New Legislative Proposals in South Dakota for Bitcoin Investment
South Dakota Representative Logan Manhart introduced two new legislative proposals on Jan. 30 with the aim of incorporating Bitcoin (BTC) into the state’s investment strategy. The proposals are as follows:
House Bill 1202 (HB 1202)
- Allocates 10% of the state’s public funds to Bitcoin
- Allows a potential state investment in Bitcoin of over $8 billion
- Requires qualified institutions to have custody of the acquired Bitcoin
- Enables state funds to invest through regulated exchange-traded products
- Mandates multi-party governance structures and secure data centers for private key management
House Concurrent Resolution 6006 (HCR 6006)
- Urges the State Investment Council to explore Bitcoin as a hedge against inflation
- Highlights Bitcoin’s market capitalization of $1 trillion
- Emphasizes Bitcoin’s role as an international medium of exchange
- Notes that sovereign nations, including the U.S., hold Bitcoin in their treasury reserves
South Dakota became the 13th US state to pass legislation establishing a strategic Bitcoin reserve. Dennis Porter, co-founder and CEO of the Satoshi Action Fund, anticipates that 15 states will soon introduce similar bills.
Other states, such as Pennsylvania, Texas, Ohio, New Hampshire, and North Dakota, have also seen Bitcoin reserve bills introduced recently. If Kentucky Representative TJ Roberts fulfills his promise to introduce a Bitcoin reserve bill, only one state will remain to satisfy Porter’s vow.