Utah Follows Arizona’s Lead With Bill To Invest State Funds In Cryptos – A Turgenev Twist

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Utah Stakes Its Claim in Digital Asset Realm as Arizona’s Playbook Comes to Life

Utah Follows Arizona’s Lead With Bill To Invest State Funds In Cryptos – A Turgenev Twist

The Utah House Economic Development and Workforce Services Committee has approved a bill that permits the state to allocate public funds for investment in digital assets.

If the bill completes the legislative process and receives the Governor’s approval, it will take effect on May 7, 2025.

Utah’s Embrace of the Digital Frontier

The Blockchain and Digital Innovation Amendments (2nd Sub. H.B. 230) bill has moved forward in Utah’s legislative process. How delightful, then, that this comes right after Arizona pressed ahead with a bill to establish a Strategic Bitcoin Reserve. Utah becomes the second state to tread in a similar direction.

Introduced by Representative Jordan Teuscher, the original bill (H.B. 230) was met with much enthusiasm as Utah takes a lead in blockchain innovation. Teuscher even tweeted (on Twitter lore) with jest and assurance of Utah’s pioneering spirit: “While Utah is the 11th state to introduce similar legislation, we will be the first to pass it. Utah continues to lead the nation in blockchain and digital innovation!”

Indeed, on January 28, a second substitute version of the bill emerged. The novelty of this second edition? It reduces the state’s exposure to digital asset volatility by halving the allocation of public funds from 10% to 5%. Regulating zoning and sound for digital mining, it aims to enhance regulatory clarity.

In an 8-1-1 committee vote, the revised bill found favor and is set to move forward to the full House. Should it, too, pass, it will proceed to the Senate for review and voting, eventually meeting the Governor for final approval should both chambers concur.

Kentucky and South Dakota Join the Race for Digital Dominance

Utah is not alone in its endeavors. Other states, such as Oklahoma, Texas, Massachusetts, and Wyoming, have introduced similar legislation. Now, more states are throwing their hats into the ring.

In Kentucky, State Representative T.J. Roberts took to X (former Twitter) vowing to establish his state as the “Crypto Capital of the World,” and promising to introduce a Bitcoin Strategic Reserve Act soon.

“I will introduce a Bitcoin Strategic Reserve Act in Kentucky next week! I believe in honest money and free markets. Kentucky needs crypto,” the post gleefully read.

South Dakota is also joining the fray, with State Representative Logan Manhart voicing his support on X.

“I am proud to say I will be bringing a bill in the South Dakota House that would create a strategic bitcoin reserve,” Manhart stated, proudly.

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2025-01-29 11:10