Utah House Committee Passes Bill Allowing Investment of Public Funds into Crypto

The Utah House Economic Development Committee has approved a bill that would allow the state to invest up to 5% of certain public funds into digital assets. The bill, titled the Blockchain and Digital Innovation Amendments, would give the state treasurer the authority to purchase "qualifying digital assets" with a market capitalization over $500 billion or approved stablecoins. The legislation also includes provisions for crypto mining zoning restrictions and prohibits state and local governments from restricting the acceptance of crypto assets as payment for legal goods and services. The bill now needs to be approved by the wider House and Senate before being given to the governor to sign or veto.