South Carolina Bill presents Bitcoin as a state reserve assets

Bitcoin will soon be part of the balance of South Carolina.

Introduced by the State Rep. Jordan Pace, the “Strategic Digital Assets Reserve Act”, proposes that the treasurer of the State can assign up to 10% of certain public resources to digital assets – starting with Bitcoin.

The Bill 4256 house, or HB4256, wants to authorize the treasurer to buy Bitcoin and keep it as a strategic reserve within important funds managed by the state, including the General Fund and Budget Stabilization Reserve Fund.

With a maximum limit of one million BTC, the bill outlines a safe framework for detention, requires regular public audits and voluntary BTC donations of residents.

Although BTC is the only digital active that is mentioned in the bill, it explicitly states that the reserve can “include but is not limited to, Bitcoin”, so that other cryptocurrencies can be included by updated rules.

“Proud to submit legislation that enables SC to follow Donald Trump’s lead to create a strategic crypto reserve at state level,” Pace said on Thursday on X, formerly Twitter. “This gives the treasurer new tools to protect taxpayers against inflation,” he added.

At the beginning of March, President Donald Trump signed an executive order to create a strategic Bitcoin -Reserve and US Digital Asset Stockpile, both of which would be sown with Bitcoin seized in criminal matters.

But there have been different opinions about whether the US should spend money to acquire BTC or to hit a “budget -neutral” way.

Senator Cynthia Lummis (R-WY) followed by the introduction of the Bitcoin Act, whereby the US government would require that he acquires up to a million BTC-OnVergeer $ 80 billion-over a period of five years.

The bill of South Carolina is an extensive legal structure with definitions of cold storage, qualified preservators and products traded.

The mandatory biennial reports, regular independent security audits and that any digital assets companies do not exceed 3% of the total investment portfolio of the state.

The bill would end on 1 September 2035, unless renewed, giving the State a decade for a decade to experiment with recording Bitcoin in its public financial strategy.

States’ unequal embrace of Bitcoin

The proposed legislation of South Carolina is also part of a broader national trend of states that explore the viability of adding Bitcoin to their reserves.

Arizona’s house recently brought two major digital asset drawings to a complete mood, including one with which the treasurer and the pension system can invest in Bitcoin and another to confiscate crypto from criminal cases.

This month, the Texas legislators have adopted Senate account 21 Bitcoin Strategy Reserve Bill – SB21 – this month, which is now waiting for the voting of the Governor.

In Oklahoma, Huis Bill 1203 went overwhelming and wait for a senate review. Kentucky has recently adopted legislation that offers Bitcoin self-insurance and offers tax stimuli for miners.

In Utah the Bitcoin legislation improved, although the references to a strategic reserve were dropped at the last minute.

However, some states are free from the Bitcoin -Reserves – for now.

Wetgevers in Wyoming in the home of Senator Lummis recently saw their Bitcoin Reserve proposal collapse into the committee. Wyoming Gov. Mark Gordon has since renounced the effort and emphasizes a more careful approach.

“Bitcoin has been incredibly volatile,” he said Decrypt On the DC Blockchain Summit added: “It was a bit of a learning curve.”

Montana, North Dakota, South Dakota and Pennsylvania have also left similar bills.

Published by Stacy Elliott.