South Dakota Governor Kristi Noem Vetoes Bill Excluding Bitcoin & Crypto from Definition of Money
Breaking News: South Dakota Governor Kristi Noem has officially vetoed House Bill 1193, a bill that would have excluded Bitcoin and other cryptocurrencies from the definition of money within the state\'s Uniform Commercial Code (UCC). The veto sends a strong message about South Dakota\'s potential future stance on digital assets.
HB 1193: What the Bill Proposed
House Bill 1193 (HB 1193) aimed to amend South Dakota’s UCC by specifically excluding cryptocurrencies like Bitcoin, as well as other digital assets, from being classified as “money.” The bill also addressed the classification of a potential central bank digital currency (CBDC), classifying it as money while excluding crypto. Kristi Noem, governor of South Dakota, has officially vetoed a bill that will effect changes to the Uniform Commercial Code (UCC).
Governor Noem\'s Rationale
In a March 9 notice to South Dakota House Speaker Hugh Bartels, Noem explained her decision to veto House Bill 1193. While the exact reasoning wasn\'t publicly detailed, the veto suggests a concern about limiting innovation and potentially hindering future opportunities related to cryptocurrency within the state.
Impact on Bitcoin and Crypto in South Dakota
South Dakota Governor Kristi Noem has officially vetoed a bill excluding Bitcoin and other cryptocurrencies from the definition of money. Specifically, House Bill 1193. This decision means that, for now, the legal status of Bitcoin and other cryptocurrencies remains unchanged in South Dakota. While not explicitly defining them as money, the state hasn\'t actively excluded them either. This open approach could be seen as more welcoming to the growing digital asset industry.
Arguments Surrounding the Bill
Gov. Kristi Noem (R-SD) vetoed a bill that would have classified a potential central bank digital currency as money while excluding cryptocurrencies. Policymakers at the In a March 9 notice to South Dakota House Speaker Hugh Bartels, Noem said she had vetoed House Bill 1193, which proposed amending the state’s Uniform. Some argued that excluding cryptocurrencies was a necessary step to protect consumers and maintain financial stability. Others, including those potentially aligned with Governor Noem\'s thinking, likely argued that such exclusion could stifle innovation and prevent South Dakota from participating in the evolving digital economy.
The Future of Crypto Legislation in South Dakota
South Dakota Governor Kristi Noem has formally rejected legislation that would have excluded bitcoin (BTC) and other cryptocurrencies from the definition of money. "HB 1193 adopts a definition of ‘money’ to specifically exclude cryptocurrencies like Bitcoin, as well as other digital assets. At the same time, these UCC. This veto sets the stage for future discussions and potential legislative efforts regarding cryptocurrency regulation in South Dakota. It is likely that lawmakers will revisit the issue, potentially seeking a more balanced approach that considers both the potential benefits and risks of digital assets. South Dakota Gov. Kristi Noem has vetoed House Bill 1193, which aimed to exclude digital assets, such as Bitcoin BTC/USD and Ethereum ETH/USD, from the definition. Kristi Noem, the governor of South Dakota, has used her authority to veto legislation aimed at changing the definition of money to exclude cryptocurrencies.
This is a developing story. Check back for updates and further analysis.