South Dakota Governor Vetoes Bill Excluding Cryptocurrencies from Definition of Money
In a move that could have far-reaching implications for the use of cryptocurrencies and other digital assets, South Dakota Governor Kristi Noem has vetoed House Bill 1193. The bill sought to change provisions in the Uniform Commercial Code by adopting a definition of “money” that specifically excluded cryptocurrencies like Bitcoin, as well as other digital assets.
In her veto message, Governor Noem argued that such a definition would put South Dakota citizens at a business disadvantage by limiting their ability to use cryptocurrency. She also expressed concern that by excluding cryptocurrencies as money, the bill could open the door to a potential future overreach by the federal government, which could create regulations governing something that does not yet exist.
The Uniform Commercial Code is a comprehensive set of laws governing all commercial transactions in the United States. While it is not a federal law, it is uniformly adopted by all states. HB 1193’s proposed change to the definition of “money” in the UCC would have excluded cryptocurrencies and other digital assets, while including central bank digital currencies.
Governor Noem has consistently emphasized individual freedom and personal responsibility in her approach to the economy, and she sees the use of cryptocurrencies as an important part of this approach. By vetoing HB 1193, she has made it clear that she believes South Dakota should remain open for business and not limit the ways in which individuals choose to make transactions in a free-market economy.
The Governor’s veto of HB 1193 is sure to be welcomed by cryptocurrency advocates who see digital assets as an important part of the future of commerce. At the same time, it is likely to be viewed with skepticism by those who are concerned about the potential risks associated with cryptocurrencies, such as their potential use in illegal activities.
In any case, Governor Noem’s veto of HB 1193 is likely to keep the debate over the use of cryptocurrencies and other digital assets in commercial transactions at the forefront of public discussion for some time to come. It remains to be seen whether other states will follow South Dakota’s lead in embracing digital assets or whether they will take a more cautious approach.
Read more:
- Federal Reserve Official Urges Caution In Bank Investment In Cryptocurrency
- Revised Cryptocurrency Bill To Be Presented To US Senate In Mid-April