South Carolina has introduced a new bill called the Strategic Digital Assets Reserve Act, which proposes the creation of a state-run Bitcoin reserve with a maximum cap of 1 million BTC. The bill aims to allow the state treasurer to hold Bitcoin and other digital assets as a hedge against inflation, which has reduced the purchasing power of retirement funds and state-managed assets. The reserve would diversify the state’s finances and provide a way to own and manage Bitcoin, with guidelines requiring safe storage and capping holdings of digital assets at 10% of total funds under management. Additionally, South Carolina’s treasurer would be able to invest unused funds into the reserve, with public addresses of holdings published to maintain transparency. This move comes as South Carolina has dropped a lawsuit against Coinbase’s staking services, allowing for the relaunch of staking for residents. The decision was celebrated as a win for consumer rights by Coinbase’s chief legal officer Paul Grewal, who highlighted the need for clear rules and protections for the growing number of Americans who own crypto.
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