South Dakota lawmaker proposes two Bitcoin Reserve bills, eyes 10% state fund allocation

South Dakota lawmaker proposes two Bitcoin Reserve bills, eyes 10% state fund allocation
фото показано с : cryptoslate.com

2025-1-31 00:45

South Dakota Representative Logan Manhart made two new legislative proposals on Jan. 30 aimed at incorporating Bitcoin (BTC) into the state’s investment strategy. 

House Bill 1202 (HB 1202) would allow the state to allocate 10% of its public funds to Bitcoin. Meanwhile, House Concurrent Resolution 6006 (HCR 6006) urges the State Investment Council to explore Bitcoin as a hedge against inflation.

As of June 30, 2024, South Dakota funds had $16.6 billion, which would allow a state investment in Bitcoin of up to over $8 billion.

HB 1202 also establishes that qualified institutions, such as a federally or state-chartered bank or trust company, should have custody of the acquired Bitcoin.

Additionally, state funds can invest through an exchange-traded product (ETP) regulated by the US Securities and Exchange Commission, the Commodity Futures Trading Commission, or the South Dakota Division of Banking.  

The bill also mandates multi-party governance structures, encrypted storage environments, and geographically distributed secure data centers for private key management.

While HB 1202 establishes the framework for Bitcoin as a formal state investment, HCR 6006 takes a different approach. It encourages South Dakota’s State Investment Council to explore Bitcoin as a strategic hedge against inflation and broader economic uncertainty.  

The resolution highlights Bitcoin’s $1 trillion market capitalization, its growing role as an international medium of exchange, and the fact that sovereign nations, including the U.S., already hold Bitcoin within their treasury reserves.

Manhart initially promised to introduce the legislation for a Bitcoin reserve on Jan. 28.

13 US states

South Dakota became the 13th US state to pass legislation establishing a strategic Bitcoin reserve. According to Dennis Porter, co-founder and CEO of the Satoshi Action Fund, 15 states will soon introduce similar bills.

Several other states have also seen Bitcoin reserve bills introduced recently, such as Pennsylvania, Texas, Ohio, New Hampshire, and North Dakota.

If Kentucky Representative TJ Roberts fulfills his promise to introduce a Bitcoin reserve bill in the first week of his return to the General Assembly, only one state will remain to satisfy Porter’s vow.

The post South Dakota lawmaker proposes two Bitcoin Reserve bills, eyes 10% state fund allocation appeared first on CryptoSlate.

origin »

Bitcoin (BTC) на Currencies.ru

$ 85380.7 (-0.12%)
Объем 24H $31.031b
Изменеия 24h: 1.22 %, 7d: -11.60 %
Cегодня L: $85380.7 - H: $85470.51
Капитализация $1693.179b Rank 1
Цена в час новости $ 104502.61 (-18.3%)

state bitcoin 1202 south two dakota strategy

state bitcoin → Результатов: 126


Arizona State Senate Advances Resolution to Explore Bitcoin ETFs In State Retirement Plans

The Arizona state Senate has taken a significant step toward considering the inclusion of Bitcoin ETFs in state retirement portfolios. A recently advanced resolution encourages lawmakers and state retirement fund managers to explore allocating some of these portfolios to Bitcoin ETFs, which have demonstrated success among institutional and retail investors.

2024-3-7 03:30


Bitcoin Tax Payments in Ohio is Now a Possibility

Ohio might just become the first state to successfully adopt Bitcoin as tax payment, after failed attempts from other states in the country. Ohio’s Cryptocurrency Initiative Set to Fly High According to the Wall Street Journal, businesses in Ohio can now pay its taxes, ranging from taxes from cigarette sales to employee taxes, using the […] The post Bitcoin Tax Payments in Ohio is Now a Possibility appeared first on Ethereum World News.

2018-11-27 13:05


Bitcoin Price Analysis: BTC/USD Stable at $4,000, Paraguay Gives Green Light For the World’s Largest Crypto Mining Center

Latest Bitcoin News Coinciding with BTC market pull back is morale boosting news that the US state of Ohio will begin accepting tax payments in Bitcoin. Spearheading this drive is the State Treasurer, Josh Mandel, who term the move efficient, secure, transparent and cheap especially for merchants and businesses that in days to come will […] The post Bitcoin Price Analysis: BTC/USD Stable at $4,000, Paraguay Gives Green Light For the World’s Largest Crypto Mining Center appeared first on Ethereum World News.

2018-11-26 17:10


Director of Enforcement at the Texas State Securities Board Talks Bitcoin, Cryptocurrencies, ICOs and Cybersecurity [Exclusive]

Regulatory compliance is one of the most (if not the most) stressful points surrounding cryptocurrencies. Regulators across the world strive to understand and effectively classify blockchain-based projects, in an attempt to protect the investing public from fraudsters who plague this nascent industry.

2018-11-26 16:29


Фото:

Colorado Securities Regulators Crack Down on 18 ‘Fraudulent’ ICOs, With More on the Way

The Colorado State Department of Regulatory Agencies (DORA) has filed cessation orders against four ICOs that were allegedly involved in ‘fraudulent and illicit’ practices, bringing the total number of ICOs stopped by the state’s bodies to 18 this month, Denver Business Journal reported on November 22, 2018.

2018-11-25 14:00


TradePlace ICO

TradePlace is a global cryptocurrency exchange platform. It will form a new innovative platform to trade Bitcoin, Ethereum, Litecoin, EOS and other popular cryptocurrencies and tokens. Users will receive expert analysis of the current state of coin and token pairs, and they’ll be able to withdraw their money easily and receive alerts for scam cryptocurrencies.

2018-11-25 02:33


Фото:

Rosenstein Targets ICOs, FEC May Permit Political Donations Through Crypto Mining

In recent regulatory news, the U.S. deputy attorney general has called for international cooperation on cryptocurrency regulation. Separately, the U.S. Federal Election Commission (FEC) has prepared a draft advisory that could allow political donations in the form of mining power, while the Alabama Securities Commission has estimated that the state has brought forward 20 percent […] The post Rosenstein Targets ICOs, FEC May Permit Political Donations Through Crypto Mining appeared first on Bitcoin News.

2018-11-23 02:40