On January 27, news, South Dakota Republican State Representative Logan Manhart introduced House Bill , aiming to allow the state to invest some public funds in Bitcoin. This new proposal revives the Bitcoin reserve plan that failed to pass last year and proposes allowing the state investment committee to allocate up to 10% of eligible state funds into Bitcoin through direct holdings, qualified custodians, or regulated exchange-traded products.
Manhart posted on X platform: “I am proud to introduce this bill to enable South Dakota to invest in Bitcoin. Strong currency, strong state.” The bill also imposes strict requirements on Bitcoin custody and security, including exclusive private key control, encrypted hardware storage, geographically dispersed secure facilities, multi-party governance, and regular security audits.
According to legislative records, the bill has completed its first reading and has been referred to the Business and Energy Committee for review. This is Manhart’s second attempt. Last year, his House Bill @E5@ was not passed due to session limitations, but it was highly similar to this proposal, also aiming to include Bitcoin in the scope of permissible public investments.
South Dakota’s new initiative comes as multiple US states explore establishing strategic Bitcoin reserves. Legislators in Kansas and Florida have also proposed similar bills, while Arizona, Texas, and New Hampshire have already passed legislation on cryptocurrency reserves.
Additionally, the US federal government established a national strategic Bitcoin reserve last year under an executive order signed by President Trump. These Bitcoins mainly come from funds seized in criminal and civil litigation and are legally prohibited from sale. Analysts believe that as state and federal Bitcoin reserves continue to develop, the pathway for public funds entering the cryptocurrency market will become more regulated, potentially supporting long-term demand and prices for Bitcoin.
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