Utah Approves Bill to Allow State Investment in Digital Assets
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On January 28, 2025, Utah passed H.B. 230, the Blockchain and Digital Innovation Amendments, marking the second state in the US to enact such legislation.
This bill empowers state finance officials to invest a portion of public funds in qualified digital assets, encompassing stablecoins and NFTs. It further authorizes digital asset payments and staking activities while establishing regulations for mining area restrictions.
State treasurers are permitted to invest in digital assets with a market value exceeding $50 billion, with investments limited to 5% of each account’s total value.
These assets must be managed through a secure custody solution or by a qualified custodian. The bill is set to take effect on May 7, 2025.
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