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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Swings on Hormuz Strait Reports, Triggering $762M in Liquidations
Bitcoin rose to $78,000 but dropped to $76,091 following reports of tensions in the Strait of Hormuz. Iran's actions triggered $762 million in liquidations among traders, with implications for crypto markets as Iran accepts payments in bitcoin and other currencies to navigate sanctions.
GateNews1h ago
Former UK PM Liz Truss Publicly Endorses Bitcoin as Tool Against Currency Debasement
Former UK Prime Minister Liz Truss criticized Britain's economic trajectory, citing high taxes and regulations. She advocates for Bitcoin to combat currency debasement and is organizing a conference to promote a movement for sovereignty and freedom.
GateNews12h ago
BTC breaks below 76000 USDT
Gate News bot message, Gate market data shows that BTC has broken below 76000 USDT, current price is 75996.9 USDT.
CryptoRadar14h ago
Goldman Sachs Files Bitcoin Income ETF Using Options Strategy
Goldman Sachs proposed a Bitcoin-focused income ETF that avoids direct Bitcoin holdings, using linked ETFs and options strategies for income. This filing reflects increased competition in the crypto investment space among major firms.
CryptoFrontNews14h ago
Bitcoin ETFs Record $663.9M Inflows, Strongest Day Since Mid-January
Bitcoin ETFs saw $663.9 million in inflows on April 18, indicating renewed institutional confidence and a shift in market sentiment. This trend suggests sustained interest in Bitcoin as investors seek to diversify their portfolios.
GateNews15h ago
Bitcoin Ownership Surpasses Gold Among Americans for the First Time
More Americans now own Bitcoin than gold, highlighting a significant shift in asset preferences as Bitcoin's popularity surges. U.S. entities dominate global Bitcoin holdings, and institutional adoption is accelerating, with major firms entering the market and legislation potentially enhancing Bitcoin's legal status.
GateNews16h ago
