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Bill

SB 298

Programmable Money Amendments

2026 General Session Introduced by Jason Kyle and 1 co-sponsor

Utah authorizes programmable money with embedded automatic conditions while establishing regulatory oversight for digital payment systems.

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Bill Summary · SB 298

Legislative bill overview

SB 298 amends Utah's financial code to authorize and regulate "programmable money" — digital currency or payment systems with embedded conditions that automatically execute transactions based on predetermined criteria. The bill establishes legal frameworks for issuance, custody, and use of such instruments while maintaining consumer protections and regulatory oversight.

Why is this important

Programmable money could streamline payments in supply chains, government benefits distribution, and conditional transfers, but it also raises concerns about financial control, privacy, and unintended restrictions on how individuals can spend their own funds. Utah's approach will likely influence how other states and the federal government regulate emerging digital payment technologies.

Potential points of contention

  • Consumer autonomy concerns: Programmable restrictions (e.g., money that expires, can only be spent on certain goods, or reverts to issuer) may limit individual financial freedom and create new forms of economic coercion
  • Privacy and surveillance: Embedded conditions require transaction monitoring and data collection, creating detailed financial tracking that raises civil liberties questions
  • Regulatory clarity gaps: The bill must define which entities can issue programmable money and what safeguards prevent abuse by corporations or government overreach
  • Banking system disruption: Could undermine traditional financial institutions or create parallel payment systems with inconsistent consumer protections

Compiled from official sources — confirm details with the bill’s official record.

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