The post South Dakota Likely To Have First Bitcoin Reserve: State Rep appeared on BitcoinEthereumNews.com.

South Dakota Representative Logan Manhart declared on February 4 that his state may soon become the first in the nation to pass a strategic Bitcoin reserve (SBR) bill, citing South Dakota’s notably short legislative session and an imminent deadline in mid-March. “South Dakota has one of the shortest legislative sessions in the country. It is likely South Dakota will be the first state in the nation to pass a Bitcoin reserve bill,” Manhart posted on X. A user questioned whether the legislature was still in session, referencing a common misconception that it ended in January. Manhart clarified, “Yes it goes until the 2nd week of March. 40 legislative days.” Will South Dakota Be The First Bitcoin State? The drive to establish a strategic Bitcoin reserve in South Dakota came to light when Manhart first revealed, on January 28, “I am proud to say I will be bringing a bill in the South Dakota House that would create a strategic bitcoin reserve. Now is one of the few chances government has at being proactive. Let’s have this conversation!” House Bill 1202, introduced on January 30, is the vehicle for that initiative. The legislation, introduced by Manhart as the prime sponsor and supported by Representatives Aaron Aylward, Phil Jensen, and Dylan C. Jordan, as well as Senator Carl Perry, would permit the State Investment Council to allocate up to 10% of state funds into Bitcoin. The bill outlines that custody of any acquired BTC must be arranged either through a secure custody solution overseen by the state itself, by a qualified custodian, or via an exchange-traded product approved by federal regulators. It further details stringent requirements for the safekeeping of the private keys, including multi-party governance, encrypted storage, and thorough disaster recovery planning. The proposed measure saw its first reading in the…

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Filed under: News - @ February 6, 2025 8:25 am