South Dakota Banker’s Association as to why opposition to HB 1193 is misguided at best.
From the South Dakota Banker’s Association, a good review on why some of the opposition to HB 1193 is misguided …at best:
Before we wrap up this session, I find it imperative to set the record straight and correct the false claims being made regarding HB 1193, “An Act to Amend Provisions of the Uniform Commercial Code (UCC).”
To understand what the bill aims to do, it is important to understand the UCC and its purpose. The UCC is the product of law commissioners from each state who serve together on the Uniform Law Commission (ULC) to develop uniform, model acts, or state laws, for adoption by state legislatures. It is not federal law, nor is it developed by the federal government. Let me be clear, these 2022 amendments to the UCC are drafted by the ULC for adoption in states across the nation, and by doing so, it keeps Congress from imposing federal laws into areas where states should be sovereign.
The UCC serves as the backbone of United States’ commerce, giving all Americans the legal infrastructure necessary to have confidence when conducting business in South Dakota and across state lines. The UCC provides commercial law for broad categories of transactions: the sale or lease of goods, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, documents of title, investment property, and secured transactions in personal property. The UCC has been in place in South Dakota (SD) since the 1960s, and adoption of the UCC by every state has allowed the development of strong interstate markets.
The UCC has been revised in SD and by other state legislatures over the years at the recommendation of the Uniform Law Commission and American Law Institute to reflect the economy’s shift from a largely goods-based economy toward an economy that includes services, software, and information-based transactions. The latest updates, the 2022 amendments, will accommodate and “identify” emerged and emerging technologies such as distributed ledger technology (known as “blockchain”), and artificial intelligence. The amendments were drafted over a multi-year process with many open sessions. These amendments bring the UCC into the digital age by adding a new Article addressing digital assets and providing commercial law rules for the transfer and leveraging of virtual currencies and certain other digital assets. Adoption of the 2022 UCC amendments by all states will bring uniformity and clarity to the current law and allow certainty when transacting business with digital assets across state lines. Nothing in the UCC 2022 amendments prevents anyone from deciding what means of exchange to use or what transactions to enter.
and..
Here are the facts: The opposition to HB 1193 is claiming that the updated UCC is, “…the greatest threat to our personal liberty and privacy we’ve faced in a generation.” This belief is simply untrue and misguided. The UCC establishes interstate commerce, allowing the playing field of the market to remain fair, level, and as South Dakotans can attest, open. Failure to adopt the 2022 amendments jeopardizes South Dakota’s ability to remain competitive in commerce and fair market trade, negating everything we’ve stood for in South Dakota for decades. You can “bank on” the facts, not the political theatre.

PIERRE, S.D. – South Dakota Attorney General Marty Jackley has announced that Clay County State’s Attorney Alexis Tracy has been hired as an assistant attorney general for his office.
MADISON–The second to last workweek in Pierre found lawmakers focusing on the issues I most often hear about from the people of District 8–lower taxes, workforce development and public safety. Throughout the past several weeks, I have heard ideas and concerns from people throughout the region, and I am proud that the Senate has delivered on its promises.

The bill was inspired by a situation in Newell, South Dakota. Sen. Ryan Maher, R-Isabel, who represents the area, told lawmakers that a 19-year-old who had been twice convicted of second-degree forcible rape was sitting in a classroom at Newell High School.