Utah House Committee Approves Bill for Investment of Public Funds in Digital Assets
The proposed bill which will allow for investment of public funds in eligible digital assets received the House committee’s approval.
Utah Accelerates Strategic Bitcoin Reserve Bill
Utah’s House Committee on Economic Development has passed a recommendation for Utah’s H.B. 230 Blockchain and Digital Innovation Amendments to be approved. The bill was passed by an 8-1 vote on Tuesday, Jan. 28.
The bill establishes guidelines for asset custody, management, and compliance while permitting state treasurers to allocate a part of public monies to eligible digital assets. State treasurers may invest up to 5% of the total funds in each account in eligible digital assets with a market valuation of more than $50 billion.
The Senate has been tasked with passing the bill into law which will allow Utah to invest in bitcoin and other digital assets. Spencer Cox, Utah’s governor, has previously shown his receptiveness toward crypto when he signed a bill to create a blockchain and digital innovation task force. As such, the bill is expected to get his approval if the Senate process is successful.
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