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South Dakota Bitcoin investment bill fails to pass

South Dakota Bitcoin investment bill fails to pass

GrafaGrafa2025/02/25 11:10
By:Isaac Francis

A proposed bill in South Dakota that would have allowed the state to invest in Bitcoin (CRYPTO:BTC) has been effectively killed after a vote was deferred by lawmakers.

During a February 24 meeting, the state’s House Commerce and Energy Committee voted to defer House Bill 1202 (HB 1202) to the 41st day of South Dakota’s legislative session, which effectively shut down the bill since the legislative session only lasts 40 days.

HB 1202, introduced by State Representative Logan Manhart on January 30, sought to amend the classification of South Dakota’s state public funds to include up to 10% in BTC investments.

Manhart announced on X that he intends to reintroduce the legislation in 2026.

The deferral of HB 1202 reflects concerns about regulatory uncertainties, market volatility, and the risks associated with using public funds for crypto investments.

Similar bills establishing Bitcoin reserves have failed in some state governments, including North Dakota, Montana, and Wyoming.

However, similar legislation is still moving through local governments in Florida, Arizona, Utah, Ohio, Missouri, and Kentucky.

Many state-level efforts to establish a BTC reserve or invest in crypto followed the inauguration of US President Donald Trump, who campaigned to create a “strategic national Bitcoin stockpile."

Trump proposed forming a working group to study the potential creation and maintenance of a US crypto stockpile.

Since Trump took office on Jan. 20, his administration and government agencies have suggested they intend to pursue a different approach to digital assets than that of former President Joe Biden.

The US Securities and Exchange Commission has already dropped investigations into some crypto firms.

At the time of reporting, the Bitcoin (BTC) price was $92,035.54.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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