong momentum for crypto adoption at the state level.
The bill, introduced by Representative Jordan Teuscher, grants Utah’s treasurer the authority to allocate up to 5% of select public funds into “qualifying digital assets.” These include major cryptocurrencies with a market cap exceeding $500 billion and approved stablecoins. Additionally, the bill permits the state to participate in crypto staking and lending under specified conditions.
The bill requires Utah’s digital assets to be securely stored through qualified custodians, exchange-traded products, or secure custody solutions. It also prohibits state and local governments from restricting the use of cryptocurrencies for legal goods and services, ensuring crypto can be used for transactions within the state.
Utah’s initiative reflects a broader trend of states exploring digital asset investments, signalling a growing interest in blockchain technology for public finance. Similarly, Texas Senator Charles Schwertner recently introduced Senate Bill 778 (SB 778) to establish a Strategic Bitcoin Reserve, positioning Texas as a leader in financial innovation. If approved, Texas would be the first state to acquire and hold Bitcoin as an economic asset. Schwertner highlighted Bitcoin’s decentralized nature and limited supply as key advantages in protecting the state against inflation and financial instability while strengthening its digital economy.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
