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South Dakota Governor Vetoes Bill Excluding Bitcoin and Crypto From Definition of Money

South Dakota Governor Kristi Noem has vetoed a bill to exclude Bitcoin and other cryptocurrencies from the definition of money.

Kristi Noem, Governor of South Dakota
Kristi Noem, Governor of South Dakota

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.