Bitcoin Reserve Bill Returns To South Dakota After ‘Volatility’ Killed It Last Year
South Dakota Republican Representative Logan Manhart introduced House Bill 1155 Tuesday to allow the state to invest up to 10% of public funds in Bitcoin (CRYPTO: BTC)—one year after the legislature killed the identical bill over “volatility concerns.”
What’s In The Bill
The bill allows South Dakota’s State Investment Council to invest up to 10% of eligible state funds in Bitcoin.
The state can choose from three options: hold Bitcoin directly with exclusive state control, use qualified custodians like regulated banks, or buy regulated Bitcoin ETFs.
The legislation includes strict security requirements.
The state must control its own private keys, store them in encrypted hardware across multiple secure locations, require multiple people to approve transactions, and conduct regular security audits.
House Bill 1155 now moves to the Committee on Commerce and Energy, which is the same committee that killed the identical …
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