A new legislative measure in Utah aims to allow the state treasury to invest a portion of its assets in digital currencies like Bitcoin.The proposed bill, "Blockchain and Digital Innovation Amendments (H.B. 230)," seeks to incorporate blockchain-based assets into the state's financial planning. Introduced by Representative Jordan Teuscher, the bill suggests that up to 10% of public funds be invested in select digital assets and stablecoins. The bill outlines essential provisions, defines digital assets, outlines custodial requirements, and specifies regulations for stablecoin investments. Additionally, the legislation authorizes the state treasurer to stake and lend digital assets under predetermined conditions. Utah Bitcoin billUtah Bitcoin billInvestment Eligibility and Asset CriteriaThe bill mandates specific conditions for digital asset investments. To qualify, a cryptocurrency must sustain a market capitalization above $500 billion over a 12-month average. At the moment, only Bitcoin meets this requirement. On the other hand, stablecoins must be fully backed by U.S. dollars or other highly liquid assets and must adhere to strict regulatory oversight. These guidelines effectively narrow the range of eligible investments to Bitcoin and select stablecoins that meet the stringent requirements.Utahs legislative efforts align with increasing U.S. states exploring blockchain integration into treasury management. Should this proposal pass, Utah will join other states that have begun diversifying their investment portfolios to include digital assets. For instance, Wyoming has also introduced legislation aimed at including Bitcoin in state-managed investments. Likewise, a similar proposal for Bitcoin has also surfaced in Oklahoma.Wyoming's Push for Bitcoin IntegrationRepresentative Jacob Wasserburger's January 18 House Bill 201 proposes allocating up to 3% of state funds to Bitcoin investments. The measure would apply to funds within Wyomings general fund, permanent mineral trust fund, and permanent land fund.According to Wyomings latest investment report, the state oversaw approximately $30.8 billion in assets as of November 30, 2024. Of this, the Permanent Wyoming Mineral Trust Fund accounted for around $11.5 billion, potentially enabling over $300 million in Bitcoin investments under the new policy. Senator Cynthia Lummis has acknowledged the bills significance, emphasizing Wyomings role in pioneering financial innovation. The state has previously enacted digital asset-friendly policies, and this latest measure builds upon its existing approach to cryptocurrency adoption.
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