Lawmakers from a second US state this week have rejected a bill proposing using Bitcoin (BTC) as an officially held state asset.
South Dakota lawmakers voted on Tuesday to defer South Dakota HB1202, essentially putting down the proposal.
The bill was deferred to the 41st legislation day of the 40-day session.
The bill was by five Republicans: Representatives Logan Manhart, Aaron Aylward, Phil Jensen, Dylan Jordan, and Senators Carl Perry and Tom Pischke.
The South Dakota bill would have allowed the state treasurer to allocate up to 10% of the state’s investment portfolio for BTC. Ultimately, concerns about volatility may have shut the bill down.
Montana state lawmakers made a similar decision yesterday when they shot down a bill that would have enabled the state government to invest in BTC as a reserve asset.
The Montana bill, which passed a committee vote last week, would have created “a state special revenue account for investment in precious metals and digital assets,” with digital assets defined as “virtual currencies, cryptocurrencies, native electronic assets, including stablecoins and non-fungible tokens, and other digital-only assets that confer economic, proprietary, or access rights or powers.”
BTC is trading for $87,140 at time of writing, down 18% in the last 30 days.
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