Utah Proposes Legislation Allowing State Treasurer to Invest in Digital Assets

Utah has introduced landmark legislation aimed at modernizing state investments by permitting the state treasurer to allocate public funds into digital assets. The proposed 'Blockchain and Digital Innovation Amendments' bill (H.B. 230), introduced by State Representative Jordan Teuscher, seeks to position Utah at the forefront of blockchain adoption while maintaining stringent fiscal oversight. The bill establishes a framework for investments in digital assets, incorporating provisions for staking, lending, and safeguarding self-custody rights. 'This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance while ensuring fiscal sovereignty,' Teuscher stated on X. Under the legislation, up to 10% of state funds could be invested in digital assets.