coinspress.com
South Carolina is considering adding Bitcoin to its financial reserves under a new bill introduced by Rep. Jordan Pace.
The proposed legislation, known as the “Strategic Digital Assets Reserve Act,” would allow the state treasurer to allocate up to 10% of certain public funds into digital assets, with Bitcoin as the primary focus. If passed, the bill would establish a secure custody system, mandate regular audits, and permit voluntary BTC donations from residents. While Bitcoin is the only cryptocurrency explicitly named, the legislation leaves room for other digital assets to be added in the future.
Pace framed the proposal as a way to protect taxpayer funds from inflation, drawing parallels to a recent executive order from Donald Trump that created a federal Bitcoin reserve funded by seized assets. Meanwhile, Sen. Cynthia Lummis has pushed a separate bill requiring the U.S. government to acquire up to one million BTC over five years, adding to the broader discussion of Bitcoin’s role in public finance.
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South Carolina is not alone in exploring Bitcoin reserves. Several states, including Texas, Arizona, Oklahoma, and Kentucky, have advanced legislation related to cryptocurrency holdings. Texas lawmakers recently approved a Bitcoin reserve bill, while Arizona is debating allowing state funds to invest in Bitcoin. In contrast, Wyoming’s Bitcoin reserve proposal failed to gain traction, with Governor Mark Gordon citing concerns over volatility. Other states, such as Montana, North Dakota, and Pennsylvania, have also opted to abandon similar initiatives.
If passed, South Carolina’s bill would remain in effect until 2035, giving the state a decade to evaluate Bitcoin’s role in its financial strategy.