Utah is on the brink of becoming the first state to invest public money into cryptocurrencies, with a bill passing the House by a narrow margin of three votes. This legislation, if signed into law, would allow investments in stablecoins or cryptocurrencies with a market cap exceeding $500 billion, which currently only includes bitcoin. Maryland and Kentucky have also introduced bills this week. Maryland’s proposal, backed by Delegate Caylin Young, aims to establish a bitcoin strategic reserve funded by gambling violation revenues. Kentucky’s legislation would permit state retirement funds to invest in digital asset ETFs while restricting the use of central bank digital currencies (CBDCs). Currently, 22 states are either considering or have already invested in crypto, with Michigan and Wisconsin already having portions of their retirement funds in crypto ETFs.
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