Utah’s House Committee on Economic Development has passed a recommendation for Utah’s H.B. 230 Blockchain and Digital Innovation Amendments to be approved. The bill was passed by an 8-1 vote on Tuesday, Jan. 28.

The bill establishes guidelines for asset custody, management, and compliance while permitting state treasurers to allocate a part of public monies to eligible digital assets. State treasurers may invest up to 5% of the total funds in each account in eligible digital assets with a market valuation of more than $50 billion.

The Senate has been tasked with passing the bill into law which will allow Utah to invest in bitcoin and other digital assets. Spencer Cox, Utah’s governor, has previously shown his receptiveness toward crypto when he signed a bill to create a blockchain and digital innovation task force. As such, the bill is expected to get his approval if the Senate process is successful.

Utah Representative Jordan Teuscher who proposed the bill posted a tweet to express his delight at the progress.

Thrilled to announce HB230 which will allow the state to invest in digital assets. 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!

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