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Joint Resolution Regarding Digital Asset Custody
2026 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Jon Hawkins
Senate Sponsor:
LONG TITLE
General Description:
This joint resolution encourages custody of digital assets by traditional financial institutions.
Highlighted Provisions:
This resolution:
encourages the federal government to adopt a uniform national framework for custody of
digital assets by traditional financial institutions; and
calls on the federal government to allow traditional financial institutions to provide
custody services for digital assets and partner with regulated cryptocurrency firms.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Be it resolved by the Legislature of the state of Utah:
WHEREAS, millions of Americans own digital assets, including cryptocurrencies such as
Bitcoin and Ethereum, as well as other blockchain-based digital tokens;
WHEREAS, there is no uniform federal regulatory framework that allows financial
institutions to provide custody services for digital assets;
WHEREAS, this lack of a uniform federal regulatory framework has created uncertainty
and prevented many traditional financial institutions, including banks and credit unions, from
offering safe, regulated custody services for digital assets;
WHEREAS, without the involvement of trusted traditional financial institutions, customers
face higher risks of fraud, hacking, and mismanagement of digital assets;
WHEREAS, traditional financial institutions already provide custody services for other
sensitive financial instruments, including stocks, bonds, and other securities;
WHEREAS, digital assets should be treated no different from other sensitive financial
instruments with respect to custody services;
WHEREAS, allowing traditional financial institutions to custody digital assets would
encourage responsible adoption of blockchain technology under United States financial
oversight;
WHEREAS, Utah credit unions and banks are leaders in innovation and trusted community
partners; and
WHEREAS, allowing custody of digital assets locally would keep assets in Utah-based
institutions rather than offshore exchanges, provide customers with safe custody options
supervised by federal regulators, create new revenue streams for Utah's financial institutions,
enhance Utah's reputation as a fintech and blockchain leader, and mitigate risks of fraud and
collapse from unregulated offshore exchanges:
NOW, THEREFORE, BE IT RESOLVED that the Legislature of the state of Utah
encourages the federal government to adopt a uniform national framework that allows
traditional financial institutions to provide custody services for digital assets, partner with
regulated cryptocurrency firms, and offer secure methods for customers to access digital assets.
BE IT FURTHER RESOLVED that a copy of this resolution be sent to the Majority Leader
of the United States Senate, the Speaker of the United States House of Representatives, and to
the members of Utah's congressional delegation.
2-16-26 12:28 PM