• South Dakota Governor Kristi Noem has vetoed a bill that would have excluded cryptocurrencies from the definition of “money” in the state’s Uniform Commercial Code.
• The bill was criticized by conservatives, who were concerned that it could lead to a federal government-issued digital dollar.
• Noem’s veto was applauded by groups such as the Club for Growth and the South Dakota Freedom Caucus, who praised her for upholding financial freedom.
South Dakota Governor Vetoes Bill Excluding Crypto from Definition of Money
South Dakota Governor Kristi Noem has used her authority to veto legislation aimed at changing the definition of money to exclude cryptocurrencies. 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 Commercial Code (UCC) to specifically exclude cryptocurrencies and other digital assets — with the possible exception of central bank digital currencies, or CBDCs.
Criticism From Conservatives
The bill was criticized by many conservatives, who argued that its passage could potentially allow for „future overreach“ from the federal government in issuing a digital dollar. Organizations such as Club for Growth wrote letters to Noem urging her to oppose the bill and making comparisons between a U.S.-issued CBDC and China’s digital yuan.
Noem’s Veto Praised By Supporters
Noem’s decision to veto HB 1193 was praised by groups such as the South Dakota Freedom Caucus — a group of Republican state lawmakers — who lauded her actions on Twitter: „Thank you @govkristinoem for your veto and for listening to the people of South Dakota.“