Bitcoins <\/p>\n
Representative Jordan Pace introduced legislation to create a Bitcoin Reserve for South Carolina, joining a nationwide effort. Currently, nearly half of all US states have an active bill to create a similar Reserve.<\/strong><\/p>\n However, the talking point that this bill \u201callows 10% of state funds\u201d in Bitcoin investments is taking off like wildfire. It may scare off fiscal conservatives, which contributed to recent failures.<\/p>\n Since President Trump announced his intention to create a US Bitcoin Reserve<\/a>, many state governments have attempted to create smaller models. <\/p>\n In the last month, these efforts have been intensifying<\/a>, with more and more states joining<\/a> the effort. Today, South Carolina filed its own Bitcoin Reserve bill<\/a>, allowing the state to make substantial purchases:<\/p>\n \u201cThe State Treasurer may invest in digital assets including, but not limited to, Bitcoin with money that is unexpended, unencumbered, or uncommitted. The amount of money that the State Treasurer may invest in digital assets from a fund specified in this section may not exceed ten precent of the total funds under management,\u201d it reads.<\/p>\n<\/blockquote>\n State Representative Jordan Pace proposed South Carolina\u2019s Bitcoin Reserve legislation. He\u00a0claimed<\/a>\u00a0that this bill \u201cgives the Treasurer new tools to protect<\/span> taxpayer dollars from inflation<\/a>,\u201d one of crypto\u2019s most well-known use cases<\/a>. Pace is currently the bill\u2019s only sponsor, and it\u2019s unclear what chances it has of passing.<\/p>\n Still, there may be challenges ahead. Similar proposals in other Republican-led states<\/a>\u2014like Montana and Wyoming\u2014have already failed. This was largely due to concerns over using public funds to buy cryptocurrency. <\/p>\n Even though Trump backs the idea on a national level, not all GOP lawmakers are convinced at the state level.<\/p>\n That said, there are some signs of progress elsewhere. For example, Texas has advanced its Bitcoin Reserve bill<\/a>, achieving bipartisan support. A key reason for its success is that the bill doesn\u2019t require the state to make crypto purchases; it simply allows them at the Treasurer\u2019s discretion.<\/p>\n Likewise, South Carolina\u2019s bill wouldn\u2019t force the state to invest 10% of its funds into Bitcoin. It just opens the door for that possibility, giving the state financial flexibility rather than a mandate.<\/p>\n Disclaimer<\/p>\n In adherence to the Trust Project<\/a> guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions<\/a>,\u00a0Privacy Policy<\/a>, and\u00a0Disclaimers<\/a>\u00a0have been updated.<\/p>\n<\/div><\/div>\nSouth Carolina Joins the Bitcoin Reserve Race<\/h2>\n
\n