Utah Joins Arizona in Pioneering State Crypto Investments
1min read Utah Follows Arizona’s Lead with Bill to Invest State Funds in Digital Assets
The Utah House Economic Development Committee has passed a bill that could make the state one of the first in the US to invest a portion of public funds in cryptocurrencies. House Bill 230, the Blockchain and Digital Innovation Amendments, was approved by an 8-1 vote on January 28 and now advances to the full House for consideration.
The proposed legislation, if passed, would permit the state treasurer to allocate up to 5% of certain public funds to “qualifying digital assets,” including cryptocurrencies with a market capitalisation exceeding $500 billion or state-approved stablecoins.
This move comes amid a broader trend of US states embracing digital assets, with Utah positioning itself at the forefront of institutional crypto adoption. While 12 other states have introduced similar bills, Utah’s initiative could be the first to gain full legislative approval.
The bill has also introduced zoning restrictions for crypto mining operations, reflecting a growing push for regulatory clarity in the sector. If the measure clears the House and Senate, it will go to Governor Spencer Cox for final approval, with a potential implementation date of May 7.
Utah’s legislative push to integrate digital assets into public funds reflects the growing recognition of cryptocurrencies as an investment class. The bill outlines strict custody requirements, mandating that any crypto investments be held through secure custodians, exchange-traded products, or staking mechanisms. This framework is designed to mitigate risks and ensure transparency in asset management.
The state’s proposed policy also extends beyond investment. The legislation seeks to prevent state and local governments from restricting the acceptance of crypto for legal goods and services. This provision could accelerate cryptocurrency adoption in Utah’s economy by allowing businesses and institutions to accept digital assets without regulatory barriers.
The move is part of a broader national conversation on the role of digital currencies in mainstream financial systems, with state-level initiatives driving momentum in the absence of clear federal guidelines. The bill’s rapid progression suggests strong institutional interest in digital asset adoption. Representative Jordan Teuscher, who introduced the legislation on Jan. 21, has been vocal about positioning Utah as a leader in blockchain innovation.
Utah’s legislative efforts align with a growing trend among US states seeking to integrate digital assets into public finance. Neighboring states 
