#Utah lawmakers propose holding Bitcoin reserves#

Utah State Representative Jordan Teuscher has introduced a bill that would authorize the state to invest in “digital assets,” including Bitcoin and other cryptocurrencies. The bill would allow the state treasurer to invest in qualified digital assets and establishes custody and management requirements for such assets. Additionally, the bill establishes regulations for stablecoins and authorizes participation in staking and lending under certain conditions. The bill would allow the state to invest up to 10% of state funds in Bitcoin and stablecoins, which would make Utah the first state in the United States to invest public funds in Bitcoin. The introduction of the bill has sparked wide-ranging discussions, with some arguing that it would position Utah as a leader in the cryptocurrency space, while others have expressed concerns about potential risks. At present, the bill remains in the proposal stage and has yet to be passed.