South Dakota Bitcoin Reserve Bill Rejected by Lawmakers

The state legislature deferred the proposal to invest public funds in Bitcoin, citing concerns over volatility and lack of intrinsic value.

South Dakota's House Commerce and Energy Committee voted 9-3 to defer HB1202 to the 41st day of the legislative session, effectively killing the bill.
The bill, introduced by Representative Logan Manhart, proposed allocating up to 10% of the state's public funds to Bitcoin as a strategic reserve.
Critics, including the state’s investment officer, raised concerns over Bitcoin's volatility and lack of intrinsic value as reasons for rejecting the proposal.
South Dakota joins Montana, North Dakota, Wyoming, and Pennsylvania in rejecting similar Bitcoin reserve proposals, while states like Utah and Arizona continue to advance their initiatives.
Representative Manhart pledged to reintroduce the bill next year despite the setback, emphasizing Bitcoin's potential as a hedge against inflation.