Bill > HB1155

This bill amends existing South Dakota law to permit the state to invest in Bitcoin, a digital asset defined as a decentralized peer-to-peer blockchain network currency originating from a specific genesis block and maintaining an unbroken chain of blocks. The bill specifies that such investments are limited to ten percent of the state moneys made available for investment and outlines strict requirements for how Bitcoin must be held, either directly by the State Investment Council using a secure custody solution, through a qualified custodian (a regulated financial institution authorized to hold digital assets), or via an exchange-traded product (a financial instrument traded on a regulated exchange and approved by relevant authorities). The secure custody solution itself must meet rigorous security standards, including exclusive control of the private key (the cryptographic data used to sign transactions) by the State Investment Council, storage in encrypted hardware within geographically diverse data centers, multi-party governance for transactions, and regular security audits and disaster recovery protocols.

Business and Industry

https://sdlegislature.gov/#/Session/Bill/26633