South Dakota governor Kristi Noem has formally rejected legislation that would have excluded bitcoin (BTC) and other cryptocurrencies from the definition of money.
Bill excluded crypto but classified CBDCs as money
The legislation, known as House Bill 1193, was intended to amend provisions of South Dakota’s Uniform Commercial Code to exclude digital assets from being defined as “money” in the state.
Explaining why she vetoed the bill, gov. Noem said that explicitly excluding crypto as money would make it difficult for South Dakota residents to use their crypto holdings and put them at a disadvantage when trading with people in other states.
Gov. Noem also stated that the definition of money in HB 1193 could create a loophole for the federal government to adopt central bank digital currencies (CBDCs) and make them the only viable forms of digital money.
Republican Mike Stevens introduced the 117-page bill in the state’s House of Representatives, which passed it earlier this month. It defines money as a possible medium of exchange only if it is “authorized or adopted” by a government.
The bill’s wording means that bitcoin (BTC) and o
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Author: Julius Mutunkei
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