In a move that could only be described as a masterclass in legislative procrastination, South Dakota lawmakers have deftly sidestepped the opportunity to plunge their state into the volatile waters of Bitcoin investment. By deferring a vote on HB 1202 to the 41st day of their legislative session — a day that, much like a unicorn, does not exist — they have effectively consigned the bill to the annals of “maybe next time.”
During a Feb. 24 meeting of the House Commerce and Energy Committee, the majority of lawmakers, perhaps fearing the wrath of their constituents or simply the unpredictability of cryptocurrency, voted to delay the bill indefinitely. The proposed legislation, which sought to allow the state to invest in Bitcoin (BTC), now joins the ranks of other failed crypto initiatives in states like North Dakota, Montana, and Wyoming. State Representative Logan Manhart, the bill’s sponsor, took to X to announce his plans to reintroduce the legislation in 2026, proving that hope springs eternal in the world of politics.
The bill, had it passed, would have amended the classification of South Dakota’s state public funds to include up to 10% in BTC investments. While this might have been a bold move, it seems that the lawmakers of South Dakota are more comfortable with the tried-and-true methods of financial management. After all, why risk it all on digital gold when you can stick to the good old-fashioned kind?
Meanwhile, in other parts of the country, the crypto craze continues to gain momentum. Lawmakers in Florida, Arizona, Utah, Ohio, Missouri, and Kentucky are still pushing forward with their own Bitcoin-related legislation, proving that the allure of cryptocurrency is hard to resist — even if it does come with a side of regulatory headaches.
National Bitcoin Stockpile Under Trump?
Much of the recent state-level interest in Bitcoin can be traced back to the inauguration of former President Donald Trump, who campaigned on the promise of creating a “strategic national Bitcoin stockpile.” In a Jan. 23 executive order, Trump proposed forming a working group to study the potential creation and maintenance of a US crypto stockpile. However, as with many of Trump’s executive orders, this one has faced its fair share of legal challenges, with critics arguing that it may be unconstitutional.
Since taking office on Jan. 20, the Trump administration has signaled a shift in its approach to digital assets, diverging from the policies of his predecessor, Joe Biden. The US Securities and Exchange Commission has already dropped investigations into some crypto firms, including reportedly closing its case against Coinbase, which it filed in 2023. Whether this marks the beginning of a new era of crypto-friendly regulation or just another chapter in the ongoing saga of political maneuvering remains to be seen.
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2025-02-25 00:41