South Dakota Governor Kristi Noem has officially vetoed a bill excluding Bitcoin and other cryptocurrencies from the definition of money. Specifically, House Bill 1193 was set to amend the Uniform Commercial Code to exclude digital assets from being defined as “money,” in the state.
The bill had previously passed in the Senate earlier this month, set to redefine the term. Moreover, HB 1193 would alter the definition to an exchange medium authorized or adopted by either a foreign or domestic government.
South Dakota Crypto Bill Vetoed
Following the events of 2022, regulation has been a vital topic to start the year. As governments have seemed the best way to protect citizens from the unknowns of the digital asset industries, regulatory conflicts with the companies in the space have run rampant since the start of 2023.
Now, one political attempt to alienate the industry has now been stopped. specifically, South Dakota Governor Kristi Noem has vetoed a bill that excluded Bitcoin and other cryptos from the definition of money.
House Bill 1193 sought to change the Uniform Commercial Code to define money without including cryptocurrencies. Thus, Noem officially vetoed the bill in a letter to the members of the House. Specifically, stating that the developments have concerned the governor.
Noem stated, “by expressingly excluding cryptocurrencies as money, it would become more difficult to use cryptocurrency.” Additionally, noting, “By needlessly limiting this freedom, HB 1193 would put South Dakota citizens at a business disadvantage.”
Thereafter, the governor stated that the bill’s definition of money, “opens the door to the risk that the federal government could more easily adopt a CBDC, which may become the only viable currency.” Concluding, “It would be imprudent to create regulations governing something that does not yet exist.”