Fun

SD Governor Urges 20 States to Block Legislation That Bans Crypto’s Use as Money — Says ‘Its a Threat to Our Freedom’

News Feed - 2023-03-14 12:03:30

SD Governor Urges 20 States to Block Legislation That Bans Crypto"s Use as Money — Says "Its a Threat to Our Freedom"


South Dakota Governor Kristi Noem has vetoed a bill that bans the use of cryptocurrencies, including bitcoin, as money. The bill,masquerading as a Universal Commercial Code (UCC) guidelines update, also paves the way forcentral bank digital currencies (CBDCs). Emphasizing that this bill is clearly “a threat to our freedom,” the governor urged 20 other states that are about to consider a similar bill to “block this legislation from passing.” South Dakota’s Governor Vetoes Bill That ‘Bans’ Bitcoin and Other Cryptocurrencies for Use as Money


The government of the U.S. state of South Dakota announced Friday that Governor Kristi Noem has vetoed House Bill 1193 “which would infringe upon freedom in digital currency.” In her veto letter, the governor explained: 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 revisions include central bank digital currencies (CBDCs) as money.


Noting that the bill was over 110 pages long, the governor explained in an interview with Fox News on Friday that it “was sold as an update to the guidelines of the UCC [Uniform Commercial Code], backed by all our financial institutions, our banks.”


She detailed: “As we started reading through it, we saw the section of the bill that changed the definition of currency. And essentially what it did was pave the way for a government-led CBDC, and it also banned any other form of cryptocurrency, bitcoin, or digital currency that existed.”


The governor stressed that for her, “it very clearly was a threat to our freedom,” noting that South Dakota is the first state to “really look at this bill and find out the truth of what’s in it.” 20 Other States Are About to Consider Similar Bill


Governor Noem further detailed: “We’ve got the same language coming to 20 other states. I believe it’s to pave the way for the federal government to control our currency and thus control people. It should be alarming to everyone, and it’s being sold as a UCC guideline update.”


The governor further cautioned that “if the government’s CBDC becomes the only legal digital currency,” then the government will “control how you spend that money and that takes away all of your freedom.” She tweeted Saturday: More than 20 other states have the same UCC language in front of them. These bills change the definition of ‘money,’ make it harder to use cryptocurrency, and make it easier for the federal government to impose a CBDC. These states must block this legislation from passing.


In her veto letter, the governor expressed several concerns. Firstly, she said that “by expressly excluding cryptocurrencies as money, it would become more difficult to use cryptocurrency. By needlessly limiting this freedom, HB 1193 would put South Dakota citizens at a business disadvantage.”


Moreover, Noem said that “by defining ‘money’ in this proposed way, HB 1193 opens the door to the risk that the federal government could more easily adopt a CBDC, which then may become the only viable digital currency.”


The governor concluded, “At this moment in time, such a government-backed electronic currency has not been created,” emphasizing: It would be imprudent to create regulations governing something that does not yet exist. More importantly, South Dakota should not open the door to a potential future overreach by the federal government. Tags in this story Ban Cryptocurrencies, bill ban crypto, CBDC, CBDC bill, government digital currency, House Bill 1193, Kristi Noem, Kristi Noem bitcoin, Kristi Noem CBDC, Kristi Noem crypto, Kristi Noem cryptocurrency, ND, South Dakota, UCC guidelines


What do you think about the UCC guidelines update attempting to ban cryptocurrency’s use as money and pave the way for government-led central bank digital currencies (CBDCs) as described by Governor Noem? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Treasury Secretary Rules Out Government Bailout of Silicon Valley Bank FEATURED | 2 days ago Rich Dad Poor Dad Author Robert Kiyosaki Warns Another Bank Is Set to Crash FEATURED | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGoldman Sachs Now Expects No Rate Hike in March Due to Stress in US Banking System Next articleHSBC Acquires Silicon Valley Bank UK — Sale Facilitated by Government, Bank of England Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike

News Feed

Cryptocurrency Law Approved in Brazil — Green Mining Tax Exemptions and Asset Segregation Issues Left Out
Cryptocurrency Law Approved in Brazil — Green Mining Tax Exemptions and Asset Segregation Issues Left Out A cryptocurrency law, which had been in discussion for several months, h
Turner Wright5 hours agoSEC raises concerns over Coinbase in objection to Celsius restructuring planCoinbase CEO Brian Armstrong and chief legal officer Paul Grewal issued a joint statement questioning the SEC’s reason
EverEarn Expanding to Ethereum Blockchain With $USDC Stablecoin Rewards
EverEarn Expanding to Ethereum Blockchain With $USDC Stablecoin Rewards press release PRESS RELEASE. It’s no secret to anyone that the
Tom Mitchelhill1 hour agoFree-to-play Web3 games hold the key to mass adoption — YGG co-founderGabby Dizon, the founder and CEO of Yield Guild Games, says a renewed focus on free-to-play gaming will help boost Web3 gam
Valkyrie launches 2x leveraged Bitcoin futures fund
Turner Wright7 hours agoValkyrie launches 2x leveraged Bitcoin futures fundThe investment vehicle is listed on the Nasdaq with the ticker symbol BTFX following the 2023 launch of a similar fund under BTFD.851 Total views
Financial Heavyweights Citadel, Charles Schwab, Fidelity Confirm Cryptocurrency Exchange Launch
Financial Heavyweights Citadel, Charles Schwab, Fidelity Confirm Cryptocurrency Exchange Launch A number of financial giants including Fidelity Investments, Citadel Securities, and
China Bank Account Freeze Controversy: Authorities Reveal Latest Reimbursement Plan, Three Officials Now Under Investigation
China Bank Account Freeze Controversy: Authorities Reveal Latest Reimbursement Plan, Three Officials Now Under Investigation In a move seen as an attempt to pacify protesting bank
South African Cryptocurrency Ownership Rate at 10% — Report
South African Cryptocurrency Ownership Rate at 10% — Report With a cryptocurrency ownership rate of 10%, or four million people, South Africa “ranks 18th out of 26 countri
David Attlee22 minutes agoJapanese yen-backed digital currency, DCJPY, to go live in July 2024Digital currency and electronic payments business DeCurret Holdings intends to launch the coin in July 2024.122 Total viewsLis
Fantom bets on ‘safer memecoins’ with launch of $6.5M dev fund
Jesse Coghlan5 hours agoFantom bets on ‘safer memecoins’ with launch of $6.5M dev fundFantom Foundation CEO Michael Kong hopes the blockchain can “replicate the success” of its peers by getting in on the memecoin
Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs
Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that trad
Bitcoin Miner Terawulf Raises $10M in Fresh Capital to Pay Down Debt, Restructures Deal With Bitmain
Bitcoin Miner Terawulf Raises $10M in Fresh Capital to Pay Down Debt, Restructures Deal With Bitmain On Monday, Dec. 12, 2022, the Maryland-based bitcoin mining company Terawulf an