Utah Moves to Invest Public Funds in Bitcoin

Utah's House of Representatives has taken a significant step towards embracing cryptocurrency by advancing the "H.B. 230" bill, also known as the bitcoin strategic reserve bill, to the Senate Revenue and Taxation Committee. The bill, introduced by Utah Representative Jordan Teuscher on January 21, aims to permit up to 5% of the state's public funds to be allocated for investment in "qualifying digital assets." These assets are defined as crypto assets with an average market capitalization exceeding $500 billion over the past year or a stablecoin. Bitcoin, with its current market cap of $1.9 trillion, and ether, with a market cap of about $322 billion, are among the digital assets that could be included.

The proposed legislation, which could authorize the state treasurer to invest a portion of public funds in bitcoin, had previously passed the House with an 8-1 vote last month. The progress of the bill comes amid increased interest from U.S. state lawmakers in cryptocurrency investments. Utah's proposed bill is set to become effective on May 7, 2025, should it be enacted into law. Representative Teuscher expressed confidence in a statement made on January 21, noting that while Utah is the 11th state to introduce such legislation, it could be the first to pass it.

This legislative move reflects a broader trend in the United States, where over a dozen states have introduced similar bills, with representatives from Texas, Pennsylvania, Ohio, and Oklahoma seeking to establish bitcoin reserves. The push towards embracing cryptocurrency at the state level has gained momentum, particularly after the pro-crypto stance of the Trump administration, which began in January.

At the time of this update, Bitcoin's value has seen a slight decrease of 0.9% in the past 24 hours, with the price standing at $95,178. Despite this recent fluctuation, the interest in digital currencies continues to shape legislative actions across the country.