South Dakota is exploring the potential of investing public funds in Bitcoin as lawmakers revive a previous effort with a new proposal.
House Bill 1155 Introduces Bitcoin Investment
Republican Representative Logan Manhart introduced House Bill 1155, which would allow the State Investment Council to allocate up to 10% of eligible state funds into bitcoin. The legislation outlines options for direct holdings, regulated custodians, or exchange-traded products, ensuring flexibility in how the state gains exposure.
The bill also emphasizes security and custody protocols, including exclusive private-key control, encrypted hardware storage, geographically distributed facilities, multi-party governance, and regular audits. Manhart highlighted the initiative as a step toward a “strong money, strong state” approach.
Renewed Efforts After Previous Setback
This proposal mirrors last year’s House Bill 1202, which failed after being deferred beyond South Dakota’s 40-day legislative session. The renewed push aligns with broader trends as states like Arizona, Texas, and New Hampshire have already approved cryptocurrency reserve legislation. Other states, including Kansas and Florida, are also exploring similar measures.
The initiative follows the federal government’s creation of a strategic bitcoin reserve funded by seized assets, reflecting increasing interest in digital assets as part of public investment strategies.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.