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 invoice that bans the usage of cryptocurrencies, together with bitcoin, as cash. The invoice, masquerading as a Universal Commercial Code (UCC) pointers replace, additionally paves the best way for central financial institution digital currencies (CBDCs). Emphasizing that this invoice is clearly “a threat to our freedom,” the governor urged 20 different states which can be about to think about an identical invoice to “block this legislation from passing.”

South Dakota’s Governor Vetoes Bill That ‘Bans’ Bitcoin and Other Cryptocurrencies for Use as Money

The authorities of the U.S. state of South Dakota introduced Friday that Governor Kristi Noem has vetoed House Bill 1193 “which would infringe upon freedom in digital currency.” In her veto letter, the governor defined:

HB 1193 adopts a definition of ‘cash’ to particularly exclude cryptocurrencies like bitcoin, in addition to different digital belongings. At the identical time, these UCC revisions embody central financial institution digital currencies (CBDCs) as cash.

Noting that the invoice was over 110 pages lengthy, the governor defined 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 careworn that for her, “it very clearly was a threat to our freedom,” noting that South Dakota is the primary 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 additional 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 additional cautioned that “if the government’s CBDC becomes the only legal digital currency,” then the federal government will “control how you spend that money and that takes away all of your freedom.” She tweeted Saturday:

More than 20 different states have the identical UCC language in entrance of them. These payments change the definition of ‘cash,’ make it tougher to make use of cryptocurrency, and make it simpler for the federal authorities to impose a CBDC. These states should block this laws from passing.

In her veto letter, the governor expressed a number of issues. Firstly, she stated 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 stated 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 could be imprudent to create rules governing one thing that doesn’t but exist. More importantly, South Dakota mustn’t open the door to a possible future overreach by the federal authorities.

What do you concentrate on the UCC pointers replace making an attempt to ban cryptocurrency’s use as cash and pave the best way for government-led central financial institution digital currencies (CBDCs) as described by Governor Noem? Let us know within the feedback part under.