South Dakota Legislator Proposes State Bitcoin Investment Bill

Reading Time: < 1 minute

A South Dakota legislator has filed a new bill to enable the state to invest public funds in Bitcoin, renewing a legislative push that was unsuccessful last year.

Republican Representative Logan Manhart introduced House Bill 1155 on Tuesday. The proposed legislation seeks to amend state statutes to authorize the State Investment Council to invest up to 10% of eligible funds in Bitcoin, using direct holdings, qualified custodians, or regulated exchange-traded products.

“I am proud to say I have released my bill that would allow the State of South Dakota to invest in Bitcoin,” Manhart stated in a social media post. “Strong money. Strong state.”

The bill further specifies rigorous custody and security protocols for any state-held Bitcoin. These include exclusive private-key control, encrypted hardware storage, geographically distributed secure facilities, multi-party governance controls, and mandatory regular security audits.

According to the official legislative journal, House Bill 1155 has received its first reading and has been referred to the Committee on Commerce and Energy for further review.