Utah House committee passes bill for state to buy crypto
The bill now needs to pass by majority vote in Utah’s House and Senate before being approved by state governor Spencer Cox, who appears to be pro-crypto.
A Utah House committee has passed a bill that would allow the state to invest a portion of public funds into crypto, with the measure now heading to the House for a vote.
The Utah House Economic Development Committee passed HB 230, the Blockchain and Digital Innovation Amendments, by an 8-1 vote on Jan. 28.
Utah Representative Jordan Teuscher proposed the bill on Jan. 21. It would give the state’s treasurer authority to allocate up to 5% of certain public funds to buy “qualifying digital assets,” such as those with a market capitalization over $500 billion or approved stablecoins.
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Author: Martin Young
