The Utah House Economic Development Committee has approved HB 230, Blockchain and Digital Innovation Amendments, by an 8-1 vote, sending the bill to the floor for consideration.
Proposed by Rep. Jordan Teuscher, HB 230 would empower the state treasurer to invest up to 5% of certain public funds in "qualified digital assets," such as those with a market capitalization greater than $500 billion or approved stablecoins.
The bill was updated on January 28 to include provisions regarding zoning restrictions on cryptocurrency mining.
If passed in both the House and Senate, and subsequently signed by the governor, this legislation would allow Utah to join twelve other US states, including neighboring Arizona and Wyoming, that have introduced similar bills allowing their local treasuries to invest in cryptocurrencies.