Utah Proposes Law to Invest Public Funds in Crypto
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Utah has introduced a new bill, the Blockchain and Digital Innovation Amendments (H.B. 230), which could allow the state treasurer to invest public funds in digital assets such as cryptocurrencies, stablecoins, and NFTs. The bill, proposed by State Representative Jordan Teuscher, aims to establish a clear framework for these investments while ensuring regulatory oversight and financial responsibility. Up to 10% of public funds could be invested in qualifying digital assets, including those with a market capitalization exceeding $500 billion over the past year or any stablecoin meeting regulatory criteria. Teuscher expressed enthusiasm about the initiative on X (formerly Twitter), highlighting Utah's commitment to adopting cutting-edge technologies.
