South Dakota governor Kristi Noem has vetoed legislation that aims to change the definition of money by excluding cryptocurrencies.
This bill has been criticized by many deputies. However, South Dakota did not ratify this law.
South Dakota Government Vetoes Crypto Law To Change The Definition Of Money
In a statement to South Dakota House Speaker Hugh Bartels, Kristi Noem said she vetoed House Bill 1193, which proposes to change the state’s Uniform Commercial Code specifically to excluding cryptocurrencies and other digital assets. However, governor Kristi Noem said she made her decision by excluding a possible CBDC from the plan. This decision came when many countries had come a long way on CBDC.
According to the governor, the bill’s adoption would put South Dakota residents at a “job disadvantage” and potentially allow the federal government to “go overboard” in issuing a digital dollar.
I have returned HB 1193 with my VETO.
The bill adopts a definition of “money” to specifically exclude cryptocurrencies. But these revisions do include Central Bank Digital Currencies as money.
These developments concern me for several reasons, which are found in this letter: pic.twitter.com/3eqzdI80if
— Governor Kristi Noem (@govkristinoem) March 10, 2023
Noem said the following about his decision:
“By explicitly excluding cryptocurrencies as money, it becomes more difficult to use cryptocurrency. HB 1993 opens the door to the risk that the federal government will more easily adopt a CBDC, which could later become the only viable digital currency. It would be imprudent to create regulations to govern something that does not yet exist.”
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