The adoption of blockchain technology and digital assets is shaping the future of commerce and innovation. H.B. 230, sponsored by Representative Jordan D. Teuscher, allows the state treasurer to invest public funds in digital assets like cryptocurrencies and stablecoins while establishing clear custody and management standards.
The bill also protects blockchain activities such as staking, software development, and node operation from unnecessary regulatory burdens. Finally, this bill prohibits local governments from imposing discriminatory zoning restrictions on digital asset mining in industrial areas, fostering a fair and innovation-friendly environment.
Stablecoins, a rapidly growing class of digital assets, are carefully defined to ensure stablecoins are fully backed by US dollars or other tangible, high-grade assets, and redeemable at par value. These safeguards provide clarity and confidence for users and investors alike, but importantly, safeguards for taxpayer funds that are to be invested.
By investing in digital assets as part of the overall portfolio of assets held by the state, and protecting the right to mine, H.B. 230 strengthens Utah’s position as a leader in digital asset innovation.
