South Carolina Bill Proposes Bitcoin as State Reserve Asset
The post South Carolina Bill Proposes Bitcoin as State Reserve Asset appeared on BitcoinEthereumNews.com.
Bitcoin might soon be part of South Carolina’s balance sheet. Introduced by state Rep. Jordan Pace, the “Strategic Digital Assets Reserve Act,” proposes that the state treasurer be allowed to allocate up to 10% of certain public funds into digital assets—starting with Bitcoin. The House Bill 4256, or HB4256, seeks to authorize the state treasurer to purchase and hold Bitcoin as a strategic reserve within key state-managed funds, including the General Fund and Budget Stabilization Reserve Fund. With a maximum cap of one million BTC, the bill outlines a secure framework for custody, mandates regular public audits, and allows for voluntary BTC donations from residents. While BTC is the only digital asset named in the bill, it explicitly states the reserve “may include, but not be limited to, Bitcoin,” allowing for the future inclusion of other cryptocurrencies through updated rules. “Proud to file legislation that empowers SC to follow Donald Trump’s lead to create a state level strategic crypto reserve,” Pace said on X, formerly Twitter, Thursday. “This gives the Treasurer new tools to protect taxpayer dollars from inflation,” he added.. In early March, President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile, both of which would be seeded with Bitcoin seized in government criminal cases. But there have been differing opinions on whether the U.S. should spend money to acquire BTC or stock it in a “budget neutral” way. Proud to file legislation that empowers SC to follow @realDonaldTrump’s lead to create a state level strategic crypto reserve. This gives the Treasurer new tools to protect taxpayer dollars from inflation https://t.co/JqUuBw243D — Jordan Pace (@Jscottpace) March 27, 2025 Sen. Cynthia Lummis (R-WY) followed up by introducing the BITCOIN Act, which would require the U.S. government to acquire up to one…
Filed under: News - @ March 28, 2025 5:25 pm