South Dakota Representative Proposes Bitcoin Reserve Bills
In what is a continuation of the ongoing trend in the United States, one South Dakota representative has proposed not one but two Bitcoin reserve bills. Indeed, state lawmaker Logan Manhart is seeking to make South Dakota one of many hoping to establish a strategic BTC reserve in their state.
The move has made South Dakota the 15th state to introduce a bill that would establish such a reserve, according to Dennis Porter. Moreover, one of the introduced laws would see the state allocate 10% of public funds to acquiring Bitcoin. Additionally, the state is looking to explore the leading cryptocurrency as a hedge against potential inflation.
Also Read: Czech Republic Approves Plan to Consider Investing in Bitcoin
South Dakota Lawmaker Seeks to Allocate 10% of State Funds to Bitcoin
Just 31 days in, and 2025 is already shaping up to be one of the most important in the history of cryptocurrencies. The asset class has been front and center in the United States, with the arrival of pro-crypto President Donald Trump. Moreover, states like Oklahoma have sought to implement a reserve around the largest crypto by market cap as the country overhauls its crypto policy.
There has been no shortage of states to follow suit to this point. Moreover, that doesn’t appear to be stopping any time soon, as South Dakota has officially proposed its own Bitcoin reserve bill. Specifically, Representative Logan Manhart has spearheaded the introduction of two pieces of legislation. Indeed, both will look to integrate BTC into the state’s economics.
Also Read: Texas Lieutenant Governor Unveils Plan for Bitcoin Reserve in 2025
House Bill 1202 (HB 1202) and House Concurrent Resolution 6006 (HCR 6006) were both introduced by Manhart. The first would authorize a 10% allocation of state funds to the purchase of Bitcoin. Moreover, the latter would seek the State Investment Council to explore Bitcoin as a possible hedge against inflation.
South Dakota funds currently have $16.6 billion as of June of last year. That would allow it to make a total Bitcoin investment of more than $8 billion if the legislation is approved. Conversely, the bill would allow the state funds to invest in an exchange-traded product (ETP) as approved by the US Securities and Exchange Commission (SEC).
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South Dakota Representative Proposes Bitcoin Reserve Bills
In what is a continuation of the ongoing trend in the United States, one South Dakota representative has proposed not one but two Bitcoin reserve bills. Indeed, state lawmaker Logan Manhart is seeking to make South Dakota one of many hoping to establish a strategic BTC reserve in their state.
The move has made South Dakota the 15th state to introduce a bill that would establish such a reserve, according to Dennis Porter. Moreover, one of the introduced laws would see the state allocate 10% of public funds to acquiring Bitcoin. Additionally, the state is looking to explore the leading cryptocurrency as a hedge against potential inflation.
Also Read: Czech Republic Approves Plan to Consider Investing in Bitcoin
South Dakota Lawmaker Seeks to Allocate 10% of State Funds to Bitcoin
Just 31 days in, and 2025 is already shaping up to be one of the most important in the history of cryptocurrencies. The asset class has been front and center in the United States, with the arrival of pro-crypto President Donald Trump. Moreover, states like Oklahoma have sought to implement a reserve around the largest crypto by market cap as the country overhauls its crypto policy.
There has been no shortage of states to follow suit to this point. Moreover, that doesn’t appear to be stopping any time soon, as South Dakota has officially proposed its own Bitcoin reserve bill. Specifically, Representative Logan Manhart has spearheaded the introduction of two pieces of legislation. Indeed, both will look to integrate BTC into the state’s economics.
Also Read: Texas Lieutenant Governor Unveils Plan for Bitcoin Reserve in 2025
House Bill 1202 (HB 1202) and House Concurrent Resolution 6006 (HCR 6006) were both introduced by Manhart. The first would authorize a 10% allocation of state funds to the purchase of Bitcoin. Moreover, the latter would seek the State Investment Council to explore Bitcoin as a possible hedge against inflation.
South Dakota funds currently have $16.6 billion as of June of last year. That would allow it to make a total Bitcoin investment of more than $8 billion if the legislation is approved. Conversely, the bill would allow the state funds to invest in an exchange-traded product (ETP) as approved by the US Securities and Exchange Commission (SEC).
Read More