A CONCURRENT RESOLUTION, Urging the State Investment Council to invest in Bitcoin and other digital assets.

WHEREAS, the State Investment Council has a responsibility to safeguard the state's financial resources against the impacts of inflation and other economic uncertainties; and

WHEREAS, Bitcoin has and other digital assets have risen in value to the point that Bitcoin has a market cap over one trillion dollars and are increasingly recognized as viable alternative investments; and

WHEREAS, Bitcoin is becoming more widely accepted as an international medium of exchange ; and

WHEREAS, countries, including the United States, hold Bitcoin within their treasury departments; and

WHEREAS, Bitcoin is seen as an asset that can hedge against inflation by both sovereign nations and investment advisors; and

WHEREAS, this state should have access to tools to protect against inflation;

WHEREAS, the total value of investable assets available to the state allows for an investment of at least five percent in Bitcoin and other digital assets; and

WHEREAS, compliance with state regulatory oversight and secure storage requirements necessitate the creation of a South Dakota-domiciled entity that maintains custody of state-owned digital assets; and

WHEREAS, the state would benefit from the establishment of a Digital Asset Investment Committee, which would be responsible for investments in this asset class;

NOW, THEREFORE, BE IT RESOLVED, by the House of Representatives of the One Hundredth Legislature of the State of South Dakota, the Senate concurring therein, that the State Investment Council invest in allocate at least five percent of the total value of state-owned investable assets to Bitcoin and other digital assets; and

BE IT FURTHER RESOLVED, that a Digital Asset Investment Committee should be created to manage state-owned Bitcoin and other digital assets.