Utah suggests law empowering state treasurer to invest in digital assets.

Utah has introduced a groundbreaking bill, H.B. 230, proposed by Representative Jordan Teuscher, to modernize state investments by allowing digital assets allocation. The "Blockchain and Digital Innovation Amendments" aim to position Utah as a leader in blockchain technology while maintaining fiscal control. The legislation creates a framework for digital asset investments, including staking, lending, and protecting self-custody rights. Teuscher expressed their commitment to future-proof finance and fiscal sovereignty. Up to 10% of funds from specific state accounts can be invested in digital assets meeting high standards: market capitalization over $500 billion or strict stablecoin criteria. Robust security measures are mandated, with private keys stored in encrypted, geographically diverse data centers. The bill ensures individual self-custody rights, prohibiting government restrictions on hardware wallets. Utah's initiative follows a trend among states considering digital asset investments, with others like Oklahoma, New Hampshire, and Texas proposing similar measures. If passed, the legislation will take effect on May 7, 2025, making Utah the eleventh state to adopt digital asset investment policies, joining North Dakota and New Hampshire in strategic Bitcoin reserves exploration. Other states, such as Ohio and Pennsylvania, have also introduced bills for Bitcoin inclusion in treasury reserves. Corporate Bitcoin adopters like MicroStrategy and Metaplanet further emphasize this growing trend.