The South Dakota legislature delayed a vote on a bill on Monday that could have allowed the state to adopt Bitcoin BTC/USD as a strategic reserve asset.
What happened: The majority of lawmakers at a meeting of the state’s House Commerce and Energy Committee voted to defer the bill to the 41st day of South Dakota’s legislative session.
Since the session lasts for 40 days, deferring a bill to the 41st day means it is no longer considered.
The House Bill 1202 bill aimed to allocate 10% of the state’s public funds to Bitcoin. Rep. Logan Manhart, who introduced the bill last month, said the bill was rejected over “concerns of volatility.”
He did, however, say that he would reintroduce the legislation next year.
See Also: Peter Schiff Questions Michael Saylor-Led Strategy’s Leverage Bitcoin Play Amid MSTR Decline: ‘Massive Dilution Has Destroyed Shareholder Value’
Why It Matters: South Dakota’s move comes shortly after Montana’s House of Representatives rejected a similar piece of legislation that proposed investing public funds into Bitcoin.
According to Bitcoin Laws, a platform that tracks the progress of Strategic Bitcoin Reserve bills in the U.S., Utah was leading the race, while Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming have failed to push them forward.
The failures threw doubts on a potential national Bitcoin stockpile for the U.S., as promised by President Donald Trump during his election campaign.
Notably, after assuming office, Trump signed an executive order to evaluate the creation of a “strategic national digital assets stockpile” and not just a Bitcoin stockpile
Price Action: At the time of writing, Bitcoin was exchanging hands at $89,517.16, down 6.27% in the last 24 hours, according to data from Benzinga Pro.
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