The bill echoes the proposal from the state of New Hampshire and includes investments in Bitcoin or stablecoins.
On January 20, Utah Representative Jordan Teuscher introduced the “Blockchain and Digital Innovation Amendments” (H.B. 230), which authorizes the state treasurer to invest a portion of public funds in digital assets.
Through a post on X, Teuscher stated:
“This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance, while ensuring fiscal sovereignty.”
The proposed legislation allows for investment of up to 5% of several state accounts, including the State Disaster Recovery Restricted Account, the General Fund Budget Reserve Account, Income Tax Fund Budget Reserve Account and the Medicaid Growth Reduction and Budget Stabilization Account. To qualify as an eligible investment, digital assets must maintain a market capitalization exceeding $500 billion (calculated over a 12-month average) or comply with stablecoin regulations. This requirement makes Bitcoin the only cryptocurrency available for investment.
The bill mandates that the state store private keys in an encrypted environment, accessible only through end-to-end encrypted channels. Additionally, the hardware containing the private keys must be kept in at least two geographically diversified secure data centers. The legislation also protects individual self-custody rights, prohibiting any state or local government entity from restricting the use of software or hardware wallets.
Utah’s initiative is part of a larger national movement toward digital asset adoption, also fueled by President Donald Trump’s support for a strategic Bitcoin reserve. If passed, Utah’s law would take effect on May 7, 2025.
