The state of Utah has introduced comprehensive legislation that would authorize its state treasurer to invest public funds in digital assets. Joining a wave of national interest, the “Blockchain and Digital Innovation Amendments” bill (H.B. 230), introduced by State Representative Jordan Teuscher on Monday, establishes a framework that includes incorporating novel provisions for staking, lending, and self-custody rights.
“This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance while ensuring fiscal sovereignty,” Teuscher wrote on X following the bill’s submission. The proposed legislation permits up to 10% investment from several state accounts, including the State Disaster Recovery Restricted Account, General Fund Budget Reserve Account, Income Tax Fund Budget Reserve Account, and Medicaid Growth Reduction and Budget Stabilization Account.
Based on its provisions, the bill empowers the state treasurer to “engage in staking and lending of digital assets,” provided that those assets fall “under specified conditions.” To qualify for investment, digital assets must either maintain a market capitalization exceeding $500 billion (averaged over 12 months) or meet strict stablecoin criteria, including backing by dollars or high-quality liquid assets and regulatory approval from U.S. authorities.
The Utah bill’s security requirements are particularly stringent. According to Section 67-4-20 of the legislation, the state must maintain cryptographic private keys “exclusively within an encrypted environment accessible only via end-to-end encrypted channels” and store hardware containing private keys in “at least two geographically diversified specially designated secure data centers.”
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