- Utah’s House of Representatives passed HB 230, allowing state investment in Bitcoin.
- The vote was 38 in favor, 34 against, with three abstentions.
- The bill has now been moved to the Utah Senate for further consideration.
The Utah House of Representatives has passed HB 230, the Blockchain and Digital Innovation Amendments, which would allow the state to invest in Bitcoin.
The bill, which will allow the state of Utah to allocate up to 5% of public funds to qualifying digital assets, was approved in a close vote. A total of 38 lawmakers voted in favor, 34 opposed, with three members abstaining.
If signed into law, Utah would become one of the first states in the U.S. to hold Bitcoin as part of its financial portfolio. The legislation aims to position Utah as a frontrunner in blockchain and digital asset innovation while exploring the potential of Bitcoin as a long-term investment.
Utah Economic Committee Believes in Bitcoin
Notably, the bill was introduced by Utah Representative Jordan Teuscher on January 21. Before reaching the House floor, the Utah House Economic Development Committee reviewed the HB230 bill, which voted 8-1 to advance it on January 28.
Proponents argue that Bitcoin’s decentralized design and capped supply offer a hedge against inflation, making it a strong candidate for a long-term state asset.
Related: US State North Dakota Considers Bitcoin in State Investment Plans
They believe integrating Bitcoin into public finance could give Utah more financial resilience and exposure to the growing digital economy. Critics, however, remain wary of volatility and question the wisdom of allocating taxpayer funds to digital assets.
Senate Vote to Determine Bill’s Fate
The bill will now head to the Utah Senate, where lawmakers will debate its potential benefits and risks. If it passes, the legislation could lead to the creation of a state-controlled Bitcoin investment fund.
Related: Florida’s $800M Crypto Portfolio: CFO Backs Bitcoin Strategy
Utah’s initiative follows a national trend of states exploring cryptocurrency adoption. In recent years, Wyoming, Texas, Florida, Arizona, and New Mexico have advanced measures to incorporate Bitcoin into government policies—whether through investment strategies, mining incentives, or accepting Bitcoin for state services.
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