A Utah House committee has approved legislation that would permit the state to allocate a portion of public funds to cryptocurrency investments.
The bill, known as HB 230, or the Blockchain and Digital Innovation Amendments, passed the Utah House Economic Development Committee on Jan. 28 with an 8-1 vote. It now moves to the full House for further consideration.
Proposed by Representative Jordan Teuscher on Jan. 21, the bill would grant the state treasurer the authority to invest up to 5% of select public funds into “qualifying digital assets.”
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Eligible investments include cryptocurrencies with a market capitalization exceeding $500 billion, as well as certain stablecoins approved under the legislation.
A revised version of the bill, introduced on Jan. 28, also includes provisions for zoning restrictions related to crypto mining operations.
If passed by both the House and Senate, the bill will require Governor Spencer Cox’s approval before becoming law. If signed, it is set to take effect on May 7. Cox has previously signaled support for blockchain-related initiatives, having established a Blockchain and Digital Innovation Task Force in 2022.
Utah is among a growing list of U.S. states considering cryptocurrency investment policies. According to Bitcoin Reserve Monitor, at least 12 states—including neighboring Arizona and Wyoming—have introduced similar bills allowing their treasuries to hold crypto assets.
Satoshi Action Fund co-founder and CEO Dennis Porter noted that Utah is the second state to advance such a bill out of committee. Teuscher echoed this sentiment, stating on X that while Utah is the 11th state to introduce such legislation, it is on track to be the first to enact it.
MASSIVE BREAKING: With a super majority vote Utah becomes the 2nd state in the nation to pass a 'Strategic Bitcoin Reserve' bill out of committee.
Thank you to the leadership of @jordanteuscher, @TreasurerOaks, & Senator Cullimore as well as Utah's forward thinking approach. pic.twitter.com/CBSwtHCDxw
— Dennis Porter (@Dennis_Porter_) January 28, 2025
Under the bill’s provisions, the state’s crypto holdings must be managed through secure custody solutions, qualified custodians, or exchange-traded products. The legislation also permits the treasurer to engage in staking and lending activities under specific conditions.
Additionally, it prohibits state and local governments from restricting the use of crypto assets for legal transactions.
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Momentum for State-Level Crypto Reserves Grows
Utah’s move comes as other states explore similar initiatives. On Jan. 28, South Dakota Representative Logan Manhart announced plans to introduce a bill that would establish a strategic Bitcoin reserve for his state.
In December, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years.
Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.
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