South Dakota lawmakers are now pushing back towards a Bitcoin (BTC) strategic reserve bill moving forward in the state.
South Dakota’s House Commerce and Energy Committee voted 9-3 to defer the HB1202 Bitcoin reserve bill until the 41st day of the session. This decision effectively kills the bill, considering that the session will close within 40 days.
The details
The bill in question was first introduced last month by South Dakota Representative Logan Manhart and would have allowed the state to allocate up to 10% of its public funds to Bitcoin. He wrote in an X post at the time:
“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.”
According to Bitcoin Laws, 61 Bitcoin-related measures have been proposed in 33 United States states so far. This includes 31 strategic Bitcoin reserve proposals, 25 of which are still ongoing.
The news follows Montana lawmakers rejecting the local strategic Bitcoin reserve bill that would have invested the state’s public funds into the world’s first cryptocurrency. The local House of Representatives voted 41-59 against the proposal.
It’s not the first state to attempt to establish a Bitcoin reserve, as Bitcoin Reserve Monitor shows that Montana, North Dakota, Wyoming, and Pennsylvania have all had proposals rejected. Utah and Arizona are seeing their Bitcoin reserve bills progress through the legislative process, while 18 proposals are still pending.
In mid-January, Texas Senator Charles Schwertner kicked off the state’s 89th legislative session by introducing a bill that would make Texas the first state to establish a strategic Bitcoin reserve. This is particularly notable considering that Texas is an economic powerhouse for the United States, responsible for more than 9% of the U.S. gross domestic product and 22% of exports, according to the Texas Office of the Governor.
