South Dakota Rep. Logan Manhart has shared on X that the state is likely to become the first in the U.S. to pass a Bitcoin reserve bill. The state’s legislative session, one of the shortest in the nation, runs until the second week of March, with 40 legislative days remaining. Manhart’s statement follows the ongoing efforts by key national leaders to establish clearer regulatory frameworks for cryptocurrencies and digital assets.
Bitcoin Reserve Talks Continue in U.S.
At the federal level, prominent figures, including David Sacks, President Trump’s designated cryptocurrency czar, and several members of Congress, are working toward a bipartisan initiative to advance digital asset policy. Sacks, alongside Senate Banking Committee Chairman Tim Scott, Senate Agriculture Committee Chairman John Boozman, and House Financial Services Committee Chairman French Hill, has called for a more structured approach to cryptocurrency regulation.
Sacks criticized the lack of guidance from agencies like the SEC. He suggested that unclear regulations have pushed crypto innovation to other countries. He argued that providing transparent regulations would stimulate industry growth while safeguarding consumers.
South Dakota has one of the shortest legislative sessions in the country.
It is likely South Dakota will be the first state in the nation to pass a Bitcoin reserve bill.
— Logan Manhart (@ManhartLogan) February 4, 2025
The group also focused on market structure legislation and stablecoin regulation, with Senator Bill Hagerty recently proposing a stablecoin bill aimed at reinforcing U.S. dollar dominance in the global economy. Hill emphasized the importance of bipartisan progress on stablecoin and broader regulatory measures, underscoring the momentum needed to move forward.
Boozman pointed out the complexities of overseeing digital assets due to jurisdictional divides between the SEC and the Commodity Futures Trading Commission (CFTC), calling for greater collaboration between regulators and lawmakers. House Agriculture Committee Chairman G.T. Thompson acknowledged the challenges facing the crypto industry, including the aftermath of the FTX collapse, but expressed optimism about the industry’s resilience and the push for clearer regulations.
Sacks reaffirmed the administration’s dedication to fostering innovation while ensuring consumer protection. Additionally, he revealed that one of the initiatives President Trump requested was to “evaluate” the potential for a strategic Bitcoin reserve as part of the nation’s digital asset policy.
Also Read: Illinois Lawmaker Introduces Strategic Bitcoin Reserve Bill
