South Dakota Crypto Bill Vetoed
House Bill 1193 aimed to alter the Uniform Commercial Code's definition of money to exclude digital assets and only include exchange mediums authorized by a foreign or domestic government. With regulation being a hot topic in the industry, this bill was seen as an attempt to alienate the crypto industry.
Governor Noem's Statement on Veto
Governor Noem officially vetoed the bill in a letter to the members of the House. She expressed concern over the bill, stating that it would make it more difficult to use cryptocurrency and put South Dakota citizens at a business disadvantage.
Additionally, the governor stated that the bill's definition of money opens the door to the risk of the federal government easily adopting a CBDC, which may become the only viable currency. She concluded that creating regulations for something that still needs to be created would be imprudent.
