Utah has proposed a bill to invest public funds in Crypto

The state of Utah has introduced comprehensive legislation allowing the state treasurer to invest public money in digital assets.

Joining the wave of national interest, “Blockchain and Digital Innovation Update”. Mathematics (HB 230), introduced by state Rep. Jordan Tucher on Monday, lays out a framework that includes novel provisions for property, credit and self-defense rights.

“This bill demonstrates our commitment to prepare for financial challenges by embracing technology and ensuring fiscal sovereignty,” Teuscher said. He wrote On X after the bill is presented.

The proposed legislation authorized investments of up to 10% from several state accounts, including the State Disaster Recovery Restricted Account, the General Fund Budget Reserve Account, the Income Tax Fund Budget Reserve Account and the Medicaid Growth Reduction and Budget Stabilization Account.

Based on the articles, the bill would authorize the state treasurer to “engage in the acquisition and lending of digital assets,” if those assets fall under “certain circumstances.”

To qualify for investment, digital assets must either maintain a market capitalization of more than $500 billion (on average over 12 months) or meet strict stablecoin criteria, including dollar-backed or high-quality liquid assets and regulatory approval from US authorities.

Encryption requirements

Utah's bill of safety requirements are particularly stringent.

According to article 67-4-20 of the law, the state must store secret private keys “only in an encrypted environment accessible only through end-to-end encrypted channels” and hardware containing private keys in “at least two geographically separated” designated secure data centers.

The bill also protects individual rights to self-hosted digital assets, stating that no state or local government entity can “prohibit, limit, or impair” a person's ability to take protection using self-hosted or hardware wallets.

Crypto accounts are sorted for approval.

Utah's idea follows Same motivation Following President Donald Trump's endorsement of a national bitcoin reserve in other states.

The ten states that have proposed strategic bitcoin reserves show significant technical differences in their approaches to managing digital assets.

Oklahoma And New HampshireThe proposals require digital assets to maintain a market cap of $500 billion, while maintaining technically neutral language that effectively limits investments in Bitcoin.

Texas He took a different approach with two proposals: a Senate bill that would allow up to 1% of the budget surplus and a House bill that focused solely on Bitcoin donations, though neither became law.

Many other regional proposals have faced challenges; Pennsylvania And OhioAfter their sponsors lost re-election, the bills effectively stalled North Dakota Only a preliminary resolution promoting digital asset investment has been introduced.

If passed, Utah's law would take effect on May 7, 2025, making Utah the eleventh U.S. state.

Edited by Sebastian Sinclair.