The Southern Dakota representative, Logan Manhart, recently took measures to integrate Bitcoin (BTC) into the state’s overall investment strategy. On January 30, Manhart proposed two new legislative documents, namely Bill 1202 (HB 1202) and House Resolution 6006 (UNHCR 6006).
HB 1202 proposes to allow the allocation of 10% of state public funds to Bitcoin. In the current state of things, the southern Dakota funds amounted to $ 16.6 billion on June 30, 2024. This significant figure would allow a potential state investment in Bitcoin of more than $ 8 billion. HB 1202 also underlines that only qualified institutions, such as a bank or a trust company in Cargaison or the State, would be authorized to have custody of the acquired bitcoin.
In addition, the bill also suggests that public funds could be invested through a product negotiated on the stock market (ETP) regulated by the Securities and Exchange committee, the Commodity Futures Trading Commission or the Dakota banks division South.
To guarantee secure manipulation, the bill obliges the creation of multi -party governance structures, encrypted storage environments and geographically distributed secure data centers for the management of private keys.
The second legislation, UNHCR 6006, encourages the State Investment Council to consider Bitcoin as strategic coverage against inflation and economic uncertainty. The resolution recognizes the market capitalization of $ 1 Billion of Bitcoin dollars, its growing role as an international means of exchange, and its inclusion in the cash reserves of sovereign nations, including the United States
Manhart initially promised to present the legislation for a bitcoin reserve on January 28, making southern Dakota the 13th American state to adopt legislation for a Bitcoin strategic reserve. According to Dennis Porter, co-founder and CEO of the Satoshi Action Fund, 15 states will soon introduce similar invoices, with Pennsylvania, Texas, Ohio, New Hampshire and Northern Dakota who have already seen Bitcoin reserve invoices.
The Kentucky representative, TJ Roberts, promised to introduce a Bitcoin reserve bill during the first week of his return to the General Assembly, which would leave only one State to do to achieve the prediction to wear.
These legislative proposals of the Manhart representative represent a significant change in the perception and use of digital currencies by the governments of the States. By incorporating bitcoin into investment strategies, southern Dakota is positioned at the forefront of this financial development.
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