Lawmakers in South Dakota’s legislature deferred a vote that could have allowed the US state to invest in Bitcoin — effectively killing the bill.
In a Feb. 24 meeting of the state’s House Commerce and Energy Committee, the majority of lawmakers present voted to defer HB 1202 to the 41st day of South Dakota’s legislative session. Because the legislature has no more than 40 days in a session, the motion effectively killed the current version of the bill, which proposed “[permitting] the state to invest” in Bitcoin
The proposed bill would have amended the classification of South Dakota’s state public funds to include up to 10% in BTC investments. State Representative Logan Manhart, who introduced the bill on Jan. 30, said on X that he planned to reintroduce the legislation in 2026.
Related: Crypto bills stack up across the US, from Bitcoin reserves to task forces
Similar bills establishing Bitcoin reserves have failed to pass in some state governments, including North Dakota, Montana, and Wyoming. However, lawmakers in Florida, Arizona, Utah, Ohio, Missouri and Kentucky have introduced legislation that, at the time of publication, was still moving through local governments.
National Bitcoin stockpile under Trump?
Most of the state-level efforts to establish a BTC reserve or invest in crypto followed the inauguration of US President Donald Trump, who campaigned to creat e 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, many of the President’s EOs have faced legal challenges due to claims of unconstitutionality.
Since Trump took office on Jan. 20, the administration and government agencies have suggested they intend to pursue a different approach to digital assets than that of former President Joe Biden. The US Securities and Exchange Commission has already dropped investigations into some crypto firms — even reportedly closing its case against crypto exchange Coinbase, which it filed in 2023.
Magazine: How crypto laws are changing across the world in 2025