Utah is advancing legislation to allow public investment in cryptocurrencies, now awaiting senate and governor approval. The bill, which passed the Utah House with a narrow margin, could enable the state to invest in stablecoins and cryptocurrencies with a market cap over $500 billion, such as Bitcoin. Other states like Kentucky and Maryland are also exploring similar legislation. Maryland's proposal, introduced by Delegate Caylin Young, suggests a strategic bitcoin reserve funded by gambling violation enforcement revenues. Additionally, Kentucky is considering bills that would permit state retirement funds to invest in digital asset exchange-traded funds while limiting central bank digital currencies. Overall, as of now, 22 states are either discussing, proposing, or investing in crypto, with many movements fueled by a shift in political leadership and growing interest in digital asset reserves at both state and federal levels. This trend appears to gain momentum post-election, indicative of a broader acceptance of cryptocurrencies in state finance discussions.

Source šŸ”—