Jordan Teuscher, a state representative for Utah's 42nd district, has introduced HB230, a bill aimed at fostering blockchain innovation by permitting the state to invest in digital assets. In a post on X dated January 21, 2025, Teuscher said, "Utah continues to lead the nation in blockchain and digital innovation!"

"HB230 which will allow the state to invest in digital assets," said Teuscher. "Utah continues to lead the nation in blockchain and digital innovation!"

Teuscher further explained that Utah is not only introducing HB230 to invest in digital assets but is also set to become the first state to pass such legislation, despite being the 11th state to propose it. This move highlights Utah’s leadership in the digital asset sector and its dedication to innovation.

Jordan Teuscher's X post | x.com

According to Binance, HB230, known as the "Blockchain and Digital Innovation Amendments," authorizes the State Treasurer to allocate up to 10% of key state funds into cryptocurrencies that meet specific criteria. The bill also safeguards individual rights by preventing state or local governments from restricting the use of self-hosted or hardware wallets, ensuring that Utah residents maintain full control over their cryptocurrency holdings.

SEC Commissioner Mark Uyeda criticized the agency’s enforcement-focused approach towards crypto regulation as a "disaster," pointing out the absence of clear guidance which has resulted in conflicting court rulings. Crypto.com has filed a lawsuit against the SEC, accusing it of overstepping by broadly classifying cryptocurrencies as securities without clear criteria, which has led to widespread frustration within the industry.

According to his website, Teuscher chairs the House Ethics Committee and co-leads the Blockchain and Digital Innovation Taskforce. A graduate of Brigham Young University (BYU) law school and an attorney by profession, he focuses on education, digital innovation, and criminal justice reform.