A new bill in Utah, known as HB230, aims to allow the state treasurer to invest up to 5% of specific public funds in cryptocurrency, with a focus on ‘qualifying digital assets’ that have a Market cap of $500 billion or more. The House Economic Development and Workforce Services Committee backed the bill, which will now go to the full House for a vote. State Treasurer Marlo Oaks supports exploring new financial technologies to boost Utah’s economy, while expressing commitment to ensuring the safety of public funds. Concerns about the volatility of cryptocurrency were raised during the discussions, but overall, many support the bill for potential economic benefits. If passed by the House and Senate, it will go to the governor for approval.
SALT LAKE CITY — A new bill in Utah is making waves as it could pave the way for the state treasurer to invest public funds in cryptocurrency. The legislation, known as HB230, passed its first committee vote with an 8-1 approval on Tuesday, moving one step closer to a full House vote.
The bill, introduced by Representative Jordan Teuscher from South Jordan, would permit the state treasurer to invest up to 5% of certain public funds, specifically in “qualifying digital assets” that have a Market cap of at least $500 billion. Currently, that description fits only bitcoin.
Teuscher emphasized the bill’s purpose, stating, “It gives some flexibility for the state treasurer. It doesn’t require any investment but allows for that investment.” If passed, this measure could potentially lead to an investment of up to $70 million from Utah’s $1.4 billion reserve funds, often referred to as “rainy day funds.”
State Treasurer Marlo Oaks expressed support for exploring emerging financial technologies, like blockchain and digital assets, indicating they could benefit Utah’s economy. However, he assured lawmakers that his office would conduct thorough evaluations to prioritize the safety of public funds, especially concerning the often-volatile nature of cryptocurrencies.
While many attendees at the committee hearing supported the bill, some voiced caution regarding investing public money in digital assets. The only dissenting vote came from Representative Colin Jack, who raised concerns about the associated risks of cryptocurrency investments.
As the discussion continues, Teuscher pointed out that other states, like Arizona, have also considered similar legislation, and he hopes Utah will lead the way in adopting such measures. If HB230 is approved by the House, it will then need to pass in the Senate before making its way to the governor for final approval.
This potential move towards cryptocurrency investment highlights Utah’s growing interest in modern financial technologies, aiming to keep the state competitive in a fast-evolving economic landscape.
Tags: Utah cryptocurrency bill, public funds investment, HB230, digital assets, state treasurer, Jordan Teuscher
What is Utah’s current stance on cryptocurrency investment?
Utah has shown interest in cryptocurrency but hasn’t made major investments yet. The state is exploring regulations and how to support the industry.
Is Utah planning to invest in cryptocurrency soon?
While there are discussions about investing, no official plans have been announced yet. The state’s leaders are still evaluating the best approach.
What are some benefits of cryptocurrency investment for Utah?
Investing in cryptocurrency could create jobs, boost local businesses, and bring new technology to the state. It may also attract tech companies and investors.
Are there any regulations in place for cryptocurrency in Utah?
Utah has implemented some crypto regulations to protect investors and ensure fair practices. These rules help create a safer environment for crypto activities.
How can residents participate in cryptocurrency investment?
Utah residents can invest in cryptocurrency through exchanges and wallets. It’s important to do research and understand the risks before getting involved.
