- South Dakota announces the introduction of a strategic Bitcoin reserve.
- Donald Trump has recently signed an executive order aimed at advancing cryptocurrency adoption.
South Dakota is up to introduce legislation that would establish a strategic Bitcoin reserve. It joins a growing movement among U.S. states looking to integrate cryptocurrency into their financial strategies.
South Dakota State Representative Logan Manhart shared his plans to bring a bill to the state’s House. It’s likely aiming to create a Bitcoin reserve, on January 28, 2025. He emphasized the importance of taking proactive steps now, highlighting Bitcoin’s role in the state’s financial future.
Besides, Kentucky State Representative TJ Roberts plans to introduce comparable legislation upon his return to the General Assembly. Recently, the Arizona Senate approved the Arizona Strategic Bitcoin Reserve Act (SB1025). It allows the state to invest up to 10% of public funds in Bitcoin.
In addition, the acts of the Federal government over currency issues have resulted in negative momentum for the Bitcoin stocks of a state. On January 23, 2025, President Donald Trump put his signature under a bill on the Federal government to examine a crypto reserve.
Numerous states passed Bitcoin-related laws after the year 2024. If Kentucky and South Dakota move forward with their proposals. Hence, there will be a corresponding increase in the number of states that are exploring similar measures.
Contrarily, Senator Cynthia Lummis outlines a complete strategic framework for the enactment of the Bitcoin Act in the United States. It proposes a Bitcoin Purchase Program, which can acquire up to 1,000,000 BTC over five years. These reserves will be safely housed in a distributed network of cold storage sites funded by the United States government.
In addition, the BTC has gotten through the Bitcoin Purchase Program in which at least a 20-year hold back from the sale or other transfer to an individual or entity exists. Also, it is never to be disposed of except for the retirement of Federal debt.