Tomorrow, rape. Jordan Paes resumed Bill h. 4256″Strategic Digital Assets Reserve Act of South Carolina” at the House of Representatives of South Carolina.
Highlights from the bill include the fact that it enables the treasurer of the state to invest up to 10% under the state management, including bitcoin, and the state’s strategic digital assets reserve may include up to a million bitcoin in the state’s strategic digital assets reserve.
The bill also states that the reason for establishing such a reserve is that “inflation has destroyed the purchasing power of assets organized in the state funds” and “Bitcoin, a decentralized digital property, and other digital assets provide unique properties that can serve as a hedge against inflation and economic instability.
The bill does not suggest whether the state officials should have private keys for bitcoin and other digital assets, which it deposits for the reserve, although it enables the treasurer of the state to develop policies and protocols to protect the assets organized in the reserve, which includes the use of the property of a third party or to maintain the assets of a third party. The treasurer of the state can also use a third party to help, maintain reserve security and assistance in administration.
According to the bill, the state treasurer will be responsible for preparing a biennial report including the total amount of digital assets held in the reserve, the US dollar value of those assets and the reserve related transactions and expenses since the previous report. In addition, the state treasurer will need to publish evidence of the store, which includes public addresses of digital assets held in the reserve on an official state website, allowing citizens to independently audit and verify the reserve holdings.
Finally, the bill determines that the strategic digital asset passes through the reserve audit that includes an examination of the protection of custody solutions; Assessment of compliance with local, state and federal laws; And evaluate internal controls to reduce cyber attacks and mismanagement.
According to the bill, independent audit should be held annually and presented to the respective oversite committee. Any recommendation arising out of independent audit should be addressed within 90 days of releasing the report, and a follow -up reporting that gives details of corrective action, should also be provided to the oversight committee.
