Catenaa, Friday, January 24, 2025 – Utah lawmakers introduced legislation Monday that would permit the state treasurer to invest public funds in digital assets, positioning the state at the forefront of blockchain and cryptocurrency adoption.
Utah’s proposal follows similar initiatives in states like Texas, New Hampshire, and Oklahoma, which have debated measures to invest public funds in Bitcoin or digital assets. While some efforts have stalled, Utah’s bill would take effect May 7, 2025, if enacted, making it the 11th state to adopt such legislation.
The “Blockchain and Digital Innovation Amendments” bill, sponsored by State Rep. Jordan Teuscher, establishes a legal framework for staking, lending, and self-custody rights. It allows up to 10% of certain state accounts, including disaster recovery and Medicaid funds, to be allocated to digital assets meeting strict market and regulatory criteria.
To qualify, assets must maintain a market capitalization of over $500 billion or meet stringent stablecoin requirements, including US regulatory approval. Security measures mandate private key encryption and storage across multiple secure, geographically diverse centers.
The move aligns with broader trends in cryptocurrency adoption amid federal discussions on a national Bitcoin reserve supported by President Donald Trump. States pursuing strategic reserves underscore varying approaches to digital asset integration, focusing on market security and public investment opportunities.
